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Though marketing, advertising and public relations can all be integral to the success of your company and they all have some glaring similarities in how they can help your company succeed on some level; each is indeed a different element, approached in a different way in order for it to work the way it is supposed to work in an effort to reach an ultimate goal.
Marketing could be considered the whole ball of wax in this equation. A company's marketing department could be subdivided into several smaller sections that operate as separate entities, but all work toward the same ultimate goal - which is the success and growth of the company.
A company's marketing department could, and should include smaller departments that are responsible for: public relations, advertising, customer service, market share research as well as pricing, distribution and product placement.
The piece of the equation that is advertising has the sole responsibility of putting your product or service where the public can see it. Advertising lets the consumer know what it is that you have to offer, then lets them know why exactly they need it. A company could pay a pretty penny for advertising; in fact the advertising budget is often the largest part of the marketing plan's expenditure. As the saying goes, "you have to spend money to make money."
Public relations can make prospective consumers want to buy your product or your service, but public relations is a much less direct approach to gaining sales than advertising. The point of public relations is to highlight all of the positive things that your company does and is involved in, while simultaneously keeping anything that could possibly be construed as a negative out of the public eye. It is the public relations departments' responsibility to make the company look good in the public eye and they will take several routes and measures to get there. A public relations department may schedule charity events, distribute press releases highlighting company achievements or company community efforts and schedule public speaking appearances at educational or industry seminars - anything that can put the company under a good light while in the public eye is the public relations department's main concern.
The company marketing plan is how both of these integral parts of business come together, along with several other aspects, to ensure company success and growth. Each individual focal point of the marketing department is integral to the success of the marketing plan.
Market research, which is probably the most intensive piece of the puzzle, will determine exactly who your target customers are.
With this information in hand, the product or service that you are offering can be priced accordingly for the target audience. Once pricing is established, the advertising department can begin its job of getting the word out that your company has a service to offer. Depending upon the advertising budget, this can be done in many ways: through television, radio, print ads, billboards and/or flyers pointed directly toward the target customer.
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Owning a business is not just about selling your product, it involves strategic planning. Your Company standing, the quality of your product, customer dealings, and word of mouth advertising are important, but these alone are probably not enough to grow your business. Your company's name and product needs to stand out from your competitors. To do this you must realize the important elements of marketing and advertising to your company's success.
All successful business owners understand that strategic planning includes evaluating their business goals every two to five years. Once the Company's strategic plans and goals have been implemented, a commitment to the plan and building on it should be ongoing. Part of this ongoing commitment includes understanding the difference between marketing and advertising, and setting your goals and objectives accordingly.
Marketing
Marketing can be defined as the process, overall strategy, and function of selling a product. It is the link between material needs and wants of a particular group or industry and the economic patterns of that group or industry. This includes creating, delivering, and communicating the value of your product to customers, and managing customer relationships in ways that benefit your business. Marketing also includes the science of targeting markets through market analysis and market segmentation, as well as understanding consumer buying behaviors while providing superior customer value.
Successful marketing management involves, developing marketing strategies and plans, and creating short and long term goals. It will be important to consider company growth, marketing insights, and developing a means to communicate and deliver the value of your product to your customers. The process of communicating and delivering the value of a product or service to customers is called advertising.
Advertising
There are many different approaches to advertising. Customer focus groups, market changes, and product innovation are just a few. That said, the most important aspect of advertising is recognizing your audience and staying within your marketing and advertising budget.
Customer Orientation
Many companies today have a customer orientation group. This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this; the Consumer Driven Approach, Identifying Market Changes, and the Product Innovative Approach.
In the Consumer Driven Approach
The consumer's wants and needs is the driver to all strategic marketing decisions. No strategies should be pursued until it passes the test of consumer research. Every aspect of market offering, including the nature of the product itself, is driven by the needs of the potential customer. The rationale for this approach is that there is no point spending funds developing products that no one will buy. History can attest to the many products that failed in spite of being technological breakthroughs.
The Formal Approach
The Formal Approach to this customer focused marketing is known as SIVA or Solution, Information, Value, and Access and it is based on customer demand.
* Solution: What is the product need and how appropriate is the solution or answer to the customer's want or need?
* Information:Does the customer know about the solution: If so, how and from whom? Where did they get their information from? Do they know enough to let them make a buying decision?
* Value:Does the customer know the value of the transaction, what will it cost? What are the benefits? What might they have to sacrifice? What will be their reward?
* Access:Where can the customer find the solution? How easily can they buy the product and take delivery of it?
The SIVA model focuses heavily on the customer and how they view the product and the transaction.
Product Innovative Approach
In the product innovation approach, the company pursues product innovation and then tries to develop a market for it. Product innovation drives the process, and marketing research is conducted primarily to ensure that a profitable market segment exists for the innovation. However, marketers can aggressively over pursue product innovation and try to over capitalize. There should be a varied and multitiered approach to product innovation.
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