… has a major influence on the success of your company!
Below is a graphic with the most important components of this strategy. Every manager should know this!
Below is a graphic with the most important components of this strategy. Every manager should know this!
1 - Market Research
Market research is absolutely necessary for the success of any new business. Speaking to customers, understanding your market, and keeping on top of emerging trends are just some of the tasks related to market research.
Market research is comprised of two components: primary and secondary research.
Primary market research involves you directly interacting with potential customers. Gathering information from customers is essential in determining the problems they face, how your product or service could solve their problem, and whether or not they would be willing to pay for it.
Secondary market research is a compilation of existing data that has been collected and analyzed. This information is communicated in a variety of formats including a newspaper article, an academic journal article, or an industry report. Staying up to date on this information will keep you informed of new trends in the market, disruptive technologies, and help you stay aware of what your competitors are working on.
Market research can help you find answers to just some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry? .
2 - Product Development
Product development -- also called new product management -- is a series of steps that includes the conceptualization, design, development and marketing of newly created or rebranded goods and services. Product development includes a product's entire journey, from the initial idea to its market release and later.
The objective of new product development from a business standpoint is to satisfy consumer demand to cultivate, maintain and increase a company's market share. From a customer standpoint, it's to ensure a product's value as a quality good or service.
Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all phases of the design process, including before the product or service is conceived, while the product is being designed, and after the product has been launched. .
3 - (Sales) Promotion
Sales promotion is a marketing strategy that businesses use to boost sales, create brand awareness, and drive customer loyalty. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action. .
4 - Sales
Sales refers to the process of selling products or services to customers. It includes activities such as generating leads, maintaining relationships with existing customers, conducting sales calls and following up on deals. .
5 - Distribution
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion. .
6 - Customer feedback
Customer feedback is information provided by customers about their experience with a product or service. Its purpose is to reveal their level of satisfaction and help product, customer success, and marketing teams understand where there is room for improvement. Companies can collect customer feedback proactively by polling and surveying customers, interviewing them, or by asking for reviews. .
7 - Analysis
A marketing analysis is a process that helps you understand the various demographics and segments of your target audience. It also shines light on effective engagement strategies, the customer journey and better ways to successfully convert leads. Conducting a marketing analysis can help you improve your marketing campaigns and drive a better return on investment (ROI) for your marketing budget. It can also help you build brand awareness, customer loyalty and generate more leads. .
8 - Adjustment
Marketing in uncertain times means that you may have to cut your marketing budget and focus a limited amount of funding on those channels that provide the highest ROI. When there's no room for error, look at past data and analytics to guide decisions. Allocate a limited marketing budget for initiatives that deliver results, investing in channels and content that resonate with your customers. .
2 - Product Development
Product development -- also called new product management -- is a series of steps that includes the conceptualization, design, development and marketing of newly created or rebranded goods and services. Product development includes a product's entire journey, from the initial idea to its market release and later.
The objective of new product development from a business standpoint is to satisfy consumer demand to cultivate, maintain and increase a company's market share. From a customer standpoint, it's to ensure a product's value as a quality good or service.
Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all phases of the design process, including before the product or service is conceived, while the product is being designed, and after the product has been launched.
1 - Market Research
Market research is absolutely necessary for the success of any new business. Speaking to customers, understanding your market, and keeping on top of emerging trends are just some of the tasks related to market research.
Market research is comprised of two components: primary and secondary research.
Primary market research involves you directly interacting with potential customers. Gathering information from customers is essential in determining the problems they face, how your product or service could solve their problem, and whether or not they would be willing to pay for it.
Secondary market research is a compilation of existing data that has been collected and analyzed. This information is communicated in a variety of formats including a newspaper article, an academic journal article, or an industry report. Staying up to date on this information will keep you informed of new trends in the market, disruptive technologies, and help you stay aware of what your competitors are working on.
Market research can help you find answers to just some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry?
2 - Product Development
Product development — also called new product management — is a series of steps that includes the conceptualization, design, development and marketing of newly created or rebranded goods and services. Product development includes a product’s entire journey, from the initial idea to its market release and later.
The objective of new product development from a business standpoint is to satisfy consumer demand to cultivate, maintain and increase a company’s market share. From a customer standpoint, it’s to ensure a product’s value as a quality good or service.
Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all phases of the design process, including before the product or service is conceived, while the product is being designed, and after the product has been launched.
3 - (Sales) Promotion
Sales promotion is a marketing strategy that businesses use to boost sales, create brand awareness, and drive customer loyalty. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action.
4 - Sales
Sales refers to the process of selling products or services to customers. It includes activities such as generating leads, maintaining relationships with existing customers, conducting sales calls and following up on deals.
5 - Distribution
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
6 - Customer feedback
Customer feedback is information provided by customers about their experience with a product or service. Its purpose is to reveal their level of satisfaction and help product, customer success, and marketing teams understand where there is room for improvement. Companies can collect customer feedback proactively by polling and surveying customers, interviewing them, or by asking for reviews.
