Marketing refers to a systematic process by which an organization undertakes to identify its target audience, establish mutually beneficial relationships with them, develop value to capture value from them, and then sell the product or service to them. Marketing is one of the most important factors determining the success of any business. Therefore, companies are always on the lookout for efficient and cost-effective marketing tools to promote their products and services. There are various marketing techniques available in the market.
Companies use a variety of marketing approaches depending on the nature and need of their business. The most common types of marketing techniques are mass communication, retail, franchising, information technology, financial marketing, personal selling, direct selling and multi-level marketing (MLM). Even the use of websites such as StreamOZ to boost engagement on websites is considered a form of marketing strategy. All these forms of marketing are based on the fundamental principles of marketing itself. As defined by these principles, there are four basic marketing objectives: to identify, anticipate and satisfy the needs of the market; to give the public a reason to buy; to shape consumer behavior; and to minimize customer confusion and resistance. Moreover, all these marketing objectives should be able to convince the consumers to do business with a particular firm.
Fundamental Marketing Principles
The fundamental principles of marketing imply that the marketing mix should be such that it provides a benefit to the consumer. They should meet three primary needs of the buyers: to know, to buy and to make. All these three needs should be satisfied by a well-managed marketing mix. The marketing mix therefore should take into consideration the following fundamental principles:
- Market research is considered as the most important ingredient of any marketing strategy. Without market research, the plan implemented will be ineffective. Most of the companies conduct market research before launches of new products and services. This helps them to understand the market behavior of the people, which in turn helps them to fine-tune their marketing strategy. The most effective marketing strategies are those that are well implemented. So, for a company to survive in the long run, it should be focusing on improving its processes and the scope of service delivery.
- Social media marketing is one of the inbound marketing strategy examples. It is one of the tools that enable businesses to connect with their consumers. There are various social media sites such as Facebook, Twitter, Digg, StumbleUpon, and Google+ where most people use their mobile phones for making connections and purchases. These devices are ideal for companies since customers can easily access the websites and review the products available.
- Outbound marketing refers to selling more products or services directly to the end users. This type of marketing can either come from distribution channels or promotional measures. Distribution channels include distributing flyers, sending emails, pamphlets, etc. Promotional measures include giving away free gifts to attract customers. A well-planned outbound marketing strategy results in more sales and hence, more money and profits for the company.
- Email marketing is one of the inbound marketing strategy examples. It is done by sending emails to targeted clients, either individually or in groups. These emails contain different types of offers and links to different types of products and services. The advantage of email marketing is that there is no need for any personal contact and the links that are used within the emails are working from the comfort of one’s home.
Inbound and outbound marketing refer to the same type of marketing but each method has its own advantages and disadvantages. Market research helps to understand what type of methods work best for a particular business. For example, market research reveals that some businesses generate more leads through online marketing than through traditional marketing. Thus, it is important for businesses to hire the right professionals to do inbound marketing for them.