Wednesday, August 4, 2021
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importance of setting up a marketing strategy

Marketing is both a science and an “art” that gives a company the opportunity to be profitable and sell its products better than its competitors. Marketing is also a tool that will ensure the loyalty of your customers, in a very competitive market. The marketing approach allows you to determine the collective and human needs of unsatisfied consumers to be able to respond in a cost-effective manner.

How to develop a marketing plan and strategy?

In an environment where competition is fierce and customers have the freedom to choose between one product, service and another, it is necessary to carefully accommodate the value creation process. If there was a time when companies were just making products before selling them, and marketing was often downstream of production, this is certainly not the case today.

Currently, since the competition is fierce and the abundant supply, one is obliged to put marketing upstream of the product in order to define the offer and to better target the market. Today, design takes on a whole new dimension. It’s about having a product idea, talking about the concept, doing a market research, talking about segmentation, targeting for a good positioning. Only after the product development, the pricing, the supply, the distribution, the sales force. Promotion and advertising are essential points that must be developed to have a good brand image.

Marketing and Value Definition

Marketing is first and foremost a way to find a product idea. Then, you have to define a concept that will be associated with the product. The next step is to do a market research to identify the segments of the market to invest. It is therefore a matter of determining a set of customers for the product, the targets that can be profitable to be able to define a certain positioning. This first phase is considered strategic marketing. This phase is the most important to produce and especially sell the product in the best conditions.

Marketing developments

Aside from traditional products and services developed by businesses for commercial purposes, thinking about their marketing strategy is also a necessity for all activities, including non-profit ones. Here, the product can be an action, a country, a person, a program, an idea and the like. It can be cultural events, sports or events. Social marketing is a form of marketing which uses techniques and marketing principles in order to bring an audience to abandon, modify, reject or accept a voluntary behavior in their interest, in the interest of the together or group of society.

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