Social networking accounts for about 20% of time spent online. Additionally, 52% of people ages 12 and up have a social media profile. 2.6 million companies have company pages on LinkedIn. Importantly, they are scouting and headhunting new talent at a faster pace than ever before, whether or not your social media profile is updated. Considering that the average human being spends more time surfing the web than sleeping, it is not surprising that social media profiles accumulate quickly, and become out of date just as quickly. Unfortunately, you don’t get to choose which profile the casual (or professional) visitor stumbles upon.
To find out the future of marketing, watch this video.
The only way a business can bring attention to its services and products is by employing a good marketing strategy. Instead of randomly advertising, something which can even cost more than what the business produces; marketing specialists understand that there exist factors which determine the most appropriate way to advertise. These factors vary from one business to another and can help you to design a marketing strategy which can put your services and products in the best public spotlight.
Marketing concept simply refers to the idea of marketing which is fundamental, hence the organizations or companies prosper and survive by meeting customers’ needs and wants, better than their competitors. Marketing concept has been adopted nowadays compared to earlier days and is all about matching the capability of the company with the wants of the customers, and the matching process often occurs in the marketing environment.
There is no businesses that undertake activities in the market alone, however, they face various kind of threats their competitors as well as changes in the social, economic, technological and also political environment. The business must put into consideration all of these factors while trying to match its capabilities or potential with its target customers’ needs and wants. Any company, business or organization that willingly adopts the marketing concepts agrees to the potential customers’ needs as its operations base.
Marketing, as traditionally believed is the process of selling a product/service to a consumer. However, it’s a complex process that involves creating value in the product/service that the consumer needs, delivering the product/service not just to the consumer, but intermediaries too, as well as making the consumer aware of the value in the product/service over other rival products/service available. It also involves managing relationships between the consumers and the organization selling the product/service in a way that will offer both short term and long term benefits to the stakeholders and the organization. A successful marketing incorporates the following;
- Research on the product/service that the consumer wants and which may or may not be available
- Development of the product/service
- Analysis of existing and potential competition
Marketing management is an integral part of any business venture. It is therefore very vital for all managers to master all essential skills in this field in order to realize the goal of their businesses. The sole role of studying this discipline is to enable the market managers to know the ideal customers, the appropriate time to market a product, the ideal price, the right place and the most appropriate product to market.
Ways Of Boosting Marketing Management Skills
- Selecting the right market – It is essential to learn how to choose the best market so as to get new consumers and even retain the old ones. A good marketing manager should therefore understand the forces of demand and supply in the market. This helps in meeting the consumers demand at different times. This is also very essential in boosting the volume of sales for a given period of time. When choosing the right market they are various factors that must be considered such as the location and size of the business.
The term marketing mix refers to a frequently used word in marketing that emphasizes in the integration of a range of elements in marketing strategies that aim at reaching the targeted consumers and also meeting the organizational objectives. It is an amalgamation of four basic elements known as the four Ps, which are interdependent, that include product, price, place and promotion. There are also other very important factors that aid in the marketing mix which are known as the four Cs as will be discussed later.
Marketing mix is important in achieving marketing targets. It aims in achieving targets for example sales, consumer satisfaction and also profits. From this, one can say that marketing mix is a marketing manager for achieving marketing targets. The marketing mix elements help one in deciding on a price strategy that can really help in making price decisions. How one prices his or her product or services is equally important as the product itself. When you price your product too low, you may loose profits.
What is Social Media Marketing?
Social media marketing is marketing a website and attracting visitors to it through some type of social media. The social media used is often a type of social network, where information about the website is posted, and users of the social network are encouraged to share it with other users, exposing a large number of users to the information. Social media marketing is often extremely inexpensive, or even free, as the cost of placing information on a social media is generally free.
What Are the Pros and Cons of Social Media Marketing?
Social media marketing has several good points. As noted above, the cost of launching a such a marketing campaign can be minimal. Marketing through social networks can also allow a very fast spread of information, as the users of the social media can quickly share the information with their friends. Trust can be easily gained when marketing on a social network, as people receiving shared information from their friends will generally trust it much more than they would trust information from normal advertising sources.