The Importance of an Effective Marketing to a Business

Marketing is a key component of any business, The activity of marketing determines the development and the success of a product within the market. Effective marketing enables a company to gain a competitive advantage and win the largest market share over its competitors, Effective marketing in any company is based on marketing mix. The marketing mix is a compound aspect, comprising a sequence of activities, The marketing mix can best be explained by use its eight elements; the 8Ps of the marketing mix.

These include Product, Place, People, Price, Promotion, Packaging, Physical evidence and Process, Companies combine a number of these elements with an aim of winning the largest market share. In the aspect of Product, a company majors on the products uniqueness in terms of quality and design. Branding is also part of the ‘Product’ element of marketing mix. A company should design its products and services are unique and high standards that will satisfy the customer needs.

Use of modern technology has enabled companies to come up with unique and high standard production methods that have won large market segments, The manufacturer of fizzy drinks packaged in unique bottles and branded ‘coke’ has made the coca cola company to be the world’s leading producer of carbonated soft drinks.

Pricing is another element that determines the customer behavior, Standardized prices enable the customer to meet their purchasing power. Other elements such as discounted prices and methods of payment during the purchasing process also favor the marketing process. Proper pricing improves the sales.

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The place is another component which enhances marketing. Price, in marketing, can be best explained as the distribution channels used to facilitate the availability of the product to the customers. Effective distribution channels ensure that the products reach the targeted market at the expected time, hence creating a physical evidence of the product in the market.

Most customers will buy “what is there”; hence the availability of the product will facilitate its spread in the market. The use of skilled personnel in production, distribution, and other operations improves the quality of the product. Big companies such as Toyota, Pepsi, and Coca-Cola hire highly skilled managers and other staffs in order to achieve high-quality products, The skilled personnel effect the production process, coming up with new products through innovation. Skilled personnel’s also enable such companies to rebrand and change the production process, coming up with a variety of products to meet the diverse and the dynamic nature of the customers. Promotion is the basis of marketing. This refers to a combination of activities with an aim of drawing the customer’s attention and preference towards the product.

Some of the promotion methods are like the use of advertisements. The modern technology and the social media have turned the globe into a village. Modern communication technologies have enabled companies to advertise their products to international markets. Other promotion activities are like giveaways, the point of sale promotion, branded promotionally and customer appreciation events, and facilitate the creation of awareness of the product to the customers. Unique packaging is another marketing strategy that attracts customer’s attention, choice, and preference. Proper application of the marketing mix places a commodity in the top list of the customer’s preference, expanding the market share and hence gaining a competitive advantage over its rivals.

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The Importance of an Effective Marketing to a Business. (2022, Oct 23). Retrieved from https://paperap.com/the-importance-of-an-effective-marketing-to-a-business/

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