Market Orientation – What Is It, And How Does It Work?
Most companies look to convince their target customers of the value of their products and services so as to sell the product. However, many companies use the Market Orientation technique. It is a process through which a business identifies the needs of its target customers and uses that data to create products and develop services. Learning this marketing approach can help you decide whether it suits your business or not.
In this article, you will learn about the market orientation approach, how it works for businesses, and how businesses use this technique to market their products and services. In addition to that, we will discuss the major stages of the market orientation approach. Finally, we will share with you some of the major advantages and disadvantages of market orientation. Hence, to find out more, read on through to the end of the article.
What Is Market Orientation?
According to Investopedia,
“Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them. Companies that have a market orientation consider the opinions and needs of their target market as a critical component of their research and development (R&D) for new products.”
In this concept, the company’s focus is on identifying the needs and preferences of its customers. With those needs and preferences, the company designs and develops its products and services with the primary objective of earning profits.
In this marketing and product development strategy, the job of the business is to interact more with its customers and observe their needs and requirements. To become profitable, the business turns its focus to the preferences of the customers. The business makes use of its variety of resources to fulfill the needs of its target customers.
The businesses that use this method are also aware of their competition in the marketplace. They make use of different techniques to identify different threats. The enterprises that follow the market orientation strategy invest a lot in innovation and product development so that they keep up with the changing demands of their customers.
Read More: What Is A Venture Capitalist, And What Are Their Functions?
How Does Market Orientation Work?
Market orientation is a strategy for marketing that businesses use to focus on their customer base, and create and sell products on the needs of the customers.
According to the Wall Street Mojo,
“The strategy involves analyzing and researching the customers’ requirements, concerns, and suggestions concerning the particular product or service the enterprise deals with. This way, the enterprise will be aware of the trends in customer preferences. It will enable the company to modify or design its product or services according to customer preferences.”
A company that follows this strategy first does market research to find out its customer preferences. They make use of data analysis techniques to predict the desires of their customers. However, businesses that are already established and have good sales of their products use this strategy to improve their products or expand their product line.
Apart from that, using this strategy helps businesses to address issues associated with customer retention. Today, most companies follow the market orientation approach, as it helps them understand the needs and demands of their target customers better.
What Are The Stages Of Market Orientation?
The following are the stages of the market orientation strategy:
1. Initiation
In this stage, the business identifies all the potential threats for its business which might affect it. Apart from that, the business also researches what steps to take to handle the threats.
2. Reconstitution
Here, the researchers present the plans for the initiation stage to the employees of the business. With the managers point out to the employees about what steps to follow. Here, the organization also needs to ensure that all employees are ready for the change to happen.
3. Institutionalization
Here, the organization puts the plan into action. Here, they train employees and provide them with instructions on what steps to follow. This helps the employees to follow a pattern so that the business is able to cater to the needs and demands of the customers. Here, the plank is basically executed.
4. Maintenance
In this stage, the business continues the process and meets the customer requirements and demands, as per the initial plan. Here, the business tries to ensure that the plan is effective and everyone follows it to meet the business’s goal.
What Are The Advantages And Disadvantages Of Market Orientation?
According to Indeed.com,
“A market-oriented approach to business can help a company earn the trust and loyalty of its customers by showing them they’re a priority and that the business exists to serve them. It contrasts with conventional marketing, which attempts to convince customers of a product’s value while not necessarily prioritizing consumer preferences during product development.”
The following are the major advantages and disadvantages of market orientation:
Advantages Of Market Orientation
Here are the advantages of market orientation:
- It helps to increase the overall revenue.
- The business sees an increase in the market.
- The customers are well-connected to the company.
- Helps in innovation and product development.
- It helps the business to enhance its market reputation, as the customers are happy with the products and services of the company.
Disadvantages Of Market Orientation
Here are the disadvantages of market orientation:
- Continuous change is required, as the needs of customers change with time.
- The company invests a lot in investment.
- Research gets difficult as it is difficult to predict the preferences of the market.
Read More: Private Equity Vs. Venture Capital: Key Differences
Final Thought
Hope this article was helpful for you to get a better idea of the market orientation approach. You can see that it is really helpful for different companies to identify the needs and demands of their target customers. This helps them in developing new products and eventually sell them. Many top businesses use these principles to expand their products and services.
Even some of the major impractical demands from consumers help businesses make decisions in the long term. Hence, market orientation helps businesses to plan for the long term. What do you think of the market orientation approach’s importance for business? Share your thoughts and opinions in the comments section below.
