Marketing for Consumers
They say that marketing is the language of business. It is geared towards creating the customer’s needs and wants to sell a product, an idea or a service. It is a dynamic profession that entails ingenuity, innovation, and discipline. Marketing encompasses the entire business of a company and shepherds resources to meet the demands of consumers. After all, it is the consumer or the buyer who sustain a company’s liquidity. Sales strategies (direct/indirect selling, telemarketing, advertisements, promotions, etc.), business development and communications are set in place when the objectives of marketing are determined.
But what is marketing all about and what do marketing people do? Marketing is all about creating the selling point of a product or service to a targeted consumer. It creates the value on why consumers need a product and why it becomes essential to want it, have it or obtain it. It involves product viability and keeping up with consumer demands. With today’s market competition, marketing people have become more engaging and aggressive to pump in new or fresh ideas. They study market trends or behaviors, identify consumer needs, what consumers are satisfied with and how they can anticipate their ever-changing needs. All in all, marketing involves studying the consumer. Consumer behavior determines why, when, and how people are influenced on buying a certain product, idea or service. It tries to understand buyer decision making, their characteristics, behavioral patterns or variables, and assesses social influence (family, peer group, business associates, environment, etc.).
It takes a great deal of time, manpower and monetary expenditure to study consumers. Companies spend on marketing research and analysis. It is from this analysis that companies draw market segments which is essential to streamline company resources. Market segmentation determines specific consumer targets with similar wants and needs.
Marketing people also determine how consumers are influenced by the following:
• Advertising
Advertising creates product recall. It encourages the consumer consumption and/or repeat consumption. They come in different forms including search engine optimization, pay per click, social media marketing, print ads., radio and television commercials and leaflets/flyers, billboards, etc. Most companies make their advertisements distinct. There are a few kinds of advertisements: bandwagon and the testimonial advertisements.
• Product positioning
Product positioning or brand positioning is a marketing strategy that involves the creation of a certain image or identity of a product to influence the seat of thought or memory of the consumer through the following: appeal, perception, feeling and ideas.
• Pricing
Pricing plays a great role in consumer preference. Marketing people study market targets or segments to establish buying capacity of the consumer. Product positioning influences prices of a product and determines which segment revenue will be coming from. Companies put in place product base expenditures and competitive market rates before considering the costs of their product.
• Promotion
Promotions are created to entice the market and encourage repeat consumption or demand. They come in the form of special offers, discounts, new packaging , etc. It presents information to increase awareness of a product to consumers. Promotions, like advertisements, encourage consumers to purchase the products.
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