Synthesis

By Allison, Jen, Lindsey, Shannon and Shuting

Over the course of the semester, while working on the blog, we learned a wide variety of ideas and strategies important to anyone in the marketing field. Students interested in learning more about the marketing profession should start by understanding key terms and analyzing what contributes to being successful in the field. Familiarity with future trends in marketing can also be helpful in order to stay acquainted with the ever-changing dynamic of society and consumer behavior.

Knowing terms and understanding the structure of marketing is extremely important to anyone’s success in the field. By being well rehearsed in business literacy, you will be able to further understand and communicate to others about all aspects of business, and will lead you to effectively executing exceptional marketing for a variety of projects. There is also a structure in marketing that these key steps have been proven to be sufficient in increasing sales and profits. Knowing and understanding how to incorporate this structure will promote your product well and lead to success.

Appealing to your audience through the different aspects of the marketing field is important. A well-known business tool in marketing is the implementation of the 4 P’s. As we go more in depth on describing the 4P’s, the importance will become evident for creating an effective marketing campaign. In whatever respect, it is nearly impossible to avoid the 4 P’s as they are essential to the marketing industry.

Product: Creating a product that appeals greatly to customers can be a deciding factor as to whether or not it sells. Research to find what consumers are looking for can help give marketers insight as to what is going to be in high demand. No matter  the marketing strategies you use, the product must have value in order for your company to profit.

Price: Price point is extremely important to marketing because having a good balance price is necessary to attract customers. Working with affordability is important; there is a fine line between keeping the product at a competitive price while staying attractive to the customer. Price is a direct element affecting the profit earned by the company.

Promotion: The way a company chooses to promote their product can highly impact the success of the product. Deciding whether to use advertising or public relation events can affect how people react in response to your decision. Choosing the right time of year to promote a product is also an essential element. For example, it wouldn’t be smart to advertise summer clothing leading into the winter months. Therefore, the time of year, as well as strategy are key to creating an effective campaign.

Place: The place you decide to sell your product is important because accessibility plays a main part in the sales and profit one is able to achieve. Being strategic and analyzing your consumer will allow you to choose locations where your product sales will flourish. Until a company grows to a point where an individual would move across the country to join that business, one will need to rely on local pools of talent.

As time moves forward and the world changes, so do strategies used in the marketing industry. Today, marketing is one of the most “trendy” fields in which it is constantly changing with society and must keep up in order to effectively sell products to consumers. An example of a huge change in marketing was the implementation of the internet, this evolution of marketing was a turning point of the industry. The internet introduced the use of social media marketing as well. This next generation of marketing will become more and more digital, working towards automation. Social media and internet marketing has become popular on YouTube, as well as other popular sites, and has had a positive impact on the industry. While social media has made drastic changes to the industry and has helped businesses grow, it is also extremely competitive, as is the entire marketing field.

Having to compete against other marketing competitors everyday, it is important to understand communication strategies they use to convey their messages to consumers. Knowing key techniques and strategies is a great way to learn what it takes to be a successful marketer. Through personal experiences and cases, we have learned that a great deal of marketing tactics are obtained by means of observation from other company’s practices. By taking information you learn from others, you can implement those into your own work. If certain practices are working for a given business, then they will most likely work for you as well, ultimately leading your company to success. Becoming well acquainted with the ins and outs can be extremely impactful on your future marketing endeavors.

https://www.searchenginejournal.com/social-media-marketing-why-your-business-needs-it/56363/

http://blog.contactdd.com/mad-men-accomodate-the-4-ps/
http://business.fau.edu/departments/marketing/index.aspx#.WO5mnVMrJ1Q