The vital role of marketing is to attract customers to your product or brand. Marketing strategy is a process that refers to a company's overall business plan for reaching consumers for the prospective and turning them into customers of the product or service. The strategy or business plan can allow the organization to concentrate its limited resources with the greatest opportunities to increase sales and achieve a competitive advantage. A marketing strategy contains the company's perspective, brand messaging, data for the targetted customer, consumer demographics, and other high-level elements.
A marketing Strategist is responsible for the all implementation of marketing strategies and assures the execution of high-quality marketing strategies within the defined time frame. Gary Guseinov is a renowned Marketing Consultant, who works for Leadership Development, Management Consulting, and Marketing Strategy. He is CEO at RealDefense, Los Angeles. His company deals in comprehensive privacy and security software and services for B2B and B2C all over the world.
The Five P’s of Marketing:
He talks about the 5 P’s (areas) for business strategy, on which you need to focus and make decisions, which are PRODUCT, PRICE, PROMOTION, PLACE, AND PEOPLE. Here we will discuss these 5 key marketing elements described in brief by Gary Guseinov.
Product: The product is the first of all P’s of marketing strategy, referred to as the services or products of the company. Product strategy includes purpose, design, packaging, quality, warranty, etc. The product must be enjoyable for the customers, and they should understand the benefit, advantages, features, and needful.
Price: The price is about the overall pricing of the product you sell. It includes the conclusive price from advertisement to the discount price or sale. Of course, the prime purpose of a business is to make a profit, and the best price decision is crucial for the brand/business.
Place: The third P denotes “Place”, it's very important to decide where you are going to sell the product or from where you can target and attract more audience. The target is to make the product accessible for the public and they should know where to find your product or brand.
People: The fourth one of the five P's of marketing, includes making your customers happy! Motivated employees and satisfied customers are key ingredients for business growth. Find out the best audience for the product and keep your team motivated for the best output. If you invest in these two, definitely your business will grow.
Promotion: It plays a vital role to get the brand promoted and more audience. It's about promoting the product through different platforms and methods that one can use to boost the business, such as advertisements, sponsorships, public relations, sales, etc. Every promotion is about to make your business grow, and the brand gets more known.
What next?
While talking about these five marketing strategies, To wrap the topic he explained what to do next after making plans for these five P’s. For this, he mentioned always focusing on quality and demand for the product can assure that your business will go long.