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Well-defined marketing strategies can benefit a company in several ways. It may be challenging in developing the right strategy or executing the plan; when done well, marketing can yield the following results:

  • Audience Generation. A company can target specific individuals it believes will benefit from its product or service thanks to marketing. People sometimes know they need something. Sometimes they are unaware of it. A company can connect with a group of people who fit the demographic it wants to serve through marketing.
  • Inward Education. Data that can be used internally to drive success can be gathered through marketing. Take, for instance, a finding from a study of the market that indicates that women between the ages of 18 and 34 are the most frequent purchasers of a specific product. An organization can better understand how to take care of this segment, drive deals, and be more proficient with assets by collecting this data.
  • Outward Education. Marketing can also be used to show the world what your business does, what products it sells, and how it can help other people’s lives. Educational campaigns can explain to people outside of your company why they need your product. In addition, marketing campaigns enable a business to introduce itself, its history, its owners, and the reasons behind its existence.
  • Brand Creation. A business can take an aggressive approach to building a brand through marketing. A company can preemptively engage a customer with specific content or media to drive specific emotions or reactions, as opposed to a customer shaping their opinion of a company based on interactions. A business can thus shape its image before a customer has even used its products.
  • Long-lasting. Customers can be affected for a long time by marketing campaigns that are executed correctly. Take the Pillsbury Doughboy, also known as Poppin’ Fresh. Since its debut in 1965, the mascot has contributed to the development of a reliable, welcoming, and amiable Pillsbury brand.
  • Financial Performance. The ultimate goal and benefit of marketing is to drive sales. When relationships with customers are stronger, well-defined, and positive, customers are more likely to engage in sales. When marketing is done right, customers turn to your company, and you gain a competitive advantage over your competitors. Even if both products are exactly the same, marketing can create that competitive advantage for why a client picks you over someone else.

What Are the Limitations of Marketing?

There are numerous reasons why businesses launch marketing campaigns, but the sector is constrained in a number of ways.

  • Oversaturation. Every business wants customers to buy its product rather than that of its rivals. As a result, as businesses attempt to attract more positive attention and recognition, marketing channels may become competitive. Any form of advertising will not be successful if there are too many businesses competing for a customer’s attention.
  • Devaluation. When a company advertises a sale or price reduction, the general public may subconsciously perceive that product to be worth less in the future. Customers may even wait to purchase a product if they are aware of or remember the previous sale price if a campaign is so successful. For instance, if Black Friday is near, some people might put off making purchases out of habit.
  • No Guaranteed Success. There may be upfront costs associated with marketing campaigns that do not guarantee success in the future. This is also true of market research studies, which may result in no useful or usable findings despite putting in a lot of time, effort, and money.
  • Customer Bias. Customers who have been with a company for a long time don’t need anything to convince them to buy the brand or product. However, this may be the case for brand-new customers. Advertising normally is one-sided towards non-faithful supporters as the people who as of now support the organization would be ideally serviced by additional interest in item improvement.
  • Cost. Marketing campaigns might cost a lot of money. The scheduling, implementation, and execution of digital marketing campaigns can be time-consuming and expensive to maintain. Don’t forget about the headlines touting the millions of dollars spent on Super Bowl commercials.
  • Economy-Dependent. Marketing is most successful when people have capital to spend. Though marketing can create non-financial benefits such as brand loyalty and product recognition, the ultimate goal is to drive sales. During unfavorable macroeconomic conditions when unemployment is high or recession concerns are elevated, consumers may be less like to spend no matter how great a market campaign may be.

Reference: www.investopedia.com