process by which individuals and groups obtain what they need and
want through creating, offering, and exchanging products of value with others.
Additionally, it is all too often equated only with the more focused function
of selling. But marketing encompasses a wider range of activities that must be
a fully integrated process and, indeed, will form a foundation and catalyst for
making sales. Further, the key to successful sales is a consistent proactive
marketing strategy.
MARKETING’S KEY COMPONENTS: CREATING VALUE FOR THE CUSTOMER
What, then, is the key to a consistent proactive marketing
strategy? First and foremost it is a philosophy that dedicates resources of the
firm to ensuring that the wants, needs, and demands of the customer are the
firm’s focus. This customer-focused mentality is the foundation of the strategy
that makes up the entire marketing process.
Second, it is a plan, supported by the firm’s philosophy. Once the
philosophy is in place, a plan can give direction, guidance, and a structure
for proactive strategies that will increase sales and improve business
relationships. Often firms find themselves dedicating re- sources to marketing
activities—from trade shows to flyers—and spending money on marketing that is not
targeted to the right audience at the right time. This is reactive marketing
with a shotgun, rather than a rifle. Conversely, a proactive, focused marketing
plan can provide guidance for targeting the right audience at the right place
and at the right time, which in turn maximizes the return on investment and
increases revenues.
Third, marketing is a process of creating value for the customer.
It is a set of activities to educate, communicate with, and motivate the
targeted consumer about the firm’s services or the company’s product and
services.
Traditionally, this set of activities, the “marketing mix,” is
represented by four parts, the well-known “4 P’s of Marketing”: price, product,
placement, and promotion. But to create a marketing strategy and plan that
touch on all areas necessary to position a product in the market to maximize
sales revenues, there are multiple areas to be tackled.
Marketing, Strategy, and Competitive Analysis
An effective marketing strategy/plan is an ongoing value-creating
process composed of several elements:
? Marketing segmentation.
? Marketing strategy.
? Market research.
? Pricing.
? Placement.
? Value chain.
