Marketing refers to various activities that a business undertakes to advertise the sale or purchase of a particular product, service, or service. In present times, it has become one of the most effective marketing strategies for any business regardless of the size and magnitude. It has become so effective that many businesses have resorted to hiring marketing consultants to assist them in their marketing strategies. The New York Times in its article “Why Is Marketing Still an Important Part of the Business?” stated that, “no other marketing technique delivers as much change for the better.”
Apart from being a very important and crucial component of the business promotion, there are other marketing activities that need to be carried out such as the development strategy, market penetration strategy, pricing strategy, and communication strategy. A marketing development strategy is designed to address the issues related to product diversification, such as introduction of new products or services, customer loyalty, brand development, and competitor analysis. A market penetration strategy is adopted to ensure that customers have access to a sufficient number of goods and services in a specific geographical area. Pricing strategy is adopted to maximize profitability and market penetration, while communication strategy addresses the issues related to brand awareness, customer loyalty, and product adoption.
The role of internet marketing in today’s world has increased manifold as more businesses look towards new and innovative ways to advertise their products and services. Online marketing allows companies to reach a greater number of users and thereby increases sales and customer relations. Social media marketing helps companies to spread the word about their products and services through various means such as blogging, video, and social media. To make the most of the marketing opportunities, companies must first formulate a marketing strategy which should include the objectives for the company, target markets, methods of advertising, and techniques of marketing.