A company like GWC Valves needs to be involves in non traditional marketing since they are a niche business who sells valves for heavy machinery products. Non traditional marketing is extremely important and this involves person marketing, organization marketing, cause marketing, place marketing and event marketing. Person marketing refers to the efforts designed to attract the attention, interest and presence of a target market towards a person. Place marketing attempts to attract people to a particular area, such as a city, country or region. Event marketing is being able to use marketing or sponsoring short-term events such as competitions and cultural or event charitable events. Cause marketing is a form of marketing that promotes awareness of a cause or a social issue or raises money for a cause or a social issue. Organization marketing influences consumers to accept the goals of an organization and to receive the services of an organization, or be able to contribute in some way to a organization.
When it comes to any business, a marketing plan is a key part in any organization’s overall business plan. A marketing plan outlines a crucial point which includes a firm’s marketing strategy. When you are developing a marketing strategy, you need to be able to study and analyze potential target markets and choose among them and second, to create a marketing mix to satisfy your chosen target market. Marketing plans also look at sales, information about the target market, revenue goals, the marketing budget allocated, and the timing in order to be able to implement all the elements of the marketing mix.
When a company is selecting their appropriate target market, it is important to do a lot of market research on that particular segment to see if they are actually profitable for your business. A target market is the group of people that an organization chooses to market its goods or services to and they cater to that groups preferences and lifestyle.