Marketing Decision Making: Marketing, Decision-Making
It’s a dream of every business to reach to unlimited customers. Customers who will be a profit making pillar of the business. This dream takes about 75% of planning time. But it all lies within the scope of “marketing”.
Marketing, in its simple, definitive form, is setting strategies that will aid in reaching to potential customers to increase profitability. It becomes so difficult to make decisions that will influence marketing in whichever business one is involved in. Note that marketing is not as simple as familiarizing with the products, but that hard part of it involves the creating systems that will cope with the occasional changes in the marketplace and create a permanent reminder to the customers to make …show more content…
Cause marketing. This involves determining the care of the clients. Knowing deeply what they need and so identifying the gap in the market that needs to be bridged, therefore providing a product that suite the need of the customers. Not just marketing your product because other businesses are doing it.
Viral marketing. This involves creating new business ideas that keep business in the mind and the heart of people, like “cult brand marketers” in this case the management sources for very creative ideas, when implemented, they will keep the product relevant in the market for a long time. Even if there will be the introduction of a new product in the market that is better than the former one, customers will still go for the old product due to the permanent reminder created through viral marketing. A very profitable strategy that many businesses …show more content…
Like running a television marketing, advert hourly for thirty days in a month, which may cost about $ 10,000 per day for the whole month it amounts to $ 300,000. In a company whereby says ten directors have to be consulted may take time for such a budget to be passed and at time may be rejected. At the same time the competitors who passed the same budget will be taking over the market. This discrepancy in ideas leads to poor performance of many businesses and ultimately leads to collapse.
Decision making in marketing is not all that easy. It needs research, exposure to the market consultation from experienced people and organizations, it needs time and capital. But business marketing is a must do thing. If in case one needs to make reasonable profits, reaching the customers is pivotal because they are the one in possession of money.
After reaching the customer and creating a permanent reminder of your products, then you can go back to the drawing board and look for other efficient strategies to use, that can save you money since at this stage customers may now come from your products instead of you talking to them, the famous coca cola company, the amazon.com who first pumped money seeking for customers but of late customer are the one seeking for their products. Though they have not relaxed, they still market their products and that’s why they