Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on. According to Kotler, P. and Armstrong, G. (2000), marketing investigates to attract more customers by adding the best of the value they need, offers advantages of having the product or service and enhances relationship providing value added services regularly. Targeting and capturing customers is one of the most difficult jobs for the companies, marketing strategy ease the way capturing the customers effectively. According to Lancaster, G. and Withey, F. (2007), to being successful, the companies have to be strongly market focused. Marketing builds relation with customers providing superior customer value and attracts them providing value added services as well as increases the number of potential customers in a regular basis.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
Persuasive Marketing Persuasive marketing is what all marketing and advertisement should aspire to and it begins with integrity. Integrity in this situation describes how well your persuasion tactics mirror what you actually offer. You need to both offer a great service or product and tell potential customers about it. Marketing is presenting yourself and what you have to offer in a clear, attractive, and expeditious manner to attract customers. Doing that well and with integrity is being persuasive.
Customer-perceived value A popular theory used in branding and marketing is known as customer-perceived value. This theory points out the successes of a product and is largely founded on whether or not customers believe it can satisfy their requirements. This process also emphasizes that when a company develops its brand and markets its products, it’s the customers who ultimately decide how they will understand and react to marketing messages. Companies spend a significant amount of time researching the market to get an overall picture of how consumers think and feel. A product is purchased by a customer if he believes that he will get more value from the product than what he pays and that other products will not have more value.
By comparing and analyzing the capability of competitors, the company can look at their own profitability compared to their competitors’ profitability because it will give them very useful and meaningful information. Therefore, the trend analysis and industry analysis are required to draw substantial conclusions about the profitability of a
So these companies in general find it most important to promote a product and sell it to make income. 3. Market Orientation: This type of business is one that believes marketing (or how the product is being sold/advertised) is the most beneficial piece. In other words, it is all about what the customer wants and how they evaluate products. Firms like these recognize that in order to understand and beat the competition, you need to know everything about the customer.
According to Hall (2008), communication mix is a term used to depict the arrangement of tool where a business can use to convey and communicate successfully the advantages of its good or services to its client. It is crucial for a company to fulfil what customer need and wants in order to get and exceed customer expectation. Thus, company need to choose a suitable platform of marketing in order to boost up the sales and profits. There are several characteristic of marketing and factor that organization must select and consider in order to decide best communication mix in marketing. The organization can select whether they want do advertising, sales promotion, public relations and publicity, personal selling also considering the type of product
Pricing analysis Pricing is the other major factor in attracting the consumer to the business. We can have better pricing with in depth price analysis between each supplier and vendor. Finding the best price to quality ratio is necessary for receiving the highest profit return rate. We want the upper hand on our competition, and having more capital will allow us to spread the expenses to fulfill every need greatly. An article exampling the objectives of analyzing pricing with suppliers states, “The objective of analyzing prices and costs is to determine whether the price is equitable and/or competitive in that is it reasonable in terms of the market, the industry, and the end use of the goods or services purchased” (Selecting a Vendor 2011).
Promotion The critical question that must be asked with regard to promotion is: How can I promote my product so that my target market knows what a wonderful product I have available? Promotion refers in essence to communication with the customer. In its simplest form, it means message sent, message received, and message acted upon. If the product has been produced with the needs and desires of the customers in mind, the communication necessary for getting customers to buy it is through the message used to reach them. Promotion includes all the advertising and selling efforts of the marketing plan.
In our competitive market, maintaining customer loyalty is obviously a key goal for any marketing managers, customer experience programs are the most effective way to drive customer loyalty when customers are engaged on an emotional, intellectual, or even spiritual level, and when a customer cherishes a product or service before, during and after its use (Bloemer and Kasper, 1995). Therefore, many companies offer loyalty programs which can caused them a reliable revenue stream and a sustained profit due to the customer’s deeply held commitment to re-buy a preferred product or service despite marketing efforts. According this theory, marketing managers should provide special offers namely rewards program, unquestionably return policy and cash back promotion to obtain customers to buy the product more. As a result, satisfaction affects the buyers’ purchase behavior, ideally, they can become repeat customers. The customer loyalty has been thoroughly explored over the years with positive result.