Everyone’s been hyper about marketing. They want to “market” their products, their ideas and whatnot. Yet few people really understand the concept. According to the American Marketing Association’s definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
When understanding what is marketing, people often confuse it with sales. It is vital to know that sales and marketing are two distinct fields. In layman’s terms, marketing is about creating value for the products to the customers. Sales is delivering that value. Indeed, the field of marketing has often been regarded as mixture of science and art.
In the past years, the concept of “hard sell” was dominant. Hard selling was all about forcing the customers to buy the product or the service the brand was offering. It was extremely direct in nature. In essence, the product was manufactured first and the customer was then persuaded to buy it. Since this concept is replaced by marketing techniques, “soft selling” was introduced. It is more of an indirect approach where the customer’s needs are first understood and targeted. Consequently the product or service is designed so as to meet those very needs. It is all about the customer.
Marketing has been almost revolutionary in the business world. Below are some ways that marketing is affecting businesses
- Corporate culture:
Since brand are hypersensitive about their image, they are always on the lookout for ways to avoid negative publicity. One such way is improving the corporate culture. Companies that keep a high value on work ethics and their employees enjoy a favorable reputation in the business world while those where the corporate culture is weak lag behind. A company’s image isn’t restricted to only their product or the services but it is also affected by how they are treating their employees.
You have all been hearing about the phrase “change is constant”. Well it applies here too. Companies who sit back on their successes are often the first to flounder. In this rapidly evolving world, where the customer’s needs are constantly changing, the company needs to stay updated on how and what these changes are. It can then adapt to these changes and will have a higher chance on staying alive. To address these changing needs, companies are constantly trying to keep developing new products in order to increase or at least retain their position.
A mission statement is intended to clarify the ‘what’ and ‘who’ of a company, while a vision statement adds the ‘why’ and ‘how’ as well. As a company grows, its objectives and goals may change. Hence the vision statement should also be revised in order to keep up with the changing trends.
- Competitive advantage:
Competitive advantage is also referred to as Unique Selling Point (USP). We all know the world is in a cut-throat competition. Marketing has led the business to a whole new dimension where everyone is trying to satisfy the customer’s needs first and in the best way. Since most of the products have substitutes, the field of marketing has introduced us ways to highlight a product and make it stand out.
- Product/service quality:
The company’s performance is largely measured by the quality of the products or services it is offering. When the quality is good, customers are more likely to recommend it to others. This is also an important concept in marketing. On the other hand, if the quality is not up to the standards, the negative reviews will demolish the company’s image.
- Corporate Social Responsibility:
CSR (corporate social responsibility) is a relatively new concept. Basically companies are required to give back to the society and find ways to improve it. This is not only a charitable act in itself but it also boosts the company’s image and will help the company’s reputation to soar.
- Marketing team:
Almost every major company has a marketing department. It is because the company needs to conduct research on how to market their products. It can be done through advertisements, print media, social media and many other methods. The marketing department is in charge of building integrated campaigns and execute them while conducting activities all of it designed to increase the value of their product or service.