Posted at 10.29.2018
Keywords: marketing tactics, marketing methods examples
Marketing is the art work of making potential consumers and customers to be enthusiastic about your goods and or services (Kotler, 2006). The definition above means that marketing includes doing research, promotion, advertisement and circulation of the assistance and goods for sale. Marketing on the whole implies the process of doing all those things is essential in bringing clients and the products for sale mutually.
A market plan can be described as the evaluation of the currently available market area with regards to the way the business plans to spend its available resources in the future. A market plan also includes customers and set up how to market services and goods to them. The main purpose of a market plan is to aid the business enterprise in reaching its objectives and growth probable. To guarantee income making, coming up with and expanding a market plan is one of the very most important steps to be studied. Marketing handles every part of the procedure of the business. This involves actions that are constructed to create the needs of customers. The actions that business lead to client satisfaction in balance with profit making include and are not limited to analyzing and general market trends, developing the product and customer service.
Business management in relation to effective marketing practices describes ways of advanced business corporation and operation. Firm of the business enterprise has two main important aspects. The foremost is the coming up with areas of responsibility in the condition of organization graph from management downwards and denotes their responsibilities and tasks. The other main aspect is the enlargement and development of personnel and qualified staff (Keller & Kotler, 2009).
Planning in relation to business management has entails three main aspects. The first one is to institute a broad policy to channel production to successful. This entails the buying of equipment and material necessary for the success of the business. Next is to apply the laid down policies in the respective departments within the business organization and last but not least to determine high working standards in every single department. Trend handles assistance by the workers in authority. With this thought, there is a difference between top management and administrative management. The previous is administration and operation established as the latter is concerned with the implementation of procedures. Control requires the employment of reviews and catalogs to contrast performance with the well come up with working standards (Sterne, 2001. )
Strategic management profits its origin from the terminology of the Greeks. Its original so this means in this terminology is the art of an over-all. The average person who implements strategies is the general who's the commandant of the army (Sutton, Klein & Zyman, 2003). To ensure success within the business, the utilization of strategy is paramount and really should be applied such that any job and decision within the company is strategy based. Successful job of strategy in the success of a small business however will depend on some other main factors such as representation, attention, understanding and attention (Sterne, 2001). Inside the bid to describe marketing practices in true to life situations, the Coca-Cola Company will be used as a research study.
Over thirty years ago the environment of the soft drink industry was bought out by the Coca-Cola Company. As from the 1960s, the Coca-Cola Company's dominance has been put to test by Pepsi-Cola. This made the competitive environment to be well advertised and intensive. The challenge for supremacy between the two cola companies commenced and both of them became known as the main marketing companies globally. All of them has considerably performed hard to ensure the introduction of a variety of products in the consumer market. Your competition between your two companies has seen the use of celebrities to advertise these products and this has over time been taken to a fresh level. In the process of aiming to be remarkable in this market, the Coca-Cola Company even improved the method for the development of coke. Each one of these improvement in the carbonated soda industry (CSD) arose because of this of career of strategy in marketing. Another factor that has resulted in the buyer product development so far as soft drinks are worried is your competition that Pepsi-Cola earned a market that was well dominated by Coca-Cola. Aside from transforming the competitive environment into a whole new level, both companies have altered the new environment to their own gain.
For a company to make affordable profits, one needs to develop a marketing plan. As the profits result from the buyer or customer, you need to have the ability to identify their needs and would like then strive towards satisfying them by giving quality services while making profits. To do this, research and analysis of the marketplace is vital coupled with product development, offers and publicity. Sociable marketing has been given more account recently credited to professionals of big companies knowing that it is the best way to increase the income from making more sales. Cultural marketing in simple conditions is the advertising of ideas. This definition gives a simple understanding of it but it isn't holistic. Hence, social marketing is the formation implementation and management of programs meant to bring sociable change in the targeted market.
