Marketing includes promotion, distribution and price strategy applied to a product or service. The general goal of marketing is to place the product or service in a target market while increasing sales. A good marketing plan can help a business to boost sales and increase profit. Conversely, a bad marketing plan hurts and can even affect the stability of a company. Marketing can have a big impact for companies and also for the customers the marketing plan targets.
Types of Marketing
There are several types of marketing. However, the general goal of all types of marketing is to get people interested in what the business has to offer. Types of marketing include direct, email, Internet and multi-level. Each type of marketing has its own advantages and disadvantages, and a business should carefully evaluate its marketing needs and its target group of customers when selecting an appropriate type of marketing.
Market Research
A good marketing plan typically involves a lot of research. The research should give the company a clear idea of how its products could fit into various markets. Additionally, market research should consider the real needs of potential costumers and the needs of the market as a whole. Other considerations include earn the trust and loyalty of costumers through the application of competitive strategies such as price leadership, uniqueness and niche development.
Marketing Benefits
It is through marketing that a company can achieve positive brand recognition. Marketing also allows costumers to understand the features of a product or service. The company provides information about the product or service allowing the buyer to make an educated decision based on the marketing campaign. Marketing can also help to clarify misunderstandings about the brand and allow businesses to save time and resources by directly targeting the intended customers.
Marketing Disadvantages
Marketing disadvantages are usually caused because the business implements a bad marketing plan. Bad marketing strategies have the potential to damage brand image. Also, companies need to consider that marketing does facilitate internal processes within the organization. Therefore, a business could have an excellent marketing plan but not enough resources to support it. Marketing could cause the business to experience growth it cannot handle. Additionally, excessive promotion can saturate the market of potential clients, which can damage the brand.
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