Marketing refers to various acts a business undertakes to advertise or sell a product, service, or item to the consuming public. In simple terms, marketing can be described as the generation of awareness among the consuming public of the existence and qualities of a marketed product or service. One of the significant functions of marketing is to create awareness about a new product or service by communicating with the consuming public. It is also used to develop an awareness of the products or services of a business and their intended uses by the consuming public.
The marketing mix refers to the overall approach to marketing a brand, product, or service. This mix is determined by the products and services offered by a brand, and the manner in which these are marketed to the customers. The marketing mix can also be dictated by the target audience of the brand. The key marketing elements that need to be present in a brand’s marketing mix include the following:
The marketing mix is not an easy task because it involves a lot of delicate decisions to be made by marketers. For example, in a study done by McKinsey & Company, it was noted that only 24% of companies had a clear marketing mix in place. In fact, there were many areas for differentiation between different brands in relation to their positioning in the marketing mix. Further, when these companies looked at their competitors, they could not find enough distinctions to distinguish between the brands. Most brands just ended up overlapping and inter-mixing with each other.
The marketer has to work closely with the customer and provide him with a clear vision of what he wants from the brand. Apart from knowing what the customer needs, the marketer has to understand his competitors’ business models. He should also study the market trends and how the marketers can adjust themselves to these changes. There has to be a strategic plan on marketing that outlines every aspect of the brand’s business model. Marketers have to make the right choices when it comes to pricing, branding, marketing and promotions. If done right, every business will be able to differentiate itself from the rest and will enjoy stronger loyalty from its customers.
Social Media Marketing: Although this is a marketing strategy that has been around for quite some time now, it is only recently that it became so widely used by most companies across the globe. Companies are now using this strategy in order to gain a strong foothold over their competitors in the market. This is because social media marketing offers a lot of opportunities such as reaching out to a larger audience, building a reputation, and improving brand image, all of which are crucial to any business. Moreover, as compared to traditional marketing methods, social media marketing tends to have a lower cost as well.
When everything is put together, a social media marketing strategy can be highly beneficial to your company. However, you need to have a thorough knowledge about every aspect associated with this strategy before proceeding any further. This includes your target customers, your desired marketing mix, the tools and techniques that you will use, and the final aim that you want to achieve. Apart from these, there are also various other factors such as your budget and marketing mix that must also be kept in mind before you proceed with this strategy. For more information on these aspects, it would be advisable to consult an online marketing consultancy.