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What Are the Factors That Constitute an Effective Marketing Strategy?

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Marketing is a general term that can be used to refer to any number of processes that are undertaken in order to promote the products or services of a company. Marketing is actually the science of generating awareness, understanding the customer’s behavior and targeting the right audience with the right message. Marketing is an ever-changing field that develops according to the needs of the market. Marketing Research is one of the basic requirements for any marketing strategy. It is where the marketer draws upon information from various sources in order to devise a strategy.

Marketing Research

Marketers conduct marketing research to find out about the needs and wants of the target consumer. They then plan their strategies according to those findings. They may use search engine optimization practices to reach a larger proportion of their target market, such as by using websites like Power SEO Ranker. Some of the techniques that are used include conducting surveys, focus groups, target group analysis etc. The objective of marketing research is to understand the purchasing behavior of the target customers. Marketers conduct marketing activities for various reasons such as product development, selling, brand building, advertising, public relations etc.

Marketing research can be divided into two main categories, those that are conducted by marketers and those that are conducted by consumers. Marketers’ marketing tends to focus on creating awareness about a product/service. On the other hand, consumers’ marketing focuses on providing satisfaction after purchasing a particular product/service. Marketing Research results in market research, which refers to general consumer understanding, market research reports, market research data etc. Marketing Research can also be in the form of survey, qualitative analysis and focus group discussion.

Marketing Concepts

Marketers often use marketing concepts such as marketing psychology to influence consumers. This is done by using marketing strategies that are aimed at influencing consumers to make purchasing decisions. One of these strategies is by developing brand awareness. By creating a positive image about the product, marketers hope to increase consumer demand.

Another important concept used in marketing management is social marketing. This refers to marketing concepts which are concerned with promoting and selling products to a specific, targeted group of individuals. For example, selling mobile phones to young people, versus selling to an elderly group. This form of marketing management also uses different marketing concepts such as target marketing, niche marketing, promotional advertising, brand awareness, cultural marketing etc.

Product Concept

The other form of marketing management is product concept, where marketers create a new product concept aimed at meeting a specific need. Marketers use several marketing concepts to come up with a product concept. One of these concepts is product design where marketers analyze consumers’ needs, preferences and buying behavior.

Components Of Marketing Research

A marketing research study can include a number of components. These components may include surveys or focus groups. Surveys include questions about marketing activities, target audience and product designs. Focus groups are made up of consumers and their representatives. These groups help in identifying the issues that consumers are having and also help in identifying marketing goals and the best way to reach them.

Marketing research does not end with the creation of marketing concepts or marketing management. Once the marketing concept or marketing management is ready, marketers conduct sales activities to sell their concepts. Sales activities include giving free samples of the product, conducting market research, giving discounts and rebates, and offering incentives. All these activities help in selling the product.

Personal Selling

Another important aspect of marketing is personal selling. This refers to the way a consumer relates to the products. This concept helps in identifying the personal selling styles of a consumer. Personal selling styles include the way a consumer talks to other consumers, how a consumer talks to their friends and family, and how a consumer talks to prospective business partners. These aspects help in identifying the marketing strategies to be adopted to target potential consumers.

Summary

A marketing strategy is a general term that includes various combinations of strategies. A few of the strategies included in a marketing plan include pay per click, content marketing, and search engine marketing. Pay per click is a form of paid marketing strategy. In pay per click, advertisers only pay for clicks on their advertisements. Content marketing refers to writing articles and blogs that provide useful information about the product. Search engine marketing refers to keywords that are used by customers when searching for products online.

The concepts and ideas that are explored in this article have been developed on the basis of research and analysis of how consumers search for and purchase products online. The various aspects of keyword marketing, relationship marketing, and green marketing refer to the various ways of reaching out to consumers. Consumer psychology is an important area that has been developed on the basis of various market studies. It can be studied from the perspective of each of the three factors mentioned above.

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Also read The Psychology of Marketing

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