The 4 Main Components of Marketing
Marketing is one of the most important factors behind a company’s success or failure. However, marketing is often regarded as one of the most difficult aspects of running a business. It involves a lot of hard work and dedication from the management team and the staff. Therefore, it is important that the right marketing strategy is implemented. The following are some of the key components of marketing:
Marketing refers to the act by which an organization undertakes in order to reach out to its target audience, develop solid relationships with consumers, generate profit for the business, and acquire and maintain loyal customers. Today, modern marketing has become a complex process. Modern marketing entails a wide range of activities like advertising and promoting a product, establishing customer loyalty and generating sales and income. With this, it is important that marketers should be well versed with the various marketing methods as it not only encompasses online marketing, but also the offline marketing techniques as well. Some of the popular marketing techniques include:
Online marketing concept: The online marketing concept entails various strategies such as search engine optimization, blogging, press releases, forum marketing, e-mail marketing, and viral marketing. Each of these marketing concepts requires a different set of skills and knowledge. Therefore, it is important that marketers should know how to use the appropriate tools depending on the nature of the product being marketed. For instance, if they are marketing an electronic product, they need to have knowledge about search engine optimization as this enables them to promote the product effectively within the cyberspace.
Marketing Management Philosophy: Social marketing concepts involve the use of media and other interactive selling tools such as websites, blogs, press releases, and emails. This is a unique way of marketing as it makes use of the consumer’s psychology. This means that instead of appealing to the emotions, social marketing concepts appeal to the rational thinking of consumers. In addition, this type of marketing does not force consumers to do anything unlike the traditional marketing concepts that force consumers to purchase products. Some of the benefits of social marketing include:
Market research for product development: One of the most important aspects of marketing involves market research. Market research involves collecting information from consumers such as age, gender, location, income level, purchasing power, and other factors. This information is then used to identify target markets. Examples of market research tools include focus groups, consumer surveys, and questionnaires.
Coordinated marketing effort: Another important concept in effective marketing involves the coordination of marketing activities between the company, its product developers, and the customers. Companies often work with different marketing agencies. However, it is best to hire a single marketing agency to handle all the marketing activities of the organization. If companies are not big enough to form a brand, they can form a brand through the collaboration of marketers who are experts in coordinating marketing efforts. Some examples of agencies that handle coordinating marketing activities include: Ketchum, Omnicom, and Media Trust.