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Market Cannibalization – Definition, How Does It Work, Example, And More
Market cannibalization is one of the worst things that a business can face with its products and services. It mostly happens when a company comes in with a new product for the market, and because of this, the demand for its original product starts to decline. This leads to the business experiencing losses not only in sales but also in revenue and market share. Hence, due to this fear, many companies hesitate to develop new products. In this article, you will also learn about market cannibalization, how it works for businesses, and the ways in which it affects a business’s market as well as its product line. We will take a look at the phenomenon with the help of a simple example. Finally, we will provide you with tried-and-tested steps to prevent market cannibalization in business. Hence, to learn more, read on through to the end of the article. What Is Market Cannibalization? According to Investopedia, “Market cannibalization is a loss in sales caused by a company's introduction of a new product that displaces one of its own older products. The cannibalization of existing products leads to no increase in the company's market share despite sales growth for the new product.” It works in most cases where the earlier product, as well as the new product of the business, share a common base of customers. It can also happen when a fast food outlet or chain store loses its customers after a store of the same brand starts operating nearby. It also happens when the new product is almost the same as the product that is already existing. Both these products have the same target audience. However, the introduction of the new product in the market puts the existing products of the business out of the market. This, in turn, affects the business a lot, as the business faces stagnant growth in the market despite an increase in sales of the new product it launched. Despite enticing new customers with the new products, the phenomenon results in attracting the already existing customers towards the new product as well. As an outcome, the sales and growth of the company get a major hit. Read More: Market Orientation – What Is It, And How Does It Work? How Does Market Cannibalization Work? According to Indeed.com, “Even with a detailed marketing plan, cannibalization may occur depending on how the general customer base reacts to the new product. Whether or not the products are competitive, customers may prefer the new one. A common reason why this happens is that two products may be too similar.” Let’s say a technology company sells smartphones. And they introduce a new one which is similar to the old one. The customers that were attracted to the old one now start liking the new one and purchase it. Hence, the new product was sold at the cost of the sales of the old one. Therefore, although the new product got major sales, the sales of the old product were affected. Hence, there is no increase in sales of the company. In fact, considering a new product was launched, the sales actually got affected. In various marketing campaigns, companies unintentionally, however, discourage their existing customers from using previous products. The tone of the marketing here suggests that the product has become obsolete as compared to the new one. Example Of Market Cannibalization Corporate Finance Institute gives a simple explanation of market cannibalization - “There are certain situations where market cannibalization cannot be avoided. For example, we now see tons of department stores that operate as online businesses as well. The store owners already understand the risk that its online sales can jeopardize those of its brick-and-mortar stores.” Let’s take an example of a well-known company - Apple Inc. When Apple releases a new iPhone with new features, it never shies away from explaining why the product is better than before. Furthermore, the company also ensures that the new iPhone reaches all Apple stores throughout the world. Hence, many people are attracted to the new one since they know that the latest one is better than the previous one, despite it being more expensive. As a result, the sales of the older iPhones start dropping. However, Apple makes up for this loss amazingly. It increases the price of the new one and also captures the current customers of its competitors. This helps in increasing Apple’s customer base. How To Prevent Market Cannibalization? - Steps To Follow The following are some of the major steps that you will need to take if you want to prevent market cannibalization in your company: 1. Determine Your Market Goals Before launching a product, have a clear idea of what are your goals with that. What do you want to achieve - customer loyalty? eliminate competition? filling a market-gap? - Find out through research. 2. Analyze Your Market Never ever launch a product without properly understanding your customers’ behavior and market dynamics. Always research the performance of your existing products and how much do customers like them. 3. Test Your Customers Before Extending The Product Find out your potential customers, and test the product beforehand. Ask for genuine feedback from the customers. You can do so by surveys, interviews, experiments, etc. Validate your assumptions based on results. 4. Monitor The Product’s Performance Monitor the performance of the product after its initial launch. You can use various metrics like - customer satisfaction, market share, profit, sales, etc., to evaluate the product’s extension. 5. Focus On Innovation Constant innovation and differentiation are required for your products if you want to avoid cannibalization. Keeping up with the needs and demands of customers might help. Read More: Matrix Organizational Structure – What Are Its Pros And Cons? Summing Up Hope this article was helpful for you in understanding the phenomenon of market cannibalization and how it affects businesses. In many cases, companies use it as a deliberate strategy to blow out competition, while sometimes, it results in the failure of the company itself to reach its target market. To stop market cannibalization from happening, consider following the aforementioned steps in the previous section. What is your opinion on market cannibalization, and do you have any recommendations to stop the same? Share your insights on the matter with us in the comments section below. Read Also: Matrix Organizational Structure – What Are Its Pros And Cons? Business Continuity Plan – What Is It, And How Does It Work? What Is Continuity In Business, And Why Is It Important?
