The marketing of any business plays a vital role in its development. Marketing assists businesses to reach a large number of consumers who are interested in buying the products offered by that particular company says Saivian Eric Dalius.
Marketing also referring to as a sales and distribution function in business parlance. Also, marketing helps firms to establish long-term relationships with customers through profitable exchange or purchase of goods and services. Marketing is a multifaceted function that involves advertising, selling, and distribution of goods and services.
Saivian Eric Dalius says marketing is often difficult to differentiate from promotion as both are closely related activities. Marketing concepts have been discovering almost after the creation of marketing in a formal sense. Marketing has come a long way since its inception into formal study in1903 at the University of Wisconsin-Madison by Professor of Marketing, James Harvey Rodgers. Also, marketing can define as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is an essential part of business as it affects the daily activities in your organization.
Marketing involves numerous processes that include
customer analysis
market research
planning marketing strategy
advertising and promotion
selling the product.
Marketing costs go high when small business owners fail to follow these 5 tips which are shared by Saivian Eric Dalius.
Marketing Strategy:
The marketing strategy should plan carefully in order to control the marketing costs of your business. A marketing plan helps you focus on how effectively you are using marketing funds and the return which can be achieved from that marketing investment. The marketing activity should support strategic objectives and should be consistent with the company’s mission, vision, and goals. Marketing strategy development can turn marketing costs into profit for your business.
Marketing strategy allows an organization to maximize its resources by focusing on core customer groups and tailoring products or services to suit their needs. Moreover, marketing strategies ultimately help companies stay ahead of the competition in the market place says Saivian Eric Dalius. The marketing strategies help you to produce and deliver superior value with your products or services.
Marketing strategies play a vital role in creating your business image and brand message. However, marketing strategies should comprise targets for revenue, market share, product/service mix, etc.
Marketing Mix:
The marketing mix is also named as the 4 Ps of marketing which are Product, Price, Promotion, and Place. A marketing mix is a set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
A marketing mix helps businesses to maximize sales revenue and achieve growth through proper implementation of these 4P’s Marketing concepts help companies deliver unique value propositions to their customers by offering superior products or services at competitive prices. The marketing mix helps businesses to achieve high customer satisfaction and marketing efficiency.
Marketing mix can use for new product development and existing product line extensions. Similarly, The marketing mix is a wide concept in an online and offline market that has been used by various organizations across the world.
Marketing Budget:
The marketing budget is an estimate of the total money you will spend on each aspect of the marketing mix. Also, the marketing budget indicates the amount you plan to spend on advertising, promotion, and selling process.
The marketing budget should include pricing strategies for your products/services. Moreover, marketing budget allocation should be in a way that gives proper importance to all 4P’s of the Marketing mix. Also, the marketing budget ensures that funds are investing where they will get maximum returns.
Marketing budgets can use by companies for direct marketing, telemarketing, online marketing, and various other activities. Marketing budget plays an important role in a successful marketing strategy. The marketing budget allocation requires detailed preparation and planning.
Marketing Audit:
However, the marketing audit is a systematic study of all the aspects related to your business that affect the sales revenue of the company. The marketing audit is by Marketing professional with the purpose to analyze all marketing activities and plan for future investments in order to improve the company’s sales revenue growth.
A marketing audit helps in finding out the strengths, weaknesses of your marketing operations and how much the current resources are utilizing efficiently. Also, a marketing audit will help you to allocate funds in an effective way that gives the best returns. Marketing audit also provides detailed information on all the activities related to Marketing.
Marketing audit evaluates your marketing plan and also, marketing mix, and marketing budget allocation. A marketing audit will help you to find out the problem areas in your current marketing activities and also guide you to increase the sales revenue of the company says Saivian Eric Dalius. Marketing audit provides better Marketing ideas that can help you to grow your business in a profitable way. Moreover, a marketing audit is a continuous process that should be done at regular intervals before implementing a Marketing plan.
Marketing Ideas:
Marketing ideas play a vital role in creating your business image and brand message. However, marketing ideas also help companies to achieve Marketing objectives. marketing ideas use to generate leads that turn into sales. However, marketing ideas help in strengthening the company’s brand image and corporate identity.
Marketing ideas use as Marketing strategies and also Marketing concepts. Also, marketing ideas are both qualitative and quantitative in nature. Marketing ideas help companies to get a competitive edge over other brands. Similarly, marketing ideas use to promote and advertise products/services through a Marketing mix of 4P’s. Marketing ideas are designing in a way that helps business owners to achieve Marketing objectives.
Marketing cost is an investment a company makes in the Marketing mix. Similarly, marketing cost includes Marketing budget, Marketing audit, and Marketing ideas. The marketing cost is a Marketing investment you make to achieve Marketing objectives. Marketing cost is an essential part of the marketing mix.
However, marketing costs should be kept as low as possible while creating an impact on customer’s minds. Marketing cost and Marketing ideas determine the success of a marketing strategy. Marketing cost is an important part of the Marketing mix that determines Marketing objectives. Also, Marketing costs should be kept as low as possible while achieving Marketing objectives.