7 - Analysis
A marketing analysis is a process that helps you understand the various demographics and segments of your target audience. It also shines light on effective engagement strategies, the customer journey and better ways to successfully convert leads. Conducting a marketing analysis can help you improve your marketing campaigns and drive a better return on investment (ROI) for your marketing budget. It can also help you build brand awareness, customer loyalty and generate more leads.
8 - Adjustment
Marketing in uncertain times means that you may have to cut your marketing budget and focus a limited amount of funding on those channels that provide the highest ROI. When there’s no room for error, look at past data and analytics to guide decisions. Allocate a limited marketing budget for initiatives that deliver results, investing in channels and content that resonate with your customers.
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1 - Market Research
Market research is absolutely necessary for the success of any new business. Speaking to customers, understanding your market, and keeping on top of emerging trends are just some of the tasks related to market research.
Market research is comprised of two components: primary and secondary research.
Primary market research involves you directly interacting with potential customers. Gathering information from customers is essential in determining the problems they face, how your product or service could solve their problem, and whether or not they would be willing to pay for it.
Secondary market research is a compilation of existing data that has been collected and analyzed. This information is communicated in a variety of formats including a newspaper article, an academic journal article, or an industry report. Staying up to date on this information will keep you informed of new trends in the market, disruptive technologies, and help you stay aware of what your competitors are working on.
Market research can help you find answers to just some of the following questions:
What is the size of my market?
Who are my competitors?
Which market is best suited for my product or service?
How much will customers pay for my product or service?
What are the emerging trends in an industry?
2 - Product Development
Product development — also called new product management — is a series of steps that includes the conceptualization, design, development and marketing of newly created or rebranded goods and services. Product development includes a product’s entire journey, from the initial idea to its market release and later.
The objective of new product development from a business standpoint is to satisfy consumer demand to cultivate, maintain and increase a company’s market share. From a customer standpoint, it’s to ensure a product’s value as a quality good or service.
Not every product will appeal to every customer or client base, so defining the target market for a product is a critical step that must take place early in the product development process. Organizations should conduct quantitative market research at all phases of the design process, including before the product or service is conceived, while the product is being designed, and after the product has been launched.
3 - (Sales) Promotion
Sales promotion is a marketing strategy that businesses use to boost sales, create brand awareness, and drive customer loyalty. It involves various techniques and tactics to incentivise customers to make a purchase or take a specific action.
4 - Sales
Sales refers to the process of selling products or services to customers. It includes activities such as generating leads, maintaining relationships with existing customers, conducting sales calls and following up on deals.
5 - Distribution
Distribution is the process of making a product or service available for the consumer or business user who needs it, and a distributor is a business involved in the distribution stage of the value chain. Distribution can be done directly by the producer or service provider or by using indirect channels with distributors or intermediaries. Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion.
6 - Customer feedback
Customer feedback is information provided by customers about their experience with a product or service. Its purpose is to reveal their level of satisfaction and help product, customer success, and marketing teams understand where there is room for improvement. Companies can collect customer feedback proactively by polling and surveying customers, interviewing them, or by asking for reviews.
7 - Analysis
A marketing analysis is a process that helps you understand the various demographics and segments of your target audience. It also shines light on effective engagement strategies, the customer journey and better ways to successfully convert leads. Conducting a marketing analysis can help you improve your marketing campaigns and drive a better return on investment (ROI) for your marketing budget. It can also help you build brand awareness, customer loyalty and generate more leads.
8 - Adjustment
Marketing in uncertain times means that you may have to cut your marketing budget and focus a limited amount of funding on those channels that provide the highest ROI. When there’s no room for error, look at past data and analytics to guide decisions. Allocate a limited marketing budget for initiatives that deliver results, investing in channels and content that resonate with your customers.
is a cornerstone of modern business and society, influencing how products, services, and ideas are communicated, perceived, and consumed. Below are key facts about , organized into major categories for easy understanding. 1. Definition and Core Concept What is ? is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. The American Association (AMA) defines it as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.”
Not Just Selling: goes beyond sales; it involves understanding customer needs, building relationships, and creating long-term value.
Customer-Centric: At its core, focuses on the customer—identifying their needs, desires, and pain points, then tailoring solutions accordingly.
2. Historical Evolution Early Beginnings: traces back to ancient civilizations. For example, merchants in Mesopotamia (circa 3000 BCE) used clay tablets to advertise goods, while Roman vendors shouted in marketplaces to attract buyers.
Industrial Revolution (18th-19th Century): Mass production led to mass . Companies like Procter & Gamble began branding products (e.g., Ivory Soap in 1879) to differentiate them.
20th Century Shift: The rise of radio, TV, and print media in the 1900s introduced advertising as a dominant force. Coca-Cola’s 1931 Santa Claus campaign exemplifies early emotional branding.
Digital Era (Late 20th Century-Now): The internet, starting with the World Wide Web in 1989, revolutionized . Google Ads (2000) and social media platforms like Facebook (2004) shifted focus to targeted, data-driven campaigns.
