Find The Formula Of An Exponential Function Given Two Points Understanding Marketing – An Overview of Strategies, Costs, Dangers and Risks

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Understanding Marketing – An Overview of Strategies, Costs, Dangers and Risks

What is marketing?

Marketing is a business discipline through which target consumers are influenced to respond positively to an offer. This may be related to purchasing a product or service, joining an organization, supporting a candidate or ideology, contributing or investing in a cause or company, or other options for feedback.

A marketer can use many techniques to reach consumers which may be based on artistic or scientific strategies, or a combination of the two.

Generally, a consumer is identified as a member of a particular segment of the public, known as a market. For example, the market can be defined based on age, income, area of ​​residence, house price, interest, buying habits, industry or profession, etc., which makes the marketing process easier and simpler. Knowing who the marketing effort is appealing to helps the marketer develop the appropriate language, logic, and incentives for success in its marketing efforts.

Choosing to target a specific market as opposed to the entire universe also gives more control over marketing spend but can also limit response. If anyone can be a customer, sales expectations can be high but marketing costs must also be definitely high and with such a big target as its target.

To address this dilemma, more creative means of marketing are sometimes used to assist in marketing message delivery. If the marketing being done is considered newsworthy and of public interest, editorial coverage in the media can greatly aid marketing efforts. It usually does not depend on major marketing funds except for the development, distribution, and yes, editors and publishers needed to support the marketing of the press release, the benefits of such publicity can be invaluable, albeit miraculously at such a large scale. scale.

Marketing is everywhere!

Everywhere we turn, everything we do is connected to marketing in some way, whether we are motivated to participate in an activity because of it or develop an interest in an idea as a result. Whether we realize it or not, behind the news, books, movies and music we read in the paper are personal, political or commercial agendas that we experience as part of our culture, and within the confines of our shops and supermarkets. Shop. Of course, we can easily recognize the obvious marketing efforts that reach us via the Internet, including direct mail, media advertising, and the spam we receive. ad nauseum. Marketing has become one of the most pervasive elements of life and we’d be fools if we didn’t question the validity or innocence of everything we read, see and hear.

Marketing is communication and education!

To be successful in business marketing, it is necessary to reach the customer in different ways. First of all, not every customer receives a daily paper or listens to the local radio. We have limited information about what TV stations they watch, where they shop, which routes they travel or where they eat. Depending on what we’re marketing, we may need to use a whole assortment of marketing opportunities to get their attention. And, if we only reach them once, that’s probably not enough to make a lasting impression. Every customer can relate to this in some way, it takes marketing to learn what we have to offer and understand how it can benefit them. To achieve long-term customer loyalty, it is necessary to familiarize the target consumer with what we are selling so that they feel it is something they really want, to force it to be something they need, only to find out later. They were deceived!

Marketing sounds expensive!

Yes, marketing can be expensive especially if it is done on a consistent basis. But in today’s world, we have marketing options that we never had twenty or thirty years ago. Now, instead of paying for expensive printing and postage to send a brochure or postcard to a target consumer, we can use email marketing, website presentations or online banner ads to reach the same market, usually at a fraction of the cost. Today, instead of buying expensive print ads, we can work on improving our website’s SEO (search engine optimization) – (something we can do for free, if we’re so inclined) so that people who need what we have to offer can find us. can Internet searches instead of what we try to find at astronomical expense.

What about social media marketing?

In addition to the alternative marketing options already mentioned, there is the latest craze for Facebook, Twitter, LinkedIn, and other incredibly popular social networks where people, young and old, spend hours developing relationships with “friends” they’ve never met or will never be. to meet Yet they share the deepest secrets of their deepest thoughts and desires as well as real photographic representations that sometimes get people in trouble with the law, or at the very least, their employers, schools or parents.

Whether social media marketing is a worthwhile endeavor for businesses remains to be seen as businesses rarely amass millions of followers the way celebrities do. But for customers to interact with a business as a way to develop an affection for them cannot be disputed. Could this translate into more sales for the business? We’ll have to wait and see as we continue to spend valuable time crafting meaningful 140-character tweets and building a Facebook “persona” for businesses. From this author’s point of view, the only worthwhile social medium for business is LinkedIn because it provides a serious platform on which to start a business resume where anyone interested in your professional standing can quickly summarize your abilities, experience and achievements.

