A most interesting and frustrating feature of marketing
Marketing is one of the most important elements of the success of a business. Even though there are many elements such as financing, production, operations etc. marketing is the primary element that contributes to the success of a business. Marketing is directly linked to the profitability of a business. It is very much interesting to notice the result moving higher due to the marketing strategies formulated by us. The most interesting feature of marketing is that it is an activity that depends upon the general attitude of the people. That is the perception and attitude of the people is the primary factor that determines the success of a business and marketing strategy. In a way it is a psychology as the marketers are actually studying the mind of the customers.
The most frustrating factor about marketing is that it is not stable. The market trend keeps on changing and the marketers need to be very alert to change the strategies when a change in market trend is being noticed. Therefore it is really hard to make continuous changes in the marketing strategies. A lot of planning and forecasting has to be done by the marketer before making any changes in the strategy.
What makes a person to the top in marketing?
As mentioned marketing is an activity whose nature changes continuously. A particular marketing theory formulated today may not be suitable for marketing the product after ten years. That means it needs to be updated according to changes in the marketing environment.
Therefore if a person wishes to attain a top position in the field of marketing he should be well informed about the happenings around him. He should be able to forecast the consequences of current happenings especially in terms of the business in which he is involved. Only then he can frame strategies for his business for future. He should be well informed about the attitude of the persons, culture of a region, economic factors affecting his business and so on. Apart from this quality he should also be a good communicator and listener. He should have the ability to convince people through his words. A good marketer should have the ability to forecast things.
Framing of marketing strategies and making changes in it
A marketing strategy is basically set by examining the current and future trends of the market. “There are only three marketing strategies needed to grow a business:
- Increase the number of customers
- Increase the average transaction amount,
- Increase the frequency of repurchase.” (Marketing basics).
The basic purpose behind a marketing strategy is to market the goods and services of the business in the best possible way. Marketing goods does not only refer to the present but also to the future. Future market potentiality is also a cause of concern while framing the marketing strategy. Therefore the activities to be done before framing a marketing strategy are analysis of the current market trend, market share, product features and market strategies of the competitors, future market potentiality of the product, changes in the technology and changes in the economic condition.
There is no fixed time period for changing the marketing strategies. Changes in the marketing strategies are to be made when market trends change, competitors become stronger and when the market of the product gets adversely affected. Marketing strategies are to be changed in such instances because if it is not done it can even lead to the death of the product in the market.
Works Cited
Marketing Basics: A Thesis in Marketing Strategies, Three Strategies can Produce 101 Marketing Strategies. Advanced Marketing Consultants. 2008. Web.