Maximizing Target Markets: Modern Marketing Strategies for Success - Essay Sample

Introduction

The present-day marketers conduct a feasibility study to determine the most effective marketing programs for specific target markets. Marketing is a holistic process that entails the formulation of a marketing strategy, designing a plan, budgeting, and implementing the strategy respectively. However, there are possibilities that even well-executed marketing programs can also fail. This aspect is costly to the organization since it is a limitation to the attainment of both short term and long terms strategic goals. In most instances, the issues that cause the failure of marketing programs relate to improper analysis and implementation of principles of the marketing mix. The four primary ways or factors that trigger the breakdown of well-designed marketing programs include inadequate understanding of the socio-cultural environment, weak communication strategies, inappropriate targeting efforts and marketers' inability to set measurable and achievable goals.

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The first failure is about communication strategy. While the marketing team may design elaborate programs, ineffective communication methods may be a significant barrier to the achievement of the intended goals. In this case, a communication strategy that can best complement the marketing programs ought to create points of difference or points of parity between the organization's products and that of the competitors (Kotler & Keller, 2011). Marketers can solve this issue by searching for better ideas, themes, and appeals that can stimulate the intended reaction from the audience. Hence, marketers can achieve the desired response by designing a creative communication strategy that addresses the common problems about who should communicate, what to say and how to convey the message. However, the incorporation of informational and transformational appeals to the marketing programs enhance the efficiency of delivering the intended message through integrated marketing communication.

The second way is failures to consider the socio-cultural environment. Some of these aspects are language, social organizations, politics, religion, aesthetics, and material culture. These factors are critical and influential in the implementation of marketing programs since it determines how the target audience understands and interpret the message. In this regard, socio-cultural factors interconnect and hence have significant impacts on the buyer and consumer decisions in the market. This aspect relates to the marketing principle of a place which focuses on conveying marketing messages to the right place, introduction and distribution of the products to the consumers at the right place. Thus, failures to understand the social and cultural aspects of the target audience is one of the factors that negatively impact on marketing programs.

The third way is setting unrealistic and unmeasurable marketing goals. While marketing has multiple objectives and purposes, it is no doubt that an exclusive focus on specific goals limits the success of well-executed marketing plan. In these perspectives, the primary goals of marketing are to increase profits, to maximize revenues, reach new demographics, and expand the market share, to mention a few. The marketing plan fails where the marketers are introducing new products to the market focus on maximizing profits and raising revenues. The goals of such organizations are unrealistic since they have to build brand reputation, establish a robust market, and grow brand awareness before focusing on profits and revenues.

The final aspect is inappropriate control of the targeting efforts. Marketers may conduct an adequate feasibility study, market targeting, and segmentation but the effectiveness of the control efforts negatively shape the marketing programs. According to Schnaith (2011), the marketing team ought to monitor and control the targeting efforts to improve the effectiveness of the marketing techniques. Some of the critical considerations that marketers should monitor, strategize and initiate corrective measures are the evolution and the stability of the market segment. The implementation of this strategy plays critical roles since it shapes the effectiveness and efficiency of the marketing program.

Conclusion

Conclusively, marketing agencies and individual marketers should focus on monitoring targeting efforts, setting realistic goals, implementing creative marketing strategies and focus on audience' socio-cultural aspects. These factors enhance the success, efficiency, and effectiveness of marketing programs that organizations implement.

References

Kotler, P., & Keller, K. (2011). Marketing management 14th edition. Prentice Hall. Retrieved 8

May 2019, from http://bookfi.net/dl/1383116/f8b0db/url/

Schnaith, P. (2011). The Implementation of Marketing Programs for New Target

Segments (Doctoral dissertation, Dissertation). Retrieved 8 May 2019, from https://www1.unisg.ch/www/edis.nsf/SysLkpByIdentifier/3979/$FILE/dis3979.pdf/url/