By Amalya Teitelbaum Business Editor & Manager
If there is one thing these past few generations can agree on it is the importance of social media. Good or bad, one must admit that social media enables the fastest spread of information the news world has ever seen. Whether you’re active on social media, have only downloaded the apps, or know people who do, it takes mere minutes for news to be spread. That is, however, if social media members deem it worthy enough to spread it, which is precisely why marketing and marketing strategies are essential.
Marketing is the act of driving profitable consumer action. It spans the full scope of strategies and tactics organizations use to position products and services in the marketplace and motivate target audiences to make a purchase. Marketing has a very crucial role when it comes to product success and company revenue. The process begins when a company has a product idea. They then conduct a marketplace analysis to test if the released product would be successful. Finally, the product is released and that’s where marketing comes into play.
When it comes to advertising, which is the most common way to market something, it is important to remember the Four P’s of marketing 𑁋 product, price, place, and promotion of a good or service. Affected by internal and external factors, these concepts have a significant impact on marketing success and frequently interact with each other. The Four P’s inform a company of their consumers’ needs or wants and potential product success or failure. Product analysis deals with variations, packaging, and services. Price analysis deals with the market rate per unit of a product, discounts, and possible payment options. Place analysis with optimal product distribution location. Promotion has to do with online and offline communication with consumers, promotion location, and the business message.
The Four P’s lead to the proper identification of the correct strategy to build your business. Known as the marketing plan, these factors combine to create the company’s overall marketing strategy. The plan identifies the target market audience and identifies the business’s value proposition; the overall promise of value to be delivered to the customer. The value proposition should state how a product or brand solves the customer’s problem, the product benefits, and why the customer should buy from this company and not another. The marketing plan is based on the value proposition to the customer.
It is important for a business’s market plan and strategy to be flexible, as market metrics and consumers’ wants or needs could change in a heartbeat. CEOs must be able to adjust the company budget at a moment’s notice and must have the technology and sufficient resources to see marketing results as fast as possible. Constantly monitoring and adjusting a market plan is an essential part of running a business as it shows the most efficient way to generate sales. Without a successful marketing plan, a business may not be able to continue operating for very long.