Marketing can be intuitive

Much of what constitutes a marketing strategy is based on common sense rather than some mystical scientific formula. As we see stock market garrisons and political leanings on a daily basis, herd mentality rules. On any given day, if the Japanese or European stock or bond markets are selling off for one reason or another, you can safely bet that the US markets will follow suit. And in any political race, as we’re seeing in the US presidential primaries, the more seats one candidate gains, baby step-by-baby step, the more likely that candidate becomes the party’s nominee. Today’s world is governed by a minute-by-minute opinion poll measured by endless publicized surveys where people know what other people are thinking and use those results to form their own opinions. Look at the monkey, the monkey does it. The same goes for marketing.

If we are told that a certain brand of coffee is the leading brand in America, we will probably believe what we are told, assume that it tastes good, probably buy it ourselves regardless of cost, and probably adopt it as our own favorite. All because we were told that everyone else was doing it. Safety in numbers, they say.

It’s ironic that those who become successful marketers often live on the outside of the herd, have a more astute understanding of group psychology, and approach business and life in more innovative, creative, and unique ways, a mindset they use to build another. Marketing phenomenon. The world is made up of leaders and followers: a select few are full of leaders and followers. It takes more gumption to be a leader than to join the herd. Marketing is therefore a profession based on mental control with no initiative or courage to make decisions for oneself.

What is the difference between marketing and sales?

Sales is one aspect of the larger process of marketing. Marketing begins long before the product or service is ready to be sold. Marketing encompasses the conceptualization, naming, branding and promotion of an offer while selling is a more personal effort to persuade a lead to potentially respond to a marketing offer to buy. You can’t have one without the other, at least not easily. Marketing is the process by which we try to reach the ultimate goal of making sales. Without marketing, the sales process is extremely difficult because the entire responsibility of educating the consumer about the offering rests on the shoulders of the sales representative. On the other hand, if the marketing has been successful, the sales rep can waltz in knowing that the consumer has been well informed about the offer and magically convert the prospect into a satisfied customer.

What are some marketing tools?

There are many ways to market an offer, some of which are expensive, and others may be free. The methods we use that cost us dearly may not work as well as some of the methods we receive as gifts. Among the more expensive methods are media advertising, direct mail, conference presentations, distribution of printed literature, online advertising, email marketing, etc. One of those free efforts is called guerrilla marketing, which is what we do to spread the word ourselves. , network and promote what we have to offer. This may include posting flyers on bulletin boards in supermarkets, libraries, delis, small shops, and government offices, etc. Every time we add a tag to our emails where people can click to go to our website, we are using guerrilla marketing at any given time. cost. Ensuring that our website is easily found in internet searches, through search engine optimization or other online presence, is a great way to achieve free marketing. One way to do this is to register your company or organization in every possible free online directory in your industry, sector or interest group which translates into exponential growth over time.

What is Viral Marketing?

Viral marketing (it’s related to the word “virus”, meaning contagious and capable of spreading) is another form of free publicity facilitated by smart decisions we can make to further our cause. The easiest way to define viral marketing is that it is communicated through “word-of-mouth”. Related to the herd mentality discussed above, if a friend or business acquaintance mentions a product or service in a favorable light, we’ll be more inclined to remember and check it out. It could be at a business meeting, at a mall, at a soccer game or at lunch. However, since most of us spend a lot of time on the Internet, this could practically be by clicking the “Like” button on Facebook or the “1” button on Google, among other places. These are our personal endorsements where we give a “thumbs up” to what we’ve experienced and want to share with our friends so they can enjoy it too. Getting your offers linked to such buttons can result in viral marketing in your favor.

Viral marketing can have powerful effects as experienced by a customer with an online auto accessories store. Many of his customers frequent online special interest forums related to the model of car they drive where members discuss the products they installed and the source of their purchase, followed by a link to his referring website. Such references are repeated in other subsequent discussions, multiplying the number of links back to his site, increasing the power of his SEO and getting him to the top of Internet searches for what to sell. Apart from his daily efforts to consistently deliver high-quality merchandise and equally excellent customer service, Parr paid nothing for this event of good fortune.

Do you need marketing?

If you’re in business, of course you do. While you can try as much as you can do it yourself, it is advised that you start off on the right foot with a reliable foundation of professional name, logo, website and search engine optimization. From there, you can work on promotion through guerrilla marketing and seek professional marketing services for specific needs, such as running a strong, effective ad, developing professional sales literature to distribute at an upcoming show, or direct mail promotion. Your list of repeat customers, for example. Some businesses choose to handle their own taxes to save the cost of using an accountant for such critical tasks at the risk of being audited. Similarly, you can certainly try to produce marketing tools yourself but for long-term branding purposes and the best return on investment, it is advisable to leave marketing development to the professionals.

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