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Thursday, December 1, 2022

Common Marketing Management Fails That Should Not Be Considered

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Online marketing is all about bringing customers and clients to a business. What is marketing? In its simplest form, marketing refers to the act by which an enterprise undertakes to interact with its target audience, develop strong interpersonal relationships to make value from that to extract value from it, and ultimately deliver the product or service to the customer.

Defining Marketing

Marketing has been understood to be the process of developing and marketing products and services that meet the customer’s needs. Marketing therefore involves identifying and satisfying customers’ needs. The objective of marketing is to satisfy or reach a specific goal. This goal is usually defined by the company, and is often communicated to the public. Marketing is therefore a coordinate concept that involves several distinct elements such as research, development, advertising and sales.

Let’s take a look at an example. If you were to go to any event nowadays, such as any Riverview BMX race, you would be bombarded by brand logos of companies that want to market to you as a target consumer. This would include a variety of products such as sports drinks and sporting equipment. The logos serve as a strategy to build brand recognition and keep consumers constantly engaged with the brand (even subconsciously). 

Marketing Myopia

Marketing myopia is a tendency for marketers to focus only on the immediate customer satisfaction goal. Often they forget to consider the larger context, which can lead to a failure in reaching the intended market share. Many marketers view marketing as isolated events, and fail to see the importance of a consistent marketing strategy that targets the full spectrum of customer needs. Thus, the concept of marketing myopia leads to ineffective marketing activities.

Marketing myopia is a result of marketers prioritizing selling over marketing. Selling is the most visible aspect of marketing. In order to sell successfully, a marketing plan should be developed that considers the complete picture, including target markets, advertising techniques, and the timing and cost of marketing activities. It is important to develop a marketing plan that takes into consideration the current competitive environment, and one that accommodates the changing consumer trends. Thus, it makes sense to conduct a comprehensive marketing research, taking into consideration everything from consumer behavior to changing economic conditions. This will ensure success in marketing.

Planning A Marketing Strategy And Research

Proper planning of marketing research also enables marketers to determine the appropriate mix of selling and marketing activities. They are then able to align their sales and marketing efforts to achieve the business objective. For example, in order to promote a new product line, a marketer needs to conduct a comprehensive marketing research, such as determining the product’s target market, assessing competing product designs, analyzing the company’s selling approach and brand identity, evaluating product pricing, researching customer satisfaction, and creating a marketing strategy. Once these issues are determined, marketers can set up proper channels to sell the product. They can also set up an effective product development strategy.

Another mistake committed by marketers is to focus only on selling their products. Although this may attract more consumers, it may also discourage potential customers from patronizing the product. The key to promoting a product effectively is building a strong relationship with consumers, and convincing them that using the product will bring positive benefits to them. Good marketing strategies encourage consumers to seek additional information, such as testimonials or feedback from other consumers.

Keeping Customers

Marketers should also work hard to retain existing customers. Many marketing techniques, such as discounts, rebates and special offers, encourage consumers to buy in bulk. However, these incentives should not be abused. Retaining customers allows marketers to develop a solid relationship with them, which can make them more likely to purchase in the future. Furthermore, keeping existing customers allows marketers to avoid launching a new product in an attempt to generate new customers.

Summary

Marketing is a critical part of the selling process. As such, it requires greater effort than other marketing concepts. However, a well-constructed marketing strategy can have a tremendous impact on the success of a business. By educating themselves about effective selling techniques, marketers can strengthen their hand when negotiating with consumers and enhance their ability to close sales.

Also read New Business Challenges – Marketing Concepts That Solve Internet Problems

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