Marketing Management
Introduction
Marketing is an ancient art and has, since the day of Adam and Eve, been practiced in one form or the other. In the modern world, Marketing is everywhere; most of the tasks we do and most of the things we handle are linked to marketing. Marketing is an activity. Marketing activities and strategies result in marketing product available that satisfy customers while making profits for the companies that offer those products.
Meaning of Market and Marketing
A market is any such person, groups or organization which has existing or potential exchange relationship. It start with customer and ends with customers. Creation of superior customer value and delivering high levels of customer satisfaction are at the heart of present day marketing. Companies today needs to understand customer needs study completion, develop and offer superior value at responsible price and make the product available to customer at convenient place. Only their product will be is in demand and sell consistently.
Marketing deals with customers, it is delivery of customer satisfaction at a profit. The twofold goal of marketing is to attract new customer by promising superior value and to keep current customers by delivering satisfaction.
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Concept of Marketing Management
Marketing isn’t a brand-new concept, but due to today’s technological advancements, marketing a product or service has certainly changed. Thanks to the accessibility the Internet provides, a lot of businesses are using the digital landscape to reach a wider audience. However, this does not mean that traditional marketing is down for the count because there are companies that still use traditional marketing strategies.
1. Traditional marketing
Traditional marketing has been used and enjoyed by people all over the world, so it is no surprise that everyone is familiar with this concept. It is also designed to focus more on selling a certain service of product or product and uses a variety of mediums to advertise a brand.
Because of these factors, traditional marketing is easier to understand, and companies won’t have any difficulty explaining their product or services to various age groups. It also works best with a local and audience.
Strategies of traditional marketing:-
i) Business cards:- This type of traditional marketing strategy is a quick way for a company or individual to spread their information. As such, it will forever endure the ever changing marketing strategy landscape.
ii) TV and Radio Ads:– Thousands of people tune into the radio every day, so advertising a product or service through this channel still works.
iii) Flyers and brochures:- Flyers and brochures are designed to capture the attention of a wide audience. They typically used vibrant colors to convey a message or display on image the reader can easily remember.
iv) Billboards and signage:- Using outdoor billboards and signage are great ways to advertise a business to delivery drivers, commuters and people who are walking around the city.
v) Direct mail:- This traditional marketing strategy, is used to spread awareness of a certain product or service to a specific target market. It uses a mail service to deliver promotional printed prices like postcard, brochures and letters.
2. Modern marketing
While traditional marketing’s focal point is the company’s product or service, modern marketing is more customer-oriented. Businesses that adopt this strategy always put their consumer’s satisfaction above all else, so they are able to address their audience’s unique wants and needs.
Strategies of modern marketing:-
The following examples are some of the most popular modern marketing strategies used today:
i) Email marketing:- People check their emails multiple times a day, so e-mail marketing is a fantastic strategies to advertise a product. However, this works best with individuals who have already engaged with the brand.
ii) Internet ads:- There are plenty of websites and online platforms willing to display advertisements for a price. Google Ads and YouTube video ads, for example, are two large advertising platforms that can advertise a certain product or services to high targeted audiences.
iii) E-commerce website:- Creating an e-commerce website is an effective way for people to conventionally learn more about a brand’s product. By sharing the website URL, people who click on the link are instantly bought the e-commerce website where they can scroll through the pages and look at the brands offerings.
iv) Using social media sites:- Using social media sites like Facebook, Twitter and Instagram. Social media websites have a built in data analytics tool that enables brands to keep an eye on their success, engagement and ads campaigns. It is also easier to create a buzz wing, Facebook, Twitter and Instagram due to online marketing trends like using hashtags.
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