Introduction
Many companies do marketing activities to promote their products and services. Marketing has many tools, which everyone has seen at least once. Marketing affects the future activities of the company, so it is necessary to focus on it.
The types of marketing practices
A marketing strategy aims to get businesses and consumers to work together and to inform customers about the company’s products and benefits. Many companies conduct marketing to encourage specific people to purchase products (Yodiz Team, 2017).
Marketing implementation
- Deciding on the target population
- Testing their audience → Understanding purchasing behavior
- Thinking about marketing strategies
- Evaluating the marketing strategies
There are two main types of marketing strategies:
- Business-to-business marketing
- Business-to-consumer marketing
Generally, business-to-consumer marketing is the most commonly practiced method. Marketing strategies are determined by business and consumer needs, target audience, product analysis, and so on.
(Yodiz Team, 2017)
Different types of marketing strategies
・Advertisement
This includes TVC, paper advertisements, pay per clicks, and paid advertisements on the Internet.
・Cause marketing
This strategy links a company’s products and services to social causes and problems.
・Relationship marketing
The aim of this strategy is to build customers, strengthen relationships with customers, and build customer loyalty (attachment and trust to products and services).
・Secret marketing
Companies are focused on marketing their products, and those strategies are usually unknown to customers.
・Word of mouth
Customer reviews have a great influence on people. Good word of mouth leads to the promotion of the company.
・Internet marketing
Marketing items are shared on the internet and promoted in a variety of ways with many approaches.
・Transaction marketing
This strategy encourages purchases through coupons, discounts, events, and so on.
・Diversity marketing
This strategy involves adapting to many needs and cultures due to combining different marketing strategies.
(Yodiz Team, 2017)
How essential is marketing for companies?
Business without marketing
If a company does not do marketing, it starts with someone finding the store or company and buying the product. More customers can be acquired through word of mouth, but that limits the business due to the absence of marketing. A company may have a steady stream of customers, but it may be missing out on potential customers.
These days, many companies advertise by using social media, so if they did not conduct marketing activities, it would be difficult for them to survive. Companies can increase the number of their customers by advertising through the media because companies can rank highly in search rankings and receive support from sponsors.
(Fathima, 2021)
Business with marketing (Marketing benefits)
・More new customers
A business cannot exist without customers. Advertisement using flyers, e-mails, telephones, and so on is a chance to acquire new customers.
・Can get people’s attention
If we do not have an organization that can meet customers’ needs, our business won’t be chosen, and other companies will come to our attention. Marketing allows us to compare ourselves with others.
・Can get to know our customers
Marketing practices can help us understand whom we are targeting and what they want. Moreover, knowing them will help us find more effective ways to increase our customer base. By doing so, customers are less likely to spend money and time on things that have no value.
・Building trust
A product that has been featured in the middle is more trustworthy than one that has no presence because its characteristics can be known.
(Fathima, 2021)
Marketing can be very difficult, and to be successful in it, we have to do things differently from what other companies do. It is not a temporary thing but should be continued for a long time (Fathima, 2021).
Conclusion
Marketing is a necessary activity to make a company successful. However, it is actually very difficult because it is a long-term activity. By understanding the needs of customers, thinking about ideas and ways to meet them, and putting those ideas into practice, we can create stores that more customers will choose. Advertising products and services using methods that suit each customer, and repeating feedback allows a company to have a unique appeal.
References
Yodiz Team, 2017, 8 Types of marketing strategies and definition: <https://www.yodiz.com/blog/8-types-of-marketing-strategies-and-definition/> (Accessed October 26 2022).
Fathima, A., 2021, Can a business survive without marketing?: <https://www.zoho.com/en-au/tech-talk/can-business-survive-without-marketing.html> (Accessed October 26 2022).
