"In the current economic climate, marketing is a weapon for all businesses"
Introduction
Modern societies have undergone profound changes in economic, demographic, social and cultural terms. To run businesses in the current economic environment business is risky, uncertain and complex. It is marked by the globalization of economic activities, trade liberalization, deregulation, development of the service sector and technological advances. The market structure has evolved, at the beginning of the industrial revolution there was very little demand for supply companies, we are now seeing a reversal of this trend with the advent of market economy. Goods and services that are offered by companies are increasing in most sectors which results in stronger competition. Consumer profiles have also evolved, customers are now more demanding, they a diverse range of products and give more importance to the functional characteristics of the product, its quality and its price. They are better informed, thanks to the development of communication systems and the spread of the internet. Consumers have become aware of their rights and powers.
How do companies manage to sell their products profitably given the variability and complexity of today's economy? To what extent can marketing be considered as a ‘weapon' that can be used against today's economic conditions?
The current economic climate is forcing companies to set up systems that understand and predict consumer expectations in order to develop a competitive advantage and thus, ensure the sustainability of the company. Marketing is a methodical process by which a company tries to attract higher activity which leads to profits.
Tags -marketing, target market, segmentation, advertising, current economic conditions
[...] The company should develop an attractive pricing strategy as competition intensifies, consumers are better informed and purchasing power declines. An attractive pricing strategy could protect a company's profitability through all these factors. Consumers believe that they will get a better product or a product of a better quality, if the prices are higher, so having very low prices for one's products might be detrimental instead of helpful. This is a sensitive area and must be managed carefully. The next step is product distribution, or making the product accessible to the target market. [...]
[...] In most cases, marketing strategies are organized by the marketing manager and product managers. Part II: Marketing tools Informational approaches, strategic and operational marketing stress on the importance and coherence of the marketing function. To ensure the efficiency and profitability of the company, there has to effective implementation of the marketing approach and the appropriate use of its techniques. The marketing process begins with an analysis phase i.e. the marketing study. In this phase members of the marketing team gather information on the demand, supply and environment. [...]
[...] Goods and services that are offered by companies are increasing in most sectors which results in stronger competition. Consumer profiles have also evolved, customers are now more demanding, they a diverse range of products and give more importance to the functional characteristics of the product, its quality and its price. They are better informed, thanks to the development of communication systems and the spread of the internet. Consumers have become aware of their rights and powers. How do companies manage to sell their products profitably given the variability and complexity of today's economy? [...]
[...] Analytical, strategic and operational approaches to marketing (in that order) ensure the sustainability of the company. Marketing is a process that is consistent and is a small part of the overall strategy of the company. It helps the company increase sales, sales volume and market share. In other words, it determines the economic and financial success of the company. The marketing force of a company is embodied in the consistency of its approach, the variability of its techniques, the effectiveness of its measures and its adaptability to any kind of structure. [...]
[...] After choosing a target market, the company has to define a position i.e. the company needs to decide what kind of image it wishes to convey through its product or its brand. The company must be very careful when defining its position as the image it portrays must be attractive to the target market and distinctive enough to stand out from the competition. Given the economic environment of business, it is wise to consider segmentation strategies that are oriented towards specialization, differentiation and innovation to increase sales, sales volume and market shares. [...]
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