Describe the role that marketing channels play in marketing strategy.
Marketing channels refers to the ways a product/service is advertised/publicized. In developing marketing strategy, companies would be wise to consider how to best reach their target customers, which will then (hopefully) translate into increased sales.
With the advent of social media, the decline of print journalism, and the proliferation of video, deciding which channel(s) of communication is (are) the best for a particular product is more challenging than ever. Consider: how would a company market a product differently using social media than traditional media? How would it decide which channels provide the most effective mix of advertising and promotion? What would happen if the company chooses the wrong channel (or channels) to market a product? What if it chooses the right one(s)? In my opinion, deciding which marketing channel(s) to use is a fundamental part of marketing strategy, and is a decision that should not be made lightly.
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When a product or service is produced, it needs to get to the buyers and/or consumers. This process of procuring, packaging, shipping, and presenting a product to potential buyers is called marketing.
Marketing is important to a company for the following reasons:
1. It links the producer to potential buyers. In essence, it serves as a pipeline or channel through which the product flows until it's in the hands of the intended consumers.
2. It allows a company to advertise a product's components, usefulness, availability, and price.
3. It allows a company to tailor a product for suitability to a specific region, locale, or populace.
4. It helps a company cut their costs and maximize profits.
5. A company can reach a broader market through the use of distributors, wholesalers, brokers, agents, and retailers.
The marketing department of a company is one of its most important assets, and wise marketing decisions often make or break a company.