Marketing is an action or a set of actions undertaken to promote goods and services of a business to make it accessible to the target market. Marketing is not a one-time activity. It is something repeated over again to reach out to more people. Marketing is the interaction of the marketing and advertising activities of a business with the customers or potential customers. Marketing is also an integrated part of strategic and planning activities of a business.
Influencer Marketing
Influencer marketing refers to a way of marketing activities which brings about changes in the customers’ behavior. An example of an influencer would be the magazine or newspaper owner who creates a celebrity gossip column that attracts readers. Another example would be a water pump company that hires an influencer to create content for them, such as writing water pump reviews.This creates interest among readers who would otherwise not have been interested. The customer may be drawn towards this piece of news which then influences his purchasing decision at the time of purchase.
Branding and Marketing Concepts
A new concept in marketing is the branding of a product or service. Branding is the process by which a company creates and develops a unique visual image of its products or services. In marketing, the term “branding” refers to the consistent use of specific symbols, colors, fonts, and logos to identify a particular firm. Most consumers feel that when they see a familiar brand name, they can trust that particular brand. This helps to increase sales and bring in more customers. Companies should not use generic marketing campaigns to brand their products and as such, branding is a critical marketing concept.
Business Myopia
Marketing myopia occurs when a company is so focused on a single product concept that it forgets to cater for other consumer needs. For instance, a car company may focus on building a brand around a single model of car. The same strategy could apply to other businesses. While a particular marketing concept is effective, it may not necessarily be applicable to other consumers. Thus, companies should consider other ideas and strategies to promote their products and ensure that consumers will buy their products.
Marketing Management Myopia
Marketing management myopia refers to a company’s failure to identify the various factors that contribute to consumer buying decisions. For example, some consumers do not buy cars because they are uncomfortable driving them, whereas others do not buy computers because of the technical difficulties associated with using them. A marketing concept should be able to take these into consideration and provide consumers with an option based on their budget and preferences. Marketing should also be able to take into account the fact that some consumers cannot readily change their behavior, which can limit their ability to make informed buying decisions. This concept should therefore be flexible enough to take into account marketing concepts that may previously have been ignored by marketing managers.
Advertisements and Marketing Myopia
Marketing myopia results from a failure to understand the role that advertising can play in enhancing the profitability of a business. Marketing managers often focus only on selling their products through advertising. They fail to recognize that advertising should complement product selling. For example, if a product is advertised as the best water cooler on the market, this might lead consumers to believe that there are other alternatives, such as buying the cheapest water cooler. A marketing concept that understands the value of advertising should therefore include ensuring that marketing activities drive sales and revenues instead of driving consumers away. By paying attention to advertising techniques, the marketing manager can ensure that the benefits derived from marketing are transferred to actual product sales.
Market Research Myopia
Another error related to marketing research occurs when marketing professionals focus on market research as an activity separate from selling. Market research is important for understanding customer behavior and generating new ideas for product promotion. However, marketing research should not be seen as an alternative to selling. Proper integration of selling and marketing concepts can help achieve greater success both in terms of profit and in terms of building customer loyalty.
Influencer Marketing Myopia
Marketing experts often focus only on the marketing efforts of large corporations. These companies can effectively use marketing research to understand their customer base and target specific groups with similar preferences and needs. Unfortunately, many small businesses are unable to tap into this type of market research. In addition, many marketers view customer loyalty as something that comes over the course of time. In essence, these marketing professionals believe that customer loyalty will magically materialize over time, even without market research.
