Role Of Marketing In An Economy

Marketing it is the set of activities initiated by the companies which aims at communicating with the clients, customers and the world about the products the company offers. The company could just communicate about the products, either new in the market or introducing new qualities in the products.

It is a tool through which the company uses to create its brand. It is used to define customers, attract them and retain them. An entity could use it to build its reputation or differentiate itself. It is a channel through which a company announces and introduces a new product to the consumers. It can also be used to promote existing products.

Various approaches are used in product promotion. Some companies opt to attract customers and build good relationship with them. Others use social mechanism to gain more customers. That which benefits the community is what they build on. Good products with no harmful effects are a social channel to gain customers. Branding involves the creation of a label through which a certain entity is able to identify itself with.

Product promotion activities varies from one industry to another. This could also depend on the product being marketed. Designing product tools which are likely to be accepted by the company customers forms the base. Product and market research also lays foundation. Promotion of those products through adverts is done after the product design. Setting various product prices is the next thing to be determined which is the followed by release of the product into the market.

Marketing strategies are designed to provide a plan of activities to be undertaken. First, market research is carried out to establish the gaps in the market. Then various approaches to fill those gaps put in place. Market penetration is used where the products are to be priced at a low price in order to get deep into the market. If the product is of special qualities such as luxury and sports cars, then the pricing is done to meet the needs of a certain client base.

Advertising is accrued out through a variety of media. For products to be sold in local markets, mass media channels such as local newspapers, radio and television are appropriate. For internal brands, the internet is efficient since it is reaches out for global audience.

Marking systems also have to take into account various customer behaviors. With change in technology and increase in quality of life, customers are demanding more and more. Strategies should be put in place to incorporate special taste of a certain clientele. Global marketing sells out standardized products. Sometimes these products have to tailored to meet local tastes.

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