Marketing - ANSWER-is the process of creating, distributing, promoting and pricing goods,
services and ideas to facilitate satisfying exchange relationships with customers
and to develop and maintain favorable relationships with stakeholders in the
dynamic environment.
-Focuses on Customers.
T...
Marketing - ANSWER-is the process of creating, distributing, promoting and pricing goods,
services and ideas to facilitate satisfying exchange relationships with customers
and to develop and maintain favorable relationships with stakeholders in the
dynamic environment.
-Focuses on Customers.
The essence of marketing - ANSWERto develop satisfying exchanges from which both customers and
marketers' benefit.
Organizations generally
focus their marketing efforts - ANSWERon a specific group of customers, or target market.
Top marketers share a common goal: - ANSWERputting the consumer at the heart of marketing.
Today's marketing is all about creating customer value and engagement in a fast-changing,
increasingly digital
and social marketplace.
Marketing starts with - ANSWERunderstanding consumer needs and wants, determining
which the organization can serve best, and developing a compelling value proposition by
which the organization can attract and grow valued consumers.
Importance of marketing - ANSWERIs an Effective Way of Engaging Customers
Helps to Build and Maintain the Company's Reputation
Helps to Build a Relationship Between a Business and Its Customers
Is a Communication Channel Used to Inform Customers
Helps to Boosts Sales
Aids in Providing Insights About Your Business
Helps Your Business to Maintain Relevance
Creates Revenue Options
Helps the Management Team to Make Informed Decisions
Marketing Is an Effective Way of Engaging Customers - ANSWEREngaging customers is different from
pushing your offers. Engaging involves furnishing your customers
with relevant information about your products and your business as well. It's all about creating fresh
,content. Tell your customers what they don't know. Let it be interesting and worth their time. Social
media is one of the best platforms where you can engage your customers. Some organizations use
short
videos and other humor-laden tricks to engage their customer base. By engaging your customers,
marketing gives them a sense of belonging.
Marketing Helps to Build and Maintain the Company's Reputation - ANSWERThe growth and life span
of your business is positively correlated to your business's reputation. Hence,
it's fair to say your reputation determines your brand equity. Most marketing activities are geared
towards building the brand equity of the company. Your business's reputation is built when it
effectively
meets the expectations of its customers. Such a business is considered a responsible member of the
community. The customers become proud to be associated with your products. Marketers use
effective
communication, branding, PR and CSR strategies to ensure that a business's reputation is
maintained.
Marketing Helps to Build a Relationship Between a Business and Its Customers - ANSWERLoyal
customers will have the confidence to buy more products from you. The trust and understanding
between the business and its customers make your commercial activities more fruitful.
Marketing Is a Communication Channel Used to Inform Customers - ANSWERThrough marketing, the
customers get to know about the value of the products, their usage and
additional info that might be helpful to the customers. It creates brand awareness and makes the
business stand out. There's stiff competition in the market and you need to be a constant voice to
convince the customers. Inform your customers of discounts and other competitive tricks you intend
to
use.
Marketing Helps to Boosts Sales - ANSWERMarketing utilizes different ways to promote your
products or services. Once a product has been
advertised, it's already on the radar and this increases your chances of selling it. Customers may
want to
try your products or services, and this will trigger a purchase decision.
When customers are happy about your products or services, they become your brand ambassadors
without your knowledge. They will spread the word and your sales will start to increase. Ensure you
offer high-quality products and services to complement your marketing efforts.
Marketing Aids in Providing Insights About Your Business - ANSWEREvery marketer understands the
need for targeting the right audience. However, you must have the
,right content to share with such an audience. Your marketing strategies can help you establish what
business messaging will convince the target audience. At this point, you must test different messages
and see what works. Once you have tested different sets of messaging on the target audience, you
will
find a viable baseline for your marketing efforts. It acts as a metric and provides the insight needed
to
make you avoid guesswork.
Marketing Helps Your Business to Maintain Relevance - ANSWEREvery marketer understands the
need for disrupting a potential consumer's opinion about other
products. But don't make a mistake of taking this chance for granted. Most businesses assume that
they
will always remain the client's favorite brand because up to now the client has never complained.
This is
the wrong mindset. You need to find ways to remain at the top of the client's mind. Every
relationship
needs to be maintained. Marketing helps your business to maintain a good relationship with
customers by making you remain relevant. Don't focus on gaining new customers before addressing
the
need to retain the present ones.
Marketing Creates Revenue Options - ANSWERDuring the startup phase, your options are sparse
since you're mostly cash strapped. This limits your
options. As your marketing strategies generate more customers and revenue opportunities, you'll
begin
having options. Having options is comparable to having a nice war chest. Having options will give you
the courage you need to penetrate new markets. You will have the freedom to start letting go of
customers who are too demanding to your sanity and well-being. Without marketing, you will be
forced
to continue working with clients who you have outgrown and are paying you peanuts.
Marketing Helps the Management Team to Make Informed Decisions - ANSWEREvery business is
confronted with problems such as to what, when, for whom and how much to
produce. A complex and tedious process determine your business's survival. As a result, businesses
heavily rely on marketing mechanisms to make these decisions. Why should you rely on marketing
mechanisms? These mechanisms serve as a reliable link between your business and society. They
cultivate people's mind, educate the public and convince them to buy.
, Why should I learn marketing? - ANSWER-we can create value for customers in order to capture
value from customers in
return.
-Customer engagement is greatly affected by today's digital and social media.
-Building and managing strong, value-creating brands.
-Measuring and managing return on marketing.
-Sustainable marketing around the globe.
we can create value for customers in order to capture value from customers in
return. - ANSWEROutstanding marketing businesses understand the marketplace and customer
needs. They
design strategies that targets the value and satisfaction of customers, engaging them to maintain a
strong profitable relationship. In return, they capture value from the customers in forms of sales,
profits
and customer equality.
Customer engagement is greatly affected by today's digital and social media. - ANSWERIt provides us
an
overview of how dramatic the changes can occur in businesses and how consumers connect and
influence each other's buying behavior.
Building and managing strong, value-creating brands. - ANSWERWell-positioned brands with strong
brand equity
provide the basis upon which to build customer value and profitable customer relationships. You can
create a mindset as a trend depending on how you position yourself.
Measuring and managing return on marketing. - ANSWERIn the past, many marketers spent freely on
big,
expensive marketing programs, often without thinking carefully about the financial returns on their
spending. But all that has changed rapidly. "Marketing accountability"—measuring and managing
marketing return on investment—has now become an important part of strategic marketing decision
making.
Sustainable marketing around the globe. - ANSWERAs technological developments make the world
an
increasingly smaller and more fragile place, marketers must be good at marketing their brands
globally
and in sustainable ways. Emphasis on the concepts of global marketing and sustainable marketing—
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