Marketing is an art and a science. Because marketing predominantly deals with the behavior of humans, who, at times, can be scarily predictable but also terribly irrational, there is no ultimate step-by-step formula for success. No formula that would explain, for example, how to run a successful advertising campaign, how to create a flawlessly functioning marketing plan, nor does it give instructions on how to make perfectly accurate predictions of future demand and sales, and so on – however; with proper application of available frameworks, one can decrease the speculation factor and justifiably boost confidence in the success of a program.
The study of marketing offers invaluable frameworks that can be used to:
- understand the marketplace and its trends
- understand consumers' behavior, feelings, and thoughts
- tap into behavior, feelings, and thoughts to generate awareness, needs, demand, and sales
- obtain, retain, and cultivate the company's customer base
- create, capture, communicate, deliver, and sustain superior customer value
The more a business knows about the behavior, feelings, and thoughts of consumers, the better these can be influenced by, for example, cleverly designed commercials or pricing strategies. But unless one takes the risk, goes ahead and executes the plan, one could never determine whether the analysis and strategy would be rewarded. Ultimately, no matter how good the analysis and projections are, the potential alternative ways of action simply are educated guesses because humans can and will act in unpredictable ways, making it an art and a science. But despite all these uncertainties, a marketing plan with an appropriate situation analysis, creative strategy, well-developed alternatives, pertinent financial projections, and exceptional execution can and will place a business one step ahead of its competition.
by Peter Steenhuis
