Title may fascinate readers that how one can sell stones. Do you find this strange? Being from commerce background 'marketing' is the term that we commonly see everyday. With right marketing tactics what cannot be sold.
First, let us understand what marketing is? Marketing is the process of analyzing market opportunities, selecting target markets, developing marketing mix and managing market effort. This is just academic definition that every student have must read in their business use. But the picture, in reality, is bigger than it is explained in books.
Two important aspects of marketing are
1. Delivering value to customers
Marketing alone cannot produce superior value for customers. It needs to work in coordination with other departments to accomplish this. Marketers are challenged to find ways to get all departments to think with a focus on customers. The customer is king of the market.
2. Connecting with customers
To succeed in today's competitive marketplace, companies must be customer-centered. They must win customers from competitors and keep them by delivering greater value. Since companies cannot satisfy all customers in a given market, they must divide up the total market, choose their target market and design strategies for the chosen market.
Examples can be seen from industries that follow the best marketing policies to make their stand in the market.
- AMUL is a leading example be it a national or international issue they always follow trends. The famous blue-haired and polka dress girl on Amul reflect India's social, political and cultural events accordingly with various cartoon characters.
- ZOMATO is also in line. It always picks trendy topics and memes and comes up with relatable notifications on your mobile phones. If you are foodie, you can very well understand Zomato's marketing strategy. It has also been engaged in contest and games.
- PARLE-G, known since our childhood days is also showing ways to use social media for brand awareness.
- BEWAKOOF.COM, a brand name that customers will never forget. They often include memes and talks about fashion.
With right products and best marketing strategy, your product can make room in market. There are any other factors also but these are the key factors.
Besides modern marketing techniques, there are some traditional techniques that are still in use.
Social marketing, in this there is implementation and control of programs seeking to increase the acceptability of social ideas, cause, or practice among a target group like tree plantation, education for all with their products.
Differential marketing under this concept firm decides to target several market segments and design separate products for each. Hindustan Unilever Limited is one of the leading examples in this it has lifebuoy, lux in popular and dove, pears in the premium segment.
When the demand of a product is irregular due to season, or due to some external factors firms must find ways to alter demand patterns through flexible pricing and other incentives.
A blend of creativity can really boost your marketing. Celebrity and media advertisements are also part of the promotion but these days social media, memes and humour engage more customers.
CAclubindia
