Marketing aspects, important factors for the company’s success
Marketing aspects are one of the important factors used as the key to the success of a company, especially in mapping its market.
Just like marketing aspects in the entrepreneurial world, marketing aspects in this regard are also used to be able to develop existing businesses and viewed in terms of marketing. Those who know or carry out their duties as marketing managers must be able to find out various aspects of this marketing so they can facilitate performance.
Well, on this occasion, we will discuss anything that becomes a aspect of marketing. For this reason, read the article about this aspect of marketing until it’s finished.
5 important marketing aspects in running a business
1. Marketing aspects: Product Specifications and Product Difference
The first marketing aspect you have to know is a complete specification of a product. Products are every thing in the form of goods or services offered in the market to be able to fulfill the satisfaction and also the needs of each consumer.
Each product related decision in the marketing aspect will include a form of physical offer, brand, packaging, warranty, and after sales service.
Development on this product can be done after knowing the needs and also market desires. If this problem is complete, then the decision related to prices, distribution and also promotion can be immediately taken.
In addition, a product also does not only be associated with goods, because the product can also be in the form of services.
Services are an action or work offered on third-party intangible and also will not cause ownership movements. This production can be related and also not related to a physical product.
Determination in specifications This product can be considered from the existing market conditions by conducting analysis of other marketing aspects.
Well, the definition of the market in this case is a group of prospective buyers of products and brands. So, there will be a close relationship between the market and the products offered by the seller or company.
For this reason, market segmentation will be a product is needed so that a product offered is in accordance with what the market wants. If the product offered to market is different, the intended market must be different. In this case, we will discuss marketing aspects in the problem of product differences or product differentiation.
So, product differentiation is the basic thing that must be known by the seller in terms of determining various selective purchasing motifs.
Chamberlin explained that the group of goods sold must be different if there are several important factors that are able to distinguish an item from other goods sellers. These various factors are very important because later it will cause different tastes in each buyer.
There are other items that are physically indeed it will be difficult to distinguish, such as salt and cement. However, these two products will be distinguished by giving different packaging or brands. Generally, products like this are able to produce very satisfactory profits if their requests can exceed the offer.
So, the marketing strategy in this case is to encourage demand on various boundaries of certain offers. Because the market for goods like this has homogeneous properties, so the request will be difficult to be improved.
For this reason, companies only have to use other strategies. In this case, the best strategy that must be done is to pay attention to product specifications and product differentiation, such as by making new brands or new packaging.
2. Marketing aspects: market segmentation
Aspects of marketing analysis on product specifications and product differentiation are carried out on the basis of separation or specialization on several products. For this reason, market segmentation must be done based on the specialization or separation of prospective consumers in the market.
However, the market has heterogeneous properties, for it will be difficult for companies to market their products without knowing market segmentation.
In such cases, the company must be able to determine several market segments, and allocate various segment sources.
The definition of market segmentation in this case is the activity of categorizing the market that has heterogeneous properties of a product into a variety of homogeneous market units.
So, companies can divide markets into certain segments which in each segment have homogeneous properties. This is certainly because in reality there are still some products that have heterogeneous properties in all markets, or the product is only needed by several specific market groups.
While homogeneity in each segment due to differentiation on the method or method of buying, in how to use products, usage urgency, the reason why you should buy, the purpose of buying, and much more.
So, segmentation in this case is a series of thorough processes which companies must be able to pay attention to purchases from each segment. Minimal, its efforts will be more economical if various units of the product are categorized for several groups.
- Segmentation criteria
In the marketing aspects of market segmentation, later the management must have several specific criteria in order to be able to place it in a better position. Each of these criteria will later be created based on its capacity.
The average demand level for a brand must be distinguished between a segment with another segment. In addition, the advertising media chosen must also be in accordance with market segmentation so that they can see these ads and advertisements can run efficiently.
In the end, each segment must be large enough, so that the company’s profit can increase.
3. Marketing aspects: Market analysis and demand forecasting
Analysis of marketing aspects in this case includes market analysis. Market analysis is one step that must be done in planning strategies that are in accordance with market conditions to capture any opportunities that exist and further develop businesses.
Generally, this analysis will produce an update in the form of marketing, namely the benefits that can be obtained by buyers when buying a product.
4. Marketing aspects: competitor analysis
Analyzing competitors is one of the important aspects in the business feasibility study whose role is very significant. This analysis of marketing aspects can be a determining aspect.
Competitors are another company that manufactures or markets goods or services that have similarities with the products you offer.
This competitor analysis must be done by identifying existing opportunities, threats, or other strategic issues that can arise from changing more potential competing atmosphere.
In addition, identifying the relevant strength and the weakness of competitors must also be done to see opportunities. This analysis can be started by seeing anyone who has been present in the market.
This competitor’s analysis will have an impact on product improvement or marketing strategies set. Competitor analysis is also carried out to be able to measure the differences possessed by competitors, both on the side of the quality, product price, marketing system applied, and also various other marketing aspects.
5. Marketing aspects: Promotion
Promotion is the main spearhead of marketing aspects in managing a business. Promotion is an effort from the seller to offer its merchandise products on the buyer or consumer to want to make a seller’s purchase.
Promotion is a very vital part of the marketing aspect, which with the presence of promotion, the seller can provide broad information related products, influence and carry out persuasive actions for consumers, and approach consumers on the product offered by the seller.
In addition, promotion is also an information or an invitation made in one direction in order to provide a briefing to people or groups to do something more directed in the exchange.
Thus the explanation of us about marketing aspects. So, we can conclude that there are five marketing aspects, namely product specifications and product differentiation, market segmentation, market analysis and demand forecasting, competitor analysis, and promotions.
These five aspects must be understood and also understood by businessmen and every marketer team in a company. The ultimate goal of course can increase the company’s income. However, the company must also still record each company’s income neatly, precisely and accurately.
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