The Importance of a Marketing Tool in The Global Economy
Today, businesses around the world cannot ignore the impact that the global economy is having on their performance. Marketing is a significant aspect of any business in today’s highly competitive Global Economy. We all know that the time has changed. Customer has more Substitutes now days for their Requirements. So it is important to make sure that marketing efforts are more on understanding the changing needs on today’s customer. We need to understand the minds of customers.
It’s rightly said “customer is Boss”
In this extraordinary field we should not forget that Creation of a brand is very important because it is creation that helps us get a good reputation and build a large group of customers. But also always remember that without strong marketing skills Distinctive Brands fail to prove them Successful Brands.
The financial successes of all brands have been depending on combined efforts of their financial strategies and their marketing efforts. Marketing today has become an emotional research which helps understanding customer and consumers psychology so that products are developed based on these understanding.
A successful Marketing team can carefully analyze customer needs and carefully monitor there competitors marketing moves. We should not forget that Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotions. Strategies in marketing have changed enormously since Jay Conrad Levinson introduced the guerrilla concept over 20 years ago. Companies without a marketing mindset are at a disadvantage in today’s business world. Those who are still centered on their products, rather than their customers, are doomed to fail.
Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential.
Marketing plays significant roles in any Business like
1) Marketing Promotes Product Awareness to the Public
2) Marketing Helps Boost Product Sales
3) Marketing Builds Company Reputation
If we talk about Marketing Strategies then we should know that the concept of marketing strategy has two basic types: general marketing strategies and decision area strategies.
1) General marketing strategies are broad and are aimed at various specific business objectives. Further another kind of General marketing strategies market expansion.
2) Decision area strategies are used to accomplish the general marketing strategies through effective marketing decisions. Another very important component is Marketing plan. Marketers depend on plans as one of the factors for business success. In designing a marketing plan, mission and vision statements must be identified as these are the bases of the entire marketing process. A company should highlight the objectives it wants to achieve.
So it concludes that a good marketing strategy can help not only maintain the current business but also help to increase the business and profits of a company.