Marketing refers to various actions that a business undertakes to advertise the sale or purchasing of a particular product, service, or asset. Marketing is generally the first step towards attaining a firm financial goals. In a competitive industry, the first place you look for information about the competition is from other firms in the same industry. Marketing therefore is an essential activity of all businesses. Marketing is an art and a science; however, it should be performed with the best possible results.
Before commencing a marketing activity, it is necessary to identify the needs of the customer; i.e. what do they want to purchase? A marketing concept is developed according to this.
Once the marketing concept has been identified, the next step involves research about the potential customers’ mentality, inclinations, and buying behavior. It is also necessary to study the market trends and the buying patterns of the potential customers. After the research and analysis is done, a marketing plan can finally be formulated. This marketing plan involves establishing a target market and creating specific marketing strategies based on the data collected.
The 4 P’s of a marketing plan include planning, creating, implementing, and monitoring. A planning phase always focuses on the initial phase of the marketing activity i.e. creating a strategy. Creating the strategy involves determining the target market to which the marketing effort will be directed; selecting appropriate marketing tools to be used; determining the most suitable advertising and marketing techniques; and evaluating the impact of the marketing activity. The fourth phase of the marketing plan reviews the results of the previous phases and enables the management to determine if the marketing strategy is proving to be successful or not.
Implementing the marketing strategy is comprised of four crucial steps. These four steps include developing a marketing plan, developing marketing tools, implementing the marketing plans, and monitoring the marketing campaign. The development of a marketing plan consists of different steps like defining target markets, creating a promotional plan, creating advertising and marketing strategies, monitoring the marketing efforts, and testing the marketing strategies. Once the marketing strategies are tested, they should be modified as needed.
Digital Marketing encompasses different types of Internet Marketing such as search engine optimization, pay-per-click, content marketing, and online advertising. Search engine optimization (SEO) is the process of optimizing the website for higher placement in the search engines results pages. Pay-per-click (PPC) is a form of paid marketing on the Internet. Content marketing refers to the promotion of products and services through the distribution of news and information, blogs, press releases, eBooks, and electronic newsletters. Online advertising uses different methods such as banner ads, display advertising, e-mail marketing, mobile marketing, and website marketing.