Sep 14, 2023
Digital PR: The Gamechanger Of The Marketing Landscape
Digital marketing has changed the face of marketing and given small-to-medium enterprises (SMMEs) and start-up firms the opportunity to sell their products and services in the same manner as major corporations, hence it meets the definition of a game changer. Digital marketing really outperforms traditional marketing, such as advertising in magazines or newspapers, in that it allows you to track the success of your advertising and determine where you should focus more of your marketing budget. What Is Digital PR? Public relations techniques known as "digital PR" are used to advance and safeguard a brand's online reputation. In order to reach and engaging target audiences, it entails producing and distributing content, establishing connections with important influencers, and utilizing social media and other digital channels. Digital PR agency uses the power of the internet to reach a larger, more varied audience than traditional PR, which mostly relied on print and broadcast media. It also offers options for real-time engagement and two-way communication with audiences and enables more accurate monitoring of the impact of PR activities. Digital PR aims to improve a brand's reputation online, boost its exposure and trustworthiness, and increase website traffic and sales. Importance Of Digital PR In The Marketing Landscape A bigger and more diversified audience can be reached by firms via digital channels like social media, influencer marketing, and content distribution thanks to digital PR. Cost-effectiveness: Digital PR is more economical than traditional PR because it does not require costly print and television commercials. Measurable outcomes: Digital PR makes it possible to monitor and gauge the success of PR initiatives, enabling ongoing optimization and development. Real-time interaction: Digital PR enables brands to interact in real-time with their target market, enabling two-way dialogue and developing a sense of community. Integration with other marketing initiatives: To increase impact and reach, digital PR may be readily combined with other digital marketing initiatives like search engine optimization (SEO) and social media marketing. Building and keeping an online reputation: As customers are more likely to accept suggestions from reliable sources and influencers than commercials, digital PR is essential for both building and sustaining an online reputation for a firm. Key Components Of Digital PR Content creation and distribution: The creation and delivery of high-quality, pertinent, and interesting material are key components of digital public relations. These digital channels include blogs, infographics, videos, and social media posts. Influencer marketing: By collaborating with influencers who have a sizable and active following, a brand's message may be amplified, and it can reach new audiences. Social media engagement: Social media platforms give brands the chance to interact with their target market and instantly address queries, complaints, and issues. Influencer marketing: Influencer relationships are essential for the success of digital PR because they may aid a business by generating buzz, driving traffic, and establishing a reputation. Social media engagement: Reaching out to the media and pitching topics to journalists and relevant media outlets can help secure media coverage and boost exposure for the brand. Data and analytics: To evaluate the efficacy of PR initiatives and make wise choices, digital PR includes monitoring and tracking indicators, such as website traffic, social media engagement, and influencer reach. Brand reputation management: Digital PR includes keeping an eye on and maintaining a brand's online reputation, as well as handling any bad press and preserving the brand's reputation. Rise Of Digital Media And The Need For Digital Pr The development of digital media has significantly changed how companies interact with and reach out to their target markets. Consumers are spending more time online and consuming more digital information than ever because of the ubiquitous use of the internet and the growth of digital gadgets. As a result of this shift in consumer behavior, brands now have new opportunities to connect with and engage with their target audience via digital channels. As a result of the overwhelming amount of information customers are exposed to and their growing skepticism of conventional advertising, new problems have arisen. In this setting, digital PR has grown in significance as a means for firms to connect with their target market, establish credibility, and set themselves apart from their competitors. Digital PR gives brands the chance to reach new audiences, interact with their target audience in real-time, and establish and uphold a good online image by utilizing digital media. It may assist organizations in establishing themselves as thought leaders and gaining the trust of their target audience by producing and disseminating high-quality, pertinent, and engaging content, as well as developing connections with important influencers and media sources. Digital PR Tactics: Content Creation And Distribution: The production and dissemination of content are one of the most essential elements of digital PR. Brands can become thought leaders in their field and gain the trust of their target audience by producing high-quality, timely, and interesting content. There are numerous ways to present content, such as blog entries, infographics, films, social media posts, and more. 