According to the American Marketing Association, marketing is the process whereby the organization plans and implements the different prices, various ways of promoting and distributing its products to satisfy the customers and be able to meet the objectives of the organization. (Bobette K.2008). When a company is doing marketing for its products there are a number of issues that have to be taken into account. Some of these issues from a wider perspective are the legal issues, ethical issues, and the ones this paper will be looking at are communications in marketing, the planning and strategy to be used in marketing, the targeting and segmentation of the market, the structure of the market and the marketing environment.
The structure of the market and the marketing environment.
When a company launches a product in the market it has to look at some factors which will enable it to understand the market it is operating in, its targeted customers, and the competitors in that market. A company has to find out and know the kind of markets which have the need for their manufactured goods and services, and also to know for what purpose their product is needed. A firm should also find out how large the market is, for how long they have been working, if they have expanded their working areas in a country or in the other neighboring countries. It is also important for a company to know the effect of the competitor’s product or the service they offer to the company’s product. A company may need to understand the level and nature of competition: for how long they have been in the market, how do they market their products and how do the consumers take their products. The company needs to understand how rampant the competition is to the product it is producing. That is if they want to succeed then they have to produce better and outstanding products that the consumers will love.
For a company to know how suitable their marketing ability is, they need to scrutinize their marketing environment, that is the external factors that may affect their markets. This can be effectively done by the use of a certain tool known as the PEST analysis which studies Political, Economic, Social, and Technological issues that may affect the business’s product.
The targeting and segmentation of the market
The best and favorable markets should be identified. Markets can be divided in ways like Industry type, and based on how the company offers a standard product to the chosen markets. This makes it necessary to define the product/services offered. In conclusion, markets should be quantifiable, reachable, significant, and actionable. (KnowThis.com, 2008) A useful tool for examining the fit between the company and a particular market is the SWOT analysis which stands for Strengths Weaknesses, Opportunities, and Threats.
The planning and strategy to be used in marketing.
The company has to decide on where the product /services will be situated, whether they will use distributors or deal directly with customers, the ways they will do their pricing, and also try to find out factors that will make the company maintain their customers. A company has to consider the product/service positioning, the number of distributors will also affect the pricing thus the more of them the higher the price.
The company should identify the unique selling points which will help differentiate the companies products. For example, the product’s competitive advantage and its sustainability, focus on improved additional products/services will all help to safeguard the company and keep it ahead of the competition.
Communications in marketing
The company has to know how the customer will locate (directors, business development directors, technical manager) using the best means. It is essential that the company identifies the decision-makers and know if they are within their target for the purpose of marketing communication. This also enhances communication efforts so that the information can reach the person who recognizes the need for a product/service and has the authority to order.
Though from an ethical point of view, the company should ensure that the adverts made for its products are suitable for viewing by people of the age brackets it is targeting and should not be offensive in any way to the family setting. The times for airing the adverts should also be considered, the violent content of the adverts that can be viewed by children. I have witnessed advertisements for some condoms with suggestive dialogue and actions being aired at early times in the evenings. (Federal Trade Commission, 2007) This should be discouraged for the sake of the children who may still be awake.
All in all, these issues in marketing have to be given careful consideration by the company. This is because any complacency can lead to mistakes which may cost the company dearly in terms of litigations from rights groups and even offended individuals. They may also tarnish the company’s name and ruin its public relations.
- Bobette K. 2008. Website Marketing Plan.com. The Definition of Marketing. Has It Changed?
- Federal Trade Commission. 2007. FTC Issues Report on Marketing Violent Entertainment to Children.
- Know This.com. Distribution Decisions.