Mastering the Market: Innovative Marketing Tactics Explored

Unlike in the world today, goods in the past were produced based on demand. The salesman job was to book orders, and there was barely any marketing done. Over the past couple of years goods have become more available, high quality and also come in different variety and tastes, hence the need for marketing. The whole essence of marketing is to make the consumer, the heart of the business. The market can be defined as where the seller and the buyer meet, where ownership is exchanged and also where goods and services are offered. Marketing is the process of identifying the needs and wants of a client and satisfying them through the exchange process (Ali & Talwar, 2013). We will examine the various marketing strategies used by companies.

While coining marketing strategies the following should be determinants: the activities within the company, the organizational capabilities, consumers’ needs, the competitor’s weaknesses and strengths, finally threats from external forces. The marketing strategy for Nokia differs from that of Coca-Cola. Change is part of every organization; these strategies should be flexible enough to accommodate these changes in consideration of funds, personnel and capacity required. Nassir identifies three levels of strategies:  Corporate strategy, business strategy, and functional level strategy (Colin, Gilligan 2005).

For every company to do well, branding should be a priority.  Coca-cola is one of the most common brands, the advertisements are well crafted and are enticing, give someone the urge to take the drink, their range of products are carbonated soft drinks, water, juices, orangeades, teas, coffee and energy drinks. People are most likely to buy the brand, not the product (Hitesh, 2017).

Companies thrive to define a target market narrowly and deal directly with them regardless of the parameters. If they do not, then another company will be more than willing to. Employees are rigorously recruited, highly competent and are retained for a long time. This ensures that the visions are achieved, it is easier to move with a team that has been in the company longer as opposed to recruiting every now. Budgets are limited, and investments are made in places where income will be generated. For example, a war-torn country like Somalia, marketing Apple products would be a liability.

Every company should stay on the lookout for new competitors and their marketing strategies, intention, capabilities, and limitations (Prahalad & Ramaswamy, 2004). They might start small but with proper skills, have chances to rise to the top. UK motorcycle manufactures ignored Honda and Suzuki who overtook them. As a result, these companies secure their forces and should never be taken by surprise and should maintain flexibility.

            In conclusion, many companies have resulted in consolidation. There has been a rise of many companies providing similar services and producing related products, and consolidation has become a norm. This means that the companies share credits and profits. Recently we saw Nokia and Microsoft consolidate. Times are changing so should the product concerning demand. The world has become a global village hence the products being manufactured should be within that scope or else no sales will be made. Every company should stay on the lookout for the trends and changes that is why they have moved to the social media platforms; Facebook, Twitter, YouTube and Tumblr among others. Products especially whose target market are the youth will never be consumed unless they are posted on Facebook that is why every company has added personnel who manages their social media platforms (Richard & Colin, 2005).

References

Ali, H, Talwar, V., (2013). Principles of marketing, (18-19)

Hitesh, B., (2017). The marketing strategy of Coca Cola-Coca Cola marketing strategy. Retrieved from https://www.marketing91.com/marketing-strategy-of-coca-cola/

Prahalad, C. K., & Ramaswamy, V. (2004). The future of competition: Co-creating unique value with customers. Harvard Business Press.

Richard, M.S, Colin, G., (2005). Strategic management marketing, (19-112)