Importance of Marketing - Change the Perspective

Definition of marketing

As the term implies, marketing refers to the marketing of products or services. It involves defining one or more target groups and meeting their demands, requirements and needs. The goal of marketing management is to reach potential customers (customers or consumers), to address them and to encourage them to buy or use an offer.

Marketing is not only concerned with addressing B2C, the involvement of B2C and all stakeholders is also part of this overall process of a company. There are various marketing strategies and marketing instruments for this purpose.

Marketing strategy

To achieve one's marketing goals, one needs a marketing plan or strategy. For this, a long-term approach is envisaged, which can be based on different points of view. For example, it should be made clear how to use push-and-pull marketing.

In a marketing plan there can be different goals, for example growth, differentiation, concentration, innovation or consolidation. Often, marketing strategies are aligned or equated with corporate goals.

That companies are heavily influenced by marketing is underscored by this phrase from Philip Kotler:

"Marketing is the conceptual, consciously market-oriented management of a company that aligns all corporate activities with the needs of current and potential customers in order to achieve corporate goals."

Market research

In order to find a marketing strategy and thus also an advertising strategy, it is advisable to know the targeted market precisely beforehand. Market research is useful for this purpose.

Through research, market analysis and primary market research and interpretation of information obtained, it is necessary, among other things, to identify trends, minimize risks and take advantage of possible opportunities. That is why market research is an important marketing tool.

Together with market research, SWOT analysis is usually applied to define a sound marketing strategy.

SWOT analysis

What are the strengths and weaknesses of a business idea, concept or product? What are the challenges and opportunities? These questions are clarified with the SWOT analysis. The abbreviation stands for Strength, Weakness, Opportunities and Threats.

Although the SWOT analysis is often used as the basis for a marketing strategy, it also serves well in other areas.

Customer survey

The customer survey helps to tailor the business model exactly to the needs of the customers. The better a company knows about the customers' requirements, the better it can respond with its products or services.

Marketing Mix - The Four P

Anyone who deals with marketing quickly ends up with the "4P". This abbreviation describes the four instruments of the marketing mix, which can then be read in marketing plans or strategy documents.

The four P stand for:

Price = pricing policy
Product = Product policy
Place = Distribution policy
Promotion = Communication and advertising

The 4Ps of the marketing mix describe the four essential pillars of marketing. Occasionally they are extended by further components. For example, there is also talk of 7P or 10P. In these cases, terms such as Packaging, People, Positioning or Pamper are added to the marketing instruments.

Marketing activities

Marketers now have a cornucopia of marketing activity options to draw on, here's an overview of which ones are commonly used:

Advertising / Publicity
Product placement
Trade marketing
Guerilla Marketing
Viral Marketing
Word of mouth
Event marketing
Telemarketing
PR/public relations

Advertising

Advertising plays an important role in the communication policy of a marketing strategy. This promotional tool is intended to draw the attention of the target group to a product or service and encourage them to buy or use it. For this purpose, the AIDA model is used in marketing. This advertising principle describes the four phases that a potential consumer goes through: Attraction, Interest, Desire and Action.

Advertising is therefore used to convey messages so that the target group is moved to "action". For advertising, there are various advertising media that marketing can use.

Advertising material

Ads, flyers, stickers, radio and TV sports are among the classic advertising media. Other advertising media also include, for example, litfass columns and billboard advertising, mailings, coupons and jerseys.

Thanks to the Internet and other modern media, marketing managers are finding additional ways to advertise. Such facets of Internet marketing include advertising banners, advertising games, in-game advertising, video marketing on YouTube, Facebook ads, search engine optimization, marketing with Google Adwords and e-mail marketing.

Other marketing measures

In addition to traditional advertising, there are other marketing measures that can be used to promote a product. These include viral marketing, in which the communication is taken over independently by the user or customer. Or guerrilla marketing, which draws attention to a company or product with clever ideas.

In addition, print mailings can still be a successful marketing channel - despite advancing digitalization. And even though YouTube marketing may be "in," television advertising, through which start-ups can also have success on TV, still has its rationale for existence.