Marketing is the activity of promoting business for selling products and services via several strategies. It can also be defined as the set of activities that accumulate to create, communicate, deliver and exchange. Marketing has a great value to both consumer and producer from their respective side. It has value to customers, clients, partners as well as society in broader sense. The concept of marketing can be well explained as an action to attract customers towards business offerings. The things which are to be marketed can be either physical commodity or services.
Instrument of Marketing:
Price is the most important instrument of marketing of a product or services. It is very important to choose the best price for a particular good or service to well match the business goal. Price has a significant effect over the marketing for a product. For example if you have set a high price for your product or service then it is very likely that the customers of your commodity will decline. Likewise if you charge reasonably low price, you can make the market competitive and as such there will be high demand for your commodity. But the price that you are to set for your commodity must not be set too low that the customers will consider your product as of inferior quality.
Thus to understand what price you will set for the commodity you have to have a great understanding of the customer base you have. You have also to focus upon your targeted customer. You should know their willingness to pay for the commodity. You are also need to have keen knowledge about the price range of your competitors. You have to well aware of the substitute good available in the market for your commodity. If you set the price well above the equilibrium price then you could hardly sell out your product.
Quality is another important aspect of marketing. Customers always prefer quality so if your quality of product is well enough to maintain the standard then it is highly probable that you are done with your marketing strategy.
Place is the area from where you plan to sell your product. Finding the right place to sell can find the right contacts of customers and can better deal with the targeted customers of your choice.
Advertisement is how you promote your product or services in an effective manner to attract your targeted customer. It is one of the most important aspects of marketing strategy that cannot be left out if you want a great deal of your business activity. Nowadays, social media is a great medium for marketing your product and services.
Government Market:
In Government market the main buyers are federal, state and local governmental organizations, who purchase goods and services from private businesses. Government marketing services also based on the above mentioned instruments to follow up Government market which includes funded institutions by government. These government-funded institutions make purchases to perform the direct functioning of the government.
Characteristics of Government market:
Governmental institutions need to take special care of the purchases of government product. This special care provided by the Government is also one of the Government marketing Services. The Services should have to be operated under the vigilant eye of the general public. Hence there are some special features of the government market that involves Government marketing services.
Process of Procurement:
There is special procurement Process of Government to avoid accusations of money-laundering. When an institution of government needs to buy something, it offers to place a bid. Against this bid, it gets numerous offers from the sellers. The Government organization will choose that one which provides the lowest possible bid. Another possibility will be of high quality product of the reputed company.
Strict Monitoring:
One of the main ingredients of marketing strategy of Government is Strict Monitoring. This is specially to show their spending decisions to the public as such they have to keep an eye on their contractors. The monitoring incorporates several stages of the execution of contracts and tons of paper work is needed from the sellers. Thus the government marketing services helped a lot to the companies by providing special departments for these purposes.
Preference given to Certain Sellers:
Government marketing service is offered to specific types of sellers as through Government Institutions. They always prefer domestic suppliers at the first priority even though foreign sellers provide better options. Government Marketing Services are also provided to small businesses and depressed firms for their growth and development in the near future.
Reasons for Government Marketing Services:
The reason for why there is a need for Government Marketing services are as follows:
The foundation for the culture of Organization depends upon the mission to establish the values and to effectively communicate.
This marketing service of the government can be used to benefit the society as a whole.
It can find out the exact need of the target audience.
These services can affect significant economic indicator.
Government market generates profits increasing revenue and thus to maintain a balanced budget.
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