Unlike the old times, marketing no more deals only in the communication of the product to the consumers. The activity is now found in every aspect of the business. One should not turn a blind eye to the importance of marketing as marketing fuels both the external and internal activities of the business today.
A marketing strategy looks at all of the areas of your selling activities and helps each one support the next, making sure all of your departments are aware of what each is doing.
Understanding how to create an integrated marketing strategy will help you make better individual decisions regarding specific marketing tactics.
Streamlines Product Development A marketing strategy helps you create products and services with the best chances for making a profit.
This is because marketing strategy starts with marketplace research, taking into consideration your optimal target customer, what your competition is doing and what trends might be on the horizon.
Helps Determine Optimal Prices Part of a marketing strategy is setting the right price for your product or service based on what you learned in your market research. If you learned that customers want a high-end product in your category, your pricing strategy might require you to sell at prices that create a high-end perceived value.
Younger customers will be more likely to shop using a smartphone or on a website, paying with PayPal or a credit card. Older customers might prefer to shop at retail outlets. Assists with Marketing Communications Your market research will help you create your brand, or image you want to establish about your business.
A marketing strategy lets you determine if a particular magazine, radio station or website fits into your selling plans.
Organizational Impact When you have a marketing strategy, your departments can better work with each other, because they are all working from the same plan. For example, your advertising people will talk with your product development people to determine what message you should send about your benefit.
Your sales people will talk with the people responsible for managing your image to determine if they can offer discounts, coupons or rebates without damaging your brand.The competing style of the firm made each employee less likely to help a fellow colleague out and instead simply compete.
The Importance of Education to National Development – A Case Study of Nigeria. Introduction The Importance of Education to National Development – Education is the best legacy a country can give to her citizens.
Igbuzor () in stressing the importance of education stated that education is a human right that should be accorded to all . The environment was focused on in the meeting as we wanted to have sustainable business practices to foster continued success.
Jun 26, · Because one aspect of a marketing plan affects all of the others, coordinating your activities is critical to eliminating interference and maximizing your profits.
A marketing strategy looks at. The Importance Of Marketing In Today’s World (%) 7 votes While the brain of a business is the finance department, body the product offered, the heart is the marketing department of the business which pumps oxygen and the necessary nutrients to every other body part.
Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the benjaminpohle.com the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being innovation.