In 1886 Coca-Cola was still a small company that was still attempting, but today that is background. This company was able to grow since it integrated some very important aspects running a business. General market trends was vital in its venturing the market place. This was meant to discover the needs of the customers and their desires in order to satisfy them with the aim of making money for themselves while providing quality products. This is strictly on selfish grounds but the consumer was satisfied and the company made its income, making both to get. The consumer needs are constantly changing influenced by so many affects. So the market research should be aimed at identifying the prospective consumers, their needs and potential competitors. The coca cola company capitalized upon this so when they saw an opportunity, they bounced onto it immediately. There is prohibition of liquor in Atlanta, which was the chance that was to catapult the business to its very exclusive position today. They did research on espresso, which was in the confines of legislation, and developed a tasty drink that basically satisfied the needs of the general public. This was the original product that proclaimed the debut an extremely invigorating drink that will come to be liked around the world. Market research can be very frustrating and costly but one needs to ensure that the information is timely, detailed and made very accessible for it to be useful.
Originality is a huge virtue in business and market venturing, and one must be original in order to penetrate the market and take it over. The coca cola company was very original coming up with a product that has never been produced in the marketplace. Though there were other coffee products in the market, do not require was in the range of the product coca cola came up with, hence the penetration of the market that effectively. Usually in the market products are determined by their labels, color and brand. Other characteristics that assist in product identification may include shape, presentation and labeling. The substances in the merchandise are very important in product recognition; hence any product should be composed of the very best quality ingredients. There could be weakness of the merchandise but one should strive to produce a demand that will make the weakness almost unnoticeable or that overrides them. The coca cola company did this very well. The weakness of the merchandise is that it is super easy for a person to get dependent on the drink. But the market popularity they have gained makes this weakness almost unnoticeable.
Market id is also important. Size of the market and the amount of rivals should be known for better penetration, show command and the possible client identification. An excellent market show is achieved when the marketing is customer focused than when it's product oriented. The clients should be grouped relating to cultural and geographic location which assists with the preparation of your concentrated plan.
In any market setting up you can find competition, direct or indirect. Competition is very essential in product and service improvement. Competition should be known for just about any successful business. Learning about the competition, who and how strong they are simply, helps a businessman to learn more about how to control his business better. The similarities and differences with opponents are driven and advantages and weakness are compared. It really is true that you should keep enemies nearer to you in the sense that you should know every move they make so that certain can outshine them and emerge successful if always ahead by one step. This can also help in making better functions and marketing approaches for everyone in the market will try to outshine the other hence better products in the market (Kotler, 1997). You need to also use other companies on the market not necessarily challengers, to form partnerships and organizations to market their products. Coca cola created relationship with FIFA, NBA and Nascar which boosted their sales a great deal. In addition they used endorsement from music stars and since folks have an connection to music, it made the company very popular among people in all classes.
Pricing of something determines the pace of which it sales and the gains that should be made but this is determined by the price of production largely. The price helps in determining the margins desired but it is fixed by the retail price in the market, generally of the competition. Pricing of a product is determined by internal factors like cost of creation and the goals of the business and external factors that are related to the market situation and characteristics of competition available.
Profit is the major drive to conducting business all over the world. Profit is the amount of money that remains in the end cost of development and other non-production costs have been deducted from the gross revenue. Profits enable additional investment and went back back to the business for capital equipment purchase and sustain growth of the company.
A promotional mix is important for it is the program for marketing strategies set up or activities. This usually takes long because of the seasonal factors that impact the demand of consumers on the merchandise which must be taken into consideration, usually one year or even more. The weakness in the merchandise should be upgraded and one should ensure they are not exploited by the competition to tarnish the merchandise while making sure that all the strengths are known and capitalized through offers and advertisements. A good medium that will reach as many consumers as is feasible is the best option and the emails on the advert should highlight on the talents that you would like the actual consumers to focus on (Hisrich, 2000). Coca cola has done this perfectly in case anyone whether it is a consumer or a worker, be asked to the strengths of the company, he will commonly put them out, but if asked of the weaknesses, he might never have what, though it generally does not mean that there are no weaknesses in the product.