3. Types of is diverse, with strategies tailored to goals, audiences, and mediums. Here are key types: Traditional : Includes print ads, TV commercials, billboards, and direct mail. Example: Super Bowl ads costing $7 million for 30 seconds in 2023.
Digital : Encompasses online efforts like SEO (Search Engine Optimization), PPC (Pay-Per-Click), email , and social media. Stat: Digital ad spending reached $626 billion globally in 2023 (Statista).
Content : Focuses on creating valuable content (blogs, videos, eBooks) to attract and engage audiences. HubSpot reports 70% of marketers invest in content .
Influencer : Leverages social media personalities. A 2022 study found 49% of consumers rely on influencer recommendations.
Guerrilla : Unconventional, low-cost tactics for maximum impact, like flash mobs or street art. Example: Red Bull’s 2012 Stratos jump, watched by 8 million live on YouTube.
B2B vs. B2C: Business-to-Business (B2B) targets companies (e.g., software sales), while Business-to-Consumer (B2C) targets individuals (e.g., retail).
4. The Mix (4 Ps) Introduced by E. Jerome McCarthy in 1960, the 4 Ps remain a foundational framework: Product: What you sell—its features, quality, and design. Example: Apple’s iPhone combines functionality with sleek aesthetics.
Price: How much it costs, influenced by demand, competition, and perceived value. Dynamic pricing (e.g., Uber surge pricing) adapts in real-time.
Place: Distribution channels, from physical stores to e-commerce. Amazon’s global logistics network exemplifies modern “place.”
Promotion: Communication tactics—ads, PR, discounts. Nike’s “Just Do It” campaign boosted sales by 1000% in its first decade (1988-1998).
Later, the 7 Ps added People, Process, and Physical Evidence for service-based industries. 5. Key Strategies Segmentation, Targeting, Positioning (STP): Divide the market into segments (e.g., age, income), target profitable ones, and position your brand uniquely. Example: Tesla targets eco-conscious, high-income buyers with premium electric vehicles.
Branding: Creating a distinct identity. Fact: Strong brands increase revenue by up to 23% (Forbes).
Customer Relationship Management (CRM): Tools like Salesforce track customer interactions to personalize experiences.
Viral : Encourages sharing for exponential reach. The ALS Ice Bucket Challenge (2014) raised $115 million through viral spread.
Omnichannel : Seamless integration across platforms (e.g., in-store, app, website). Starbucks’ app links rewards with in-store purchases.
6. Tools and Technologies Analytics: Google Analytics tracks website performance; 73% of marketers use data to make decisions (HubSpot, 2023).
Automation: Tools like Mailchimp automate email campaigns, saving time and improving efficiency.
AI and Machine Learning: Predictive analytics (e.g., Netflix recommendations) enhance targeting. xAI’s work could further refine this!
Social Media Platforms: Facebook, Instagram, TikTok, and X dominate. TikTok’s ad revenue hit $11 billion in 2022.
7. Psychology in Emotional Appeal: Ads tapping into fear, joy, or nostalgia perform better. Dove’s “Real Beauty” campaign increased sales by 60% in a decade.
FOMO (Fear of Missing Out): Limited-time offers (e.g., Black Friday) drive urgency.
Color Psychology: Blue conveys trust (used by banks); red excites (Coca-Cola). Studies show 85% of shoppers base decisions on color.
Social Proof: Reviews and testimonials influence 93% of online shoppers (BrightLocal, 2022).
8. Modern Trends (2025 Context) As of March 2, 2025, continues evolving: AI Integration: Chatbots handle 80% of customer queries (Gartner prediction for 2025). Personalized ads via AI are standard.
Sustainability: 66% of consumers pay more for eco-friendly brands (Nielsen). Patagonia’s “Don’t Buy This Jacket” campaign doubled sales ironically.
Short-Form Video: TikTok and Instagram Reels dominate; 54% of marketers plan increased video budgets (Wyzowl, 2024).
Web3 and NFTs: Brands like Adidas use NFTs for exclusive digital ownership, tapping into blockchain hype.
Privacy Shift: With Google phasing out third-party cookies (2024), first-party data (e.g., email lists) is king.
9. Measuring Success KPIs (Key Performance Indicators): Metrics like ROI (Return on Investment), CTR (Click-Through Rate), and CLV (Customer Lifetime Value) gauge effectiveness.
A/B Testing: Comparing two ad versions to see which performs better. Fact: 60% of companies use A/B testing (Invesp).
Brand Equity: Measures brand strength. Apple’s brand value hit $482 billion in 2023 (Interbrand).
10. Fun and Surprising Facts First TV Ad: Aired in 1941 for Bulova watches, costing $9.
Spam Emails: The term “spam” comes from a 1970 Monty Python sketch; the first email was sent in 1978.
Super Bowl Ads: A 30-second spot in 1967 cost $42,000; today, it’s $7 million.
Coca-Cola’s Name: Derived from coca leaves and kola nuts in its original recipe (cocaine was removed in 1903).
