Marketing is an essential function for both profit and non-profit businesses. Marketing is an extensive process that includes product design, research, promotion, development and customer service. Majority of the marketing functions revolve around certain principles, strategies, and tactics.
Principles, Strategies, And Tactics of Marketing Practice
One of the crucial elements of marketing practice is the marketing mix or rather the four Ps of marketing. The four p`s follow the principle that marketing efforts relate to the relation between your products, place of distribution, price, and promotion. Your service offerings and products are the main things that you want your customers to buy. Distribution refers to how you will get your products to them. Price is the amount of money on each of your products. Promotion is the use of various channels to attract customers to buy your products.
From the beginning of 2013 most marketing principles realized the importance of having long-term relationships with their customers. The companies realized that it cost them more to acquire new clients than it is to satisfy the already existing client. Customer relation management is using new methods that join database technology together with the goals of customer loyalty. Gathering information about your customers and targeting your best customers with high-end promotional offers you can be in a position to retain loyal clients.
Research and Development
Most businesses mostly concentrate on the promotion part of marketing. Market research revolves around the overall success of the market research. Market research is the use of numerous data gathering tools and research tools to learn more about your target market. The more you familiarize yourself with your target market, the more equipped you get, and you find ways of offering solutions that will benefit and promote them.
Promotional mix is the use of advertisements, public relations, selling and direct marketing to attract, sell and retain clients. Most companies use paid ads to present creative and value-oriented messages that talk about benefits such as promotional products. Public relations refer to both intentional and unintentional methods used to be on the positive side of the public. Media coverage, press releases and participation are methods of public relations.
Every business should work under set rules of principle. The principle enables you to value your customers and look for ways to build long-term relationships with them.