January 29, 2024

Why is it Important As a Consumer to Recognize and Understand Marketing Techniques and Strategies?

In the era of digital marketing, there are dozens of different ways for companies to advertise and promote their products. Before technology, marketing strategies might have been geared towards mail campaigns, word of mouth promotion, billboards or TV commercials. But now, there are also social media, newsletter, affiliate and content marketing techniques.

But why is it important as a consumer to recognize and understand marketing techniques and strategies? The answer is that knowing and understanding how the advertising and promotional campaigns for a product are constructed allows you to make more informed purchasing decisions. It also gives you the ability to evaluate and compare claims that are made about a product or service to determine whether they’re legitimate.

A capable marketer understands that a brand’s product, price, place and promotion are key components of its marketing strategy. These are commonly referred to as the Four Ps of marketing, first coined by Neil Borden in 1950.

The Product refers to the specific goods and services a company produces. The Product should be designed to meet customer needs, motivations and wants. Pricing is an important factor in a marketing strategy and the product must be priced competitively based on factors like profit margin, financial goals and market trends. Place refers to where and how the product is distributed. For example, a company might market its products in department stores, through online distribution channels or through partnerships with other retailers. A good marketing strategy will consider the cost of distributing the product as well as the logistics of providing a seamless purchase experience for customers.

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