3 Factors that Change and Transform Marketing
Change is an inevitable part of every business today. The ability to master and overcome change is the most sought after management skill. This is especially true in marketing, where change is always happening and rising exponentially. It gets more expensive every day; yet not going with the flow of change could end up costing more. Even while adapting, a company’s marketing effort must be consistent and focused on image. Not all changes are equally significant. Some only affect particular industries. Others affect a broader spectrum.
The needs and wants of the consumer drive the creation of new products and services, and developing plans to merchandise them for a profit. To understand and anticipate future customers is becoming more essential than in the past. Unless business owners can keep up with whats happening in their market, the company’s selling effort may be directed at the wrong people at the wrong time.
Demographic changes are very significant to the producer of consumer goods. To the goods manufacturer this means there is no such thing as stability of customers. People’s tastes are varied and demanding. In short, a company that is not savvy to their customers’ evolving needs and the complex nature of the ever-changing marketplaces is inviting failure.
Knowledge about potential customers is vital, and the quality of the marketing is affected by the quality of information. Today, most company marketing research is focused on such activities as developing market potentials, analyzing customer buying habits, measuring advertising effectiveness, determining market characteristics, sales analysis, establishing sales quotas, and identifying demographics to target. Marketing research helps provide stats and reliable recommendations. The scope of marketing research should increase the efficiency of the total marketing effort. In some companies today, marketing-research people can make a vital contribution to planning decisions and marketing strategies.
There is always a need for test marketing. Evaluation of new products, new product features and services in relation to market potential. This tactic is used to determine whether customers would support further processing and fabrication of certain products. There are many factors for testing that include: assessing the advantages and disadvantages of new packaging, of new delivery and service practices, evaluating the effectiveness of different advertising media and approaches and much more. Test marketing under controlled conditions is an important trend.
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