Key Points At A Glance:
- Marketing is an integral part of any business because it helps in revenue generation and brand recall.
- Marketing, business administration, business management are disciplines needed in any industry.
- Demand for digital marketing professionals is on the rise because of the digitization of businesses.
What is marketing?
Marketing refers to the process or system used by a business or individual to make their products or services desirable to their target market. Marketing is an important aspect of any business. It enables businesses to grow their brand, their client based, and revenue.
According to the American Marketing Association (AMA), there a 4Ps considered in any marketing activity, these are:
Product – the object or service that your business offers. Product-based marketing focuses on the product’s competitive advantage over competitors.
Price – the monetary value of the product that your business is offering. Price-based marketing focuses on why your product is worth the price compared with competitors.
Place (or Distribution) – the location where your product can be availed, the manner how your product will be delivered to clients/ customers. Place or distribution-marketing focuses on the product’s accessibility to the client/ customer. Proximity or ease in the ordering process is highlighted here.
Promotion – a short-term marketing activity that is focused on promoting or making the product known.
The 4Ps in marketing are considered when carrying out a marketing campaign. Marketing campaigns are usually time-bound themes carried out by the marketing team to elicit a specific response from their target audience.
A good example of a guerrilla marketing (unconventional) campaign is Frito Lay’s 2012 “Do Us a Flavor” search for a new flavor contest which resulted in a 12% increase in sales by end of the year.
Here are some commonly used marketing campaigns.
Guerilla Marketing – like the Lay’s example, this is run with minimal resources. Examples are contests where the consumers are encouraged to repost a product for chances of winning it. In this example, the brand markets itself through customers.
Influencer Marketing – Popular and/ or credible personalities is the heart of influencer marketing. This is like marketing with “x personalities” seal of approval.
Relationship Marketing – this tactic focuses on long term relationship with consumers, loyalty programs are an example of this.
Viral Marketing – like a disease, this tactic wants consumers to spread the word about the product or service. An example are Tik Tok dance challenge videos with product placements.
Green Marketing – everybody wants to have a part in saving the world and businesses are highling how their business does this. This targets individuals who are finding ways to live a more sustainable lifestyle.
Keyword Marketing – this focuses on providing marketing materials such as blogs to their target audience that search specific keywords or phrases. This goes hand in hand with search engine optimization or SEO.
Search Engine Optimization – this is the technical process of ensuring more visibility for a business or product/service with search engines.
Content Marketing – this focuses on providing valuable and themed content to the target audience. This ensures to captivate a specific audience.
Why is marketing important?
Marketing is an integral part of any business. Marketing helps businesses build their brand– a trustworthy brand will in turn help businesses have more customers/ clients that will help in their revenue generation and eventual business expansion.
Marketing is a tool to communicate to consumers why they should do business with them or why they should buy their products/ services.
Why invest in marketing?
Businesses will always want to get ahead of the competition and marketing ensures this. People will always have needs, marketing allows these people to know that you offer a solution to whatever need they have. Marketing can be done in house or outsourced.
In the highly digital world, businesses must also invest in digital marketing to get ahead of the competition.
On an individual level, a business management administration course with an embedded marketing subject will ensure you have a good future ahead. There are diploma programs, certificate programs for business management, business administration, and marketing to address students’ needs. This is a good investment since this specialization is needed in any industry and will not be obsolete in years to come.
References:
American Marketing Association. (n.d.). Definitions of Marketing. American Marketing Association. Retrieved 2021, from https://www.ama.org/the-definition-of-marketing-what-is-marketing/
Frito-Lay Lay’s Do Us A Flavor – Gold. (n.d.). Chief Marketer. Retrieved 2021, from https://www.chiefmarketer.com/pro-awards-winners/best-idea-or-concept-gold
