Creating, communicating, and delivering value to customers seems to be the overall goal of marketing.
When a company decides to market a specific product, everyone should benefit from it including the customers, employees, suppliers, and shareholders. According to Kerin and Hartley; who experts on marketing strategies; “marketing seeks to discover the needs and wants of the prospective customers to serve both buyers and sellers.” Obviously, marketing will play a critical role in how well the customers are aware of the new service and how many customers will take advantage of the product. A marketing tactic refers to a specific action for helping to accomplish a marketing strategy. The responsibility of analyzing the market research is needed along with explaining the marketing mix of the new service including what products to offer at what particular price, and place for the services.Other important factors include how to promote the service relative to the target market and how the new service will interlock with the recent decision to contract with a local organic producer.
First, as stated earlier, the goal of marketing is ultimately to find out what customers need and want then give it to them. As part of the overall marketing strategies of an organization, market research helps management to decide what that is. Those in charge of the research should be clear on the goals of the market research. It will be in the best interest of the company to perform both “descriptive and causal research,” determining the relationship between two factors and the extent to which one factor changes another. Customers may not always know what they want or need proving to be a difficult task for management. In essence, the company should offer what the customer wants and don’t offer what they don’t want. By using marketing research effectively, the company can shape what a person wants from what a person needs.
Continuing on, the marketing mix a company develops will be crucial in determining the success of the service. When considering the marketing mix four elements come to mind: the product, the place, the price, and the promotion. Services can be done in many locations. The customer’s desire and want will determine the place for which the company will provide the service. The use of market research will increase the chances to price the services appropriately. To strategically compete, a company should benchmark other top companies to get an idea of what price range to set.
Management will decide the best venues to take in promotions and the marketing strategies used to do so. Marketing a product can be done in several ways and a company has the opportunity to take advantage of many such as radio, televisions, billboards, signs, customers, and employees.
MARKETING PRODUCTS AND PRICING
Adding to that when considering the marketing mix, a company should carefully focus on what particular products the firm would like to showcase and the specific prices. Once again, by researching other developing businesses or those already in operation, a company can come up with the most satisfying products to offer.
A company should make sure whatever product they choose to offer their customers they use the best quality. When considering price, other companies, as stated earlier, will serve the best route to determination. It would be at company’s advantage to remain consistent with pricing. Overpricing the products or the service may serve detrimental to the business.
MARKETING PLACE AND PROMOTION
Moreover, when starting a business the company must decide the types of services it will provide and how it will promote the new service. According to Kerin, the marketing mixture considers place to be ” a means of getting the product into the consumers’ hands.” Management could gain a great deal by considering the trends. Word of mouth and customer loyalty are two of the most convenient approaches to promoting the new service. The marketing communications objectives should already include radio, social media and television as part of the strategic plan, so no extra funds would be required.
TARGET MARKET VS TECHNOLOGY
Then the company has to consider its target market for the purpose of deciding whether or not to spend money on technological advances for the company. The web is booming. People of all ages surf the web and purchase ultimately whatever they need or want through online commerce.
The advantage lies with the company to invest in the opportunity to expand its intranet and internet capacity.
Wrapping up, marketing strategies for a company and its products involve all sorts of controllable and uncontrollable factors allowing for opportunities and challenges to gain profit and prestige in the industry.
Researching the target market to provide insight on the best route to controlling those factors and making certain the information gets to the right people in a timely manner, but at the lowest cost possible proves also to be important. Benchmarking the other companies who have succeeded in the business would benefit firm’s allowing for alternatives to be considered that they may not have thought about. Consumers are forever changing their minds and trends are turning everyday, new businesses should be equipped to tackle the changes in the industry without hesitation or loss in order to maintain a running chance against other companies.