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Better reputation management: Digital PR can be utilized to improve a brand's online reputation and immediately address unfavorable comments. Tracking measures like sentiment analysis, customer reviews, and online mentions can be used to gauge this. Tracking And Analysing Metrics: Digital PR relies heavily on tracking and analyzing data since it enables marketers to gauge the success and impact of their initiatives. Brands may use metrics and analytics to continuously improve their outcomes and make data-driven decisions about their digital PR strategy. Some frequent KPIs used in digital PR include the ones listed below: Media placements: Tracking media placements, such as those in articles, blogs, and news stories, can give you an idea of how visible and well-known your brand is. Website traffic: Analysing website traffic, such as the number of unique visitors and pageviews, can give information on how well digital PR campaigns have been done at directing people to a brand's website. Social media engagement: Tracking engagement indicators on social media, such as likes, comments, shares, and follows, can help determine how successful a campaign is. Conversion rate: Analysing the conversion rate—the proportion of website visitors who complete an activity, like making a purchase or subscribing to a newsletter—gives information on how well digital PR works to encourage conversions. Sentiment analysis: Using sentiment analysis, such as keeping track of the tone of online comments and reviews, can give information about how the public views a business and how digital PR activities have affected reputation management. Conclusion: With technology evolving continually and new digital channels emerging, the future of digital PR looks very promising. To make the most of the technology in the marketing landscape, you must hire a digital PR agency and acquire its benefits. Read Also: How To Create A Powerful Business Continuity Plan? 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Push Vs Pull Marketing: Understanding The Dynamics
Push Marketing and Pull Marketing represent distinct methodologies, each with its set of dynamics and implications for businesses seeking to capture and retain the attention of their target audience. Take a look as we dive into the intricacies of these marketing strategies and explore facts and recommendations that can shape your marketing endeavors. Understanding Push Marketing Push Marketing is a traditional promotional strategy where businesses proactively push their products or services toward the audience. It involves a company taking its message directly to the consumer, often interrupting their experience to convey the value proposition. Common tactics include advertising through television, radio, print media, and direct sales efforts. High Visibility, Limited Engagement: Push Marketing aims for high visibility by reaching a broad audience. However, the challenge lies in the limited engagement it fosters. The audience may be exposed to the message, but active interest or interaction is not guaranteed. Intrusiveness and Consumer Perception: Push Marketing, particularly aggressive tactics, can be perceived as intrusive by consumers. Bombarding audiences with unsolicited messages may lead to a negative perception of the brand. Understanding the fine line between visibility and intrusion is crucial. Short-Term Impact: Push Marketing often generates short-term impacts, especially in terms of immediate sales or brand recall. Sustaining long-term relationships and loyalty requires additional strategies beyond the initial push. Recommendations For Push Marketing Psychological Targeting for Effective Push: Utilize psychological principles in message crafting to make push marketing more effective. Understanding the psychological triggers that resonate with your target audience can enhance the impact of your push strategies. Strategic Timing and Frequency: Instead of persistent and continuous pushing, strategize the timing and frequency of your push efforts. Implementing well-timed, occasional pushes can create a sense of exclusivity and urgency. Integrated Campaigns for Holistic Push: Integrate your push marketing efforts with other channels. Combine traditional advertising with digital strategies to create a holistic approach that maximizes reach and engagement. Emotional Resonance in Push Messaging: Beyond psychological targeting, infuse emotional resonance into your push messages. Connecting with consumers on an emotional level can elevate the effectiveness of push strategies, creating a lasting impact beyond immediate visibility. Geo-Targeted Push Campaigns: Incorporate geo-targeting into your push campaigns to enhance relevance. Tailoring push messages based on the geographic location of the audience can make the content more relatable and impactful, increasing the chances of engagement. Understanding Pull Marketing Pull Marketing, on the other hand, involves creating content or experiences that naturally attract the audience towards a product or service. It relies on building brand equity, creating valuable content, and establishing a strong online presence. Pull Marketing aims to make the brand or product so compelling that consumers seek it out willingly. Builds Brand Loyalty and Trust: Pull Marketing is instrumental in building brand loyalty and trust over time. By providing valuable content and focusing on customer experience, brands can create a connection that goes beyond transactional relationships. Long-Term Relationship Building: Pull Marketing is inherently geared towards long-term relationship building. It focuses on creating a brand image that resonates with the values and aspirations of the target audience, fostering lasting connections. Authenