Marketing is the management function comprising of a set of diverse organizational processes and activities, to maximize the returns to the shareholders by developing and fortifying sound and lasting relationships with all valued customers and clients, and creating a sustainable competitive advantage in the concerned field.
Thus, marketing is the backbone of any successful business organization in any field, and the marketing management is a major constituent of the business management. Closely and mainly connected with customers, marketing includes a variety of sales techniques, business communications, customer retention techniques, and marketing strategies for business development. Today, the company marketing online is also possible, and has proved to be influential and effective in almost all fields of business. Certain concrete marketing strategies are pre-requisite for successful and stable company marketing. These company marketing strategies could be for short-term or long-term, depending on the situation the company is confronted to. Every viable marketing strategy takes into account all internal and external factors affecting the performance of business.
Marketing is all about identifying customers, keeping them satisfied with quality products and services, and keeping them connected forever. These basic and ultimate facts regarding marketing will help companies of all sectors maximally, in making sound and secure company marketing plans. Only quality of products or services, generous customer care policies, and unblemished goodwill, can retain the customers satisfied and connected happily for a long time.
The most significant external factors affecting company marketing are - customer analysis, target market analysis, competitor analysis, and the effects of technological, economic, political, and cultural changes. The following are the essential elements of due diligence regarding the marketing for the products or services of a company:
A Marketing Strategy is a well-devised method or process which enables a company to utilize its limited resources for achieving the maximal sales and sustainable competitive advantage, in the given field of business. Marketing Strategies are essential for business survival and growth, and are therefore, inherent and inevitable part of company marketing objectives in the long run. The requirement of perfect and visionary marketing strategies has increased manifold in today’s intense business competition in almost all fields of commerce.
The marketing strategies vary from company to company, depending upon the unique situation faced by each of them, their type and nature of business, preferences, and growth plans. However, there are some generic marketing strategies commonly followed by all companies of diverse business sectors. Some of the most prominent marketing strategies are listed below: