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Why Marketing matters?
Can you just create a product and sell it without doing any research? Technically, you can, but only if you are offering something that people consume on a regular basis, such as FMCGs, eatables, and so on. All you have to do is give them "excellent taste," sell your firm properly, and things will start moving.
Marketing strategy is a comprehensive and carefully crafted plan developed by businesses or organizations to achieve their specific marketing objectives and overall business goals. It involves the systematic identification of target audiences, thorough market research to understand customer needs and preferences, and a thorough analysis of competitors and industry trends. A well-defined marketing strategy encompasses various elements, including product positioning, pricing, distribution channels, and promotional activities.
Our Marketing process
Understanding the Customer Needs
The process starts with the identification of customer needs. However, it can grow to identify their wants and demands as well. Now, this can be confusing for the readers because we have mentioned three different terms. That’s why we are going to differentiate all of them.
Design a Customer-Driven Marketing Strategy
At this point, a company must answer the following questions: Which customer segment should we target?
Aside from that, you must discover local market trends and the severity of clients' wants (how badly they want a solution).
Choosing The Target Audience
It is just impossible to please everyone or all audiences. That implies you must divide the market into distinct parts before deciding which ones to target. Of course, if you have the cash, staff, and other resources, you may pick numerous market niches.
Selecting The Value Proposition
Once you've determined your target demographic and identified their needs/wants, the following step is to figure out how to meet the specific demand of that set of clients. This is the stage at which you may distinguish your brand in the market. Your value proposition covers the advantages and benefits you may provide your consumers.
There are several methods for positioning your brand in the market. For example, you might use the Production Concept to make your items more inexpensive and accessible to your customers. Alternatively, you may select the Product Concept and provide your product with unique and unparalleled features/benefits.
Create an Integrated Marketing Program that Provides Outstanding Values
As a marketer, you now understand the broad strokes of your company's marketing plan. The next phase is to develop an integrated marketing strategy that focuses on giving value to customers. You must consider these factors at this time:
• Product specifications and their feasibility
• Mediums of product promotion
• Room for product development in future
Essentially, we're discussing a company's marketing mix. A marketing mix is a collection of several marketing instruments that a company employs to put its marketing strategies into action.