What is Corporate Marketing? Strategies
What is Corporate Marketing?
Corporate Marketing is a philosophy characterized by developing strategic actions to locate and/or position the company at the desired level of markets, setting priorities regarding the projection of its products and services to increase value.
Analyzing some definitions:
Yi Min Shum, author of the book, Navigating in Digital Waters
He defines marketing as “a set of strategies, principles and practices to analyze consumer behavior and meet their needs and expectations, seeking to position a product or service in the mind of the consumer . “
Diego Monferrer Tirado, in his text Fundamento del Marketing
It exposes another definition, “it is claimed that marketing creates artificial needs. Many voices think that a large part of their purchase decisions are produced due to the influences exerted by the company itself on them and, more specifically, by its marketing managers, even though they had no prior intention of acquiring such a product.
On the contrary, the reality is that needs are not created artificially from scratch, but exist latently in the markets, although there is not yet a product that covers them and that, in this way, makes them manifest ”.
It can also be defined as the means through which an organization or corporation, to provide value and satisfaction to its customers and thus meet their needs and market requirements, relies on a corporate marketing team, which is responsible for determining and identifying such customers, as well as their needs, creates access routes that can reach these customers desired by the company and develops a group of advertising and messaging tactics that allow these strategies to be transmitted and thus attract potential consumers, with attractive offers that promote effective and assertively bringing them closer to the required market.
Some tools allow you to identify customers, known as Empathy Map, which can be very useful, to know their habits, thoughts, and desires (or needs).
Corporate marketing is a discipline
This discipline is not very common within companies, since it is perceived as added costs, but each year they have revalued the strategies and their impact on growth and the future.
For these strategies to be successful, they must seek excellence for their workers and thus increase their productivity and create value for the brand, so that it is superior to that of the competition in the face of the consumers of its products and/or services.
In recent years, it has been possible to show that large companies have strengthened their promotion of products and services in different advertising media and all with great success, all this, because they made an effort to create good corporate marketing, which does not exempt small or medium-sized companies, as well as, does not exempt entrepreneurs.
Corporate marketing works in the long term, both internally and externally, to achieve and transmit company excellence. Corporate marketing departments are in charge of managing the messages and external appearances of organizations, from mission statements to advertising implementation.
Successful organizations and corporations have an identity in which they intend to express their brand positioning to the world.
A corporate salesperson knows how to find the right people interested in their brand and reach the target they want. To guarantee the success of marketing implementation in an organization, it is important to define what types of products are going to be offered and based on these, develop a marketing strategy.
It would be appropriate to ask the question: What markets do you want to cover and with what products can you satisfy those markets? This a paradox, for those who believe that only manufacturing a product will guarantee the success of its sale.
It should be noted that the use of digital channels and the strategies created have been of great relevance to companies.
According to Diego Monferrer Tirado, in his Fundamento del Marketing text, the selection of the marketing strategy supposes the definition of the way to achieve the established marketing objectives.
This decision influences the implementation of a set of actions that make it possible within a time horizon and a specific budget.
The main types of marketing strategies to be considered by the company are presented below:
- Intensive growth strategies
- Growth strategies by integration
- Leader strategy
- Challenger strategy
- Follower strategy
- Specialist strategy
Strategies according to competitive advantage
- Cost strategy
- Differentiation strategy
- Focus or specialization strategy
A corporate marketing strategy requires an evaluation of the context of the organization based on strategic planning, mission, vision, values, and objectives; which will allow an effective way to know which internal and external factors will serve as support and which will serve to take into account and create exploitation strategies that are positive for the organization, the market, the geographical location, the economy, the technology, the society, and its culture;
Access to the product is the factor that will be of great importance to create an effective marketing strategy, directly supporting the creation of a marketing plan aimed at the exploitation of those products or services.
Among the different strategies to be created for the promotion of existing products or services within an organization, there is the creation of good market segmentation as a support strategy to carry out good corporate marketing.
For example, the energy drink company, within the strategies they apply to promote their product, is to rely on the youth market, creating cheerful, fresh, fun, and dynamic advertising campaigns, where they mark loyalty by creating engagement in the youth market, which projects them to have long-term exposure.
Marketing Strategy Execution
Once the strategy is defined, it must be implemented and supported by a good promotion of the product or service, be it an offline promotion or online promotion.
Through good planning, follow-up of actions, evaluation, and metrics of the post-sale response according to the indicators created, as well as the approval or acceptance of the product or service, the evaluation of the objectives, the measurement of the effectiveness of the Applied strategies and the creation of corrective actions that allow strengthening the strategies will be important factors that will allow feedback and strengthen the created marketing strategy.
Benefits of Corporate Marketing
Today, organizations if they want to be successful must rely on corporate marketing, which can be of great contribution to the success or failure of selling their products or services.
The participation of the entire work team is of great contribution in turn to the creation of good corporate marketing. Here are some benefits of corporate marketing in the company:
- Create a relationship with the company that employees value and this is their own philosophy.
- Define your own business culture in the labor market, to establish work habits that allow greater productivity within the same workforce.
- Achieve stability and confidence in employees so that it affects their motivation.
- Make heads collect the feedback, ideas, and creativity of the whole workforce, and thus achieve higher productivity of facilities, products, or services. In this way, the worker or employees learn to improve their work by being more productive.
- The problem today is that executives do not listen to their workers, who could save companies money simply by reorganizing their functions to be more productive.
- Possibility of spreading the philosophy of the company, reinforcing the advertising efficiency and the image of the brand through a positioning by values. Thus, giving ourselves a presence in the media through news or reports, a fact that allows us to create a favorable state of opinion towards the corporation or company and, therefore, offers an image of a responsible company.
- To be able to face crises more effectively and quickly.
- Promote communication between all sectors of the company.
- Increased purchase motivation, with equal price and quality, corporate responsibility becomes a decisive factor.
We can conclude and evaluate that it is not only about creating a product and selling, it is about being able to offer competitive advantages in a global market, in which there are different products with perhaps more exploited qualities, but that are not focused on the customer as such in all its context.
Marketing guides corporations to be close to their consumers, assess their needs, listen to their requirements, and, above all, satisfy them.
Price is a compelling factor, but not essential to guarantee the success or failure of a product or
, which can make marketing strategies successful and enable corporations to stay in the deep waters of a competitive and changing marketplace.
- Fundamentals of Marketing. Author: Diego Monferrer Tirado. 2013
- Sailing in Digital Waters. Author: Yi Min Shum. 2016.
- Books.google.co.ve ›books. Marina Pulido Luque – 2015