Why Marketing is a Business’s Daily Bread
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- May 28,2019
- 11 Mins Read
Over the years, governing business policies have eased in India and, as a result, the startup ecosystem has received an upward thrust. By slashing down income tax and redefining angel tax reforms, small businesses are flourishing and, in turn, making the competition intense in the business ecosystem.
Today, there is a large chunk of companies running in the same industry, thus rendering somewhat similar products. By dealing in the same kind of products, rigorous competition comes up and subsequently makes it difficult for companies to survive in the market. For survival, the companies look for investors and mentors who can shore up the company and help it at the time of business uncertainties. Secondly, companies seek marketers, who can promote the products, as well as services, and present a better image of the company over its competitors.
So, considering the importance of marketing in the business, it becomes crucial to adhere to effective marketing strategies in spite of how effective a product is in reality.
Marketing Indirectly Helps a Business Grow
A general view that non-marketers possess about marketing is that it is not an imminent part of the business. Today, this is more of a myth, rather than a fact anymore. Marketing does not only relate to increased sales but also makes a product renowned in the market.
In order to understand marketing, it is essential to ascertain as to what elements constituent marketing and how marketing can be improved by sheer knowledge as well as skill.
- Mapping out the Marketing Strategy
When a marketing strategy is developed, the company needs to ensure that the strategy covers all the important niches, including knowledge of competitors, data analysis and target audience.
Further, the loopholes in the strategy should be identified and accordingly, marketing campaigns should be rolled out. If the marketing strategy is not positioned well, then the company should avert launching its product and instantly concentrate on fixing problems in that strategy first.
- Address Target Audience
While adding crucial elements in the marketing strategy, it is imperative to understand that each sub-type of marketing is aiming potential customers rather than the myriad population. For an effective marketing strategy, first of all, the company should identify its audience and then segregate the target audience in accordance with customers’ preferences.
After segregating the potential customers in different groups, the company should release a different kind of marketing strategy for different types of audiences. For instance, for children, who generally prefer candies over other sugary food, should be offered heavy discounts on food products which comprise chocolate. By doing so, that certain age group will be purchasing more chocolate-made products than any other age groups and consequently, sales of the company will be increasing.
- Marketing is the Soul and Food of a Business
When a company designs or makes a product, it tries to ascertain the need of the consumers and consequently, creates a product which can fill the demand gap. In relation to the marketing, the process of launching a product, proclaiming a product’s key benefits and enticing customers to use the product are key elements, which should be effectively implemented. If the marketer fails at any of these steps, then the whole marketing strategy falls apart.
The above-mentioned information states the importance of marketing in the business.
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