Marketing is the study of what sells and why it sells. Marketing strategies are developed to maximize sales, which requires knowledge of target markets, competing brands, and the dynamics of marketing in a changing market. This requires training in economics, marketing research, statistics, and the study of business organizations. Marketing is the process of promoting a product or service by communicating with potential customers to acquire new clients. Marketing managers use several models to assess marketing effectiveness.
The AIDA strategy is one of the oldest models in marketing, having first been developed in the early nineteenth century. The acronym AIDA stands for: Association, Action, Date, Ideas, Desire, and Interest. This marketing strategy was created by Carl von Clausewitz and John Norton Fitts to describe the elements of a successful marketing plan. The elements of this marketing strategy include: Identification, as in identifying your target market; a clear identification of the advantages and disadvantages of your product or service, and an understanding of your competitors’ key points of interest; a clear identification of the consumers’ needs and a need-driven approach to marketing; a concentrated effort to build a strong organizational structure to carry out the marketing strategy; and a controlled and well-directed effort to evaluate the results. Aida was developed to be used to analyze marketing programs.
The Marketing Management Association (MMA) is a professional association of marketing managers. The MMA also publishes a variety of professional journals that address various management topics. A variety of conferences, workshops, and seminars are also conducted annually to bring together marketing managers from all around the world. A large number of marketing strategy concepts are brought forth yearly at the MMA conference, such as: Customer, Employee, and Market Psychology, and Marketing Management Strategy Research.
Marketing Research. Marketing research, as the name implies, is the study of marketing strategies and their effectiveness. Marketing research helps the marketers identify the marketing needs and tastes of consumers, and to formulate a marketing strategy that would help them to meet these needs and tastes. Marketing research can be done through focus groups, which provide information on consumer behavior and buying habits, product positioning and promotions, target marketing, and brand loyalty.
Marketing Research can be used for a variety of purposes. Apart from identifying the marketing needs and tastes of consumers, marketing research can help to create a strategy based on them, which will have a definite impact on the marketability of your product or service. Marketing research enables marketers to understand the psychology of buying, where a customer is buying his/her products and why they are buying it. Marketing research is also important in defining the market potential of a product or service and hence helps in deciding whether a product should be introduced in the market or not.
A marketing strategy is nothing but a set of tactics and strategies adopted by marketers to promote their goods and services in the market. There are various marketing strategies adopted by marketers for promoting their goods and services in the market. Some common marketing strategies adopted by marketers include advertising and marketing through the media, online advertising and marketing strategy, distribution of promotional material, and price level competition, demand segmentation, and placement of product in the market.