Advertising focuses on an audience that is well known and the right multimedia for achieving them is utilized since it is well known. Generally several media are being used to reach as many consumers as they can be reached however, many will work while others may not. The very best options are being used in advertising and should be reviewed every once in awhile due to dynamic dynamics of the marketplace. The consumers should be informed in order that they are up to date about the product and celebrities are being used to enhance the understanding creation of the product to the consumers. Both low season and high season advertisement should be achieved. Coca cola did this very effectively plus they have spent a lot of money in brand identification. They colored their logo perfectly and used endorsement very well in this program. They used music hall stars in the 1890's like Hilda Clark and Paula Abdul who had an endorsement in the 1880's and 90's for Diet Coke. They made sure their product was unmistakable. Coca-Cola performed a contest to make a unique container that the user can recognize in the dark and the Root Wine glass Company of Terre Haute Indiana triumphed in with the contour bottle design, (http://www. thecoca-colacompany. com).
Customer service communicates to the client a whole lot about you as well as your product. It contribute to the image of the business and in advertising campaign, good customer support is the most critical aspect. Most of those customers that go back will be the satisfied ones and they bring along with them their relatives and buddies. Trademarks and logos should be printed on the products so that this portrays a good image of the product to the clients. Hence consistency is paramount to fortify the company's image compared to that of the competition. Coke has done this perfectly and has managed consistency of the products. Additionally it is important never to grow the business with regard to the growth of the business but target is on the product and the making people happy. A humanistic image should be conveyed and selflessness is key in making folks have faith in the merchandise and the business.
In bottom line, effective marketing methods requires intensive general market trends to allow for market penetration as can be seen from the coca cola example given, originality and quality strategy are fundamental to creating a good product and creating it on the market and advertising should be utilized to bring awareness of the product to consumers. These are the primary areas of effective market procedures that you need to not do without. Other aspects are also important and they include being clarity with the merchandise to avoid blunders, maintaining persistence in the grade of the product, trying to make consumers happy with the purpose of growing the business but avoid growing the company for the sake of its development and seeking to show the buyer that you will be not selfish, while you signify it, but being humanistic and worried about the consumer and their wellbeing. Product improvement can be achieved in a market where there is competition which should be urged.
In synopsis, marketing methods that are documented have plainly been apply before as observed in the research study of the Coca-cola and or the Pepsi-Cola Company. Both of these companies will be the best examples of marketing practices put into application and in their bet to outdo each other in the available market share, they have been used for example a number of that time period and others have also used a lot of lessons from them.
The two companies have included in to the market other forms of marketing procedures which hadn't been exploited before but has became highly effective. This includes the use celebrities in advertising their products and services. Along the way they have brought celebrity advertising to a complete new level and other future soft drink sectors have used suit.
They also have used giving back to the society as a means of attracting more customers and clients by sponsoring major sports and making their brand to be trusted by a whole lot of people for a long period.
It is thus suggested that cases be borrowed from them as far as effective marketing practices are concerned.
Hisrich, R. D. (2000). Marketing. (2nd ed. ). Edinburgh: Barron's Educational Series
Keller, K. L. , & Kotler, P. (2009). Marketing Management 13th Ed. Pearson/Prentice Hall, New Jersey.
Kotler, P. (2006). Rules of Marketing, 3rd ed. , London: Prentice Hall.
Kotler, P. (1997). Marketing Management: Analysis, Planning, Execution, and Control, 9th ed. , London: Prentice Hall International.
Sterne, J. (2001. ) World Wide Web marketing: integrating the net into your online marketing strategy, 3rd ed. , New York: John Wiley and Sons.
Sutton, D. , Klein, T. , & Zyman, S. (2003). Venture Marketing Management: THE BRAND NEW Technology of Marketing, New York: John Wiley and Sons.