Five Forms of Marketing - Marketing Assignment Help

Assignment Task

Using any five forms of marketing (current trends) show how a marketing manager can make use these forms in achieving marketing objectives. Use practical examples to support your arguments.

Malcom Surridge and Andrew Gillespie (2014) defines marketing as the function of the business that is responsible for understanding customer needs and developing the right products , setting the right price and promoting and distributing products in the right way. Marketing ensures that what is being provided is actually wanted and needed i.e it is something of value and communicates this and makes the product available to customers. Marketing is grouped in various forms such as brand marketing, product marketing, persuasive marketing, public relations and direct marketing.

Firstly, brand marketing is form of marketing that can be used to achieve marketing objectives. Products and services need to have a focus, a target market and a recognizable name, or “brand,” to become successful. Branding is a form of marketing that serves as the basis for future advertising. It helps to make the product or service both attractive and well known. Branding often includes distinctive name, slogans, and graphics such as a logo. Branding helps the marketing manager to differentiate products. Since there are so many brands in the market that offer a similar line of products and services to the same set of customers and target market but there are unique elements that differentiate one product from the other. To make the customers aware about the product differentiation factor is the work of branding initiatives and measures. If the differentiation factor is able to solve the problems of consumers, the sales and profits of the firm will surely be on a high.
In addition to the above, branding is also useful to the marketing manager in attaining marketing objectives by bringing competitive advantage. As discussed earlier, the brand has to face a tough competition from the existing player as well as the new entrants in the market offering the products and services on the similar lines plus the target audience and the market is also similar. Branding helps the brand carve a distinguished identity in the market and in the minds of the consumers through advertising and promotional campaigns which highlights the unique selling prepositions thereby giving the brand a competitive edge.

Public relations is another form of marketing vital to the marketing manager. According to Linda Ray (2018) public relations is the publicity that’s garnered from stunts, statements and newsworthy actions by a company. Public relations is a form of marketing that works side-by –side with ad campaigns and promotions. It is way to promote a brand through thoughtful planning and through issuing public relations statements or press release to news and information outlets such as radio, TV and newspapers. Public relations can also be defined as the systematic process that builds mutually beneficial relationships between organizations and their publics. Public relations is crucial and important to the marketing manager because it helps to create a positive image for your company or organization which will help it in the future to succeed. Public relations is not about selling a product or service but creating a good and lasting impact on your consumer’s mind who will come again and again to buy from you and increase profit. Public relation is vital to the marketing manager because it brings about credibility which is vital to business success. Online consumer is more cautious today about spending money on products or services. Consumers will give more weight to your product or service when mentioned in media rather than advertised product or service. Various studies show that Public relations has seven times more credibility than advertising among online consumers. So you will need to have a good and solid public relation campaign to excel in the market.

A notable example of public relations is of Hostel World: Even Divas are Believers portraying customer relations. There are countless hostel horror stories online and hundreds of videos that work this hospitality scattered throughout social media so needless to say, they do not have the best reputation. But Hostel World, a hostel booking website decided to team up with Mariah Carey to freshen up their image and showcase the pleasant reality of staying in a modern day hostel. Together, they blasted through affordable accommodation stereotypes by spotlighting the lesser known luxuries of hostels like having access to the same facilities as more expensive accommodations, but at a cheaper price, and being able to connect with other fellow travelers.

Apart from that, marketing manager can also make use of persuasive marketing. Persuasive marketing is marketing that uses what we know about human psychology to manipulate how we feel about stuff. As an example, a company that prices something at RTGS 99.99 is using persuasion marketing. The perception is that a product at this price costs under RTGS 100.00, so we are more likely to buy it on impulse. Persuasive skills are extremely important for sales and marketing managers because they help win over the hearts of clients who not only become their loyal customers but also bring in more clients along with them. Convincing clients is no cake-walk as it seems and one needs to be really good at it. Remember, marketing is just not forcing and creating unnecessary pressure but changing the beliefs and mindsets of people. Another way of persuading clients is to understand their needs and expectations from a particular product and also address their queries. For example if you need to understand as to why your customer needs a certain product. In case of laptops, is it just to check his emails or to download softwares and applications. If his requirement is just to keep in touch with friends through emails, then there is no need to invest in a high end model. No amount of persuasion would help in such a case.

Moreover, product marketing is another form of marketing that can be implemented by marketing manager in order to achieve marketing objectives. Marc Duke (2021) defines product marketing as understanding the features and benefits of your product and able to effectively communicate those to the customer. Product marketing is the voice of the sales organization and the voice of the client in the product development and release process (Div Manickan 2019). For example product marketing deals with marketing the product to prospects, customers and others. Marketing manager can make use of product marketing to achieve marketing objectives because it shows the scope of the marketing strategy. Market research reveals one of the most important things that a product launch needs i.e marketing strategy. The information gathered during product market research reveal the markets that should be targeted and how. This data becomes useful to the marketing manager in shaping the marketing strategy by identifying approaches that shall be instrumental in product marketing.

Product marketing also show forecast of the lifespan of the product. Product market research also tells you the lifespan of your product. No product can rule the market forever. Every product has a certain lifespan beyond which it starts becoming irrelevant to the user; advancement in technology being one of the factors that causes such a shift. It is very beneficial to know whether the return on investment is a sound one or not besides knowing what market share percentage can the product gain.
Lastly but not least there is direct marketing which is also useful in achieving marketing objectives. Direct marketing is a promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman. It is targeted form of marketing that presents information of potential interest to a consumer that has been determined to be a likely buyer. Emails, online adverts, flyers, database marketing, promotional letters, newspapers, outdoor advertising, phone calls, websites are some examples of direct marketing strategies. Direct marketing is extremely important to the marketing manager because it helps to find new customers. Direct marketing helps you build a list of new potential customers. You can compile or purchase a database of customers who are likely to buy your product or service.

More so, direct marketing communicate with existing customers for repeat business or upsell. Some of your most important business comes from repeat customers. Stay in touch with customers with direct marketing to promote a special offer, promotion, or event and let them know about other services.

Direct marketing also target most likely customers. If your customers generally female over 30years old or perhaps you are targeting young adults or seniors. Direct marketing companies can help you create lists to reach potential customers who are good target for your product or service which is important to the marketing manager as it reduces product failure and wastage of resources.
In conclusion the concept of market structure is both central to both economics and marketing. Besides these forms of marketing can be used to achieve marketing objectives in various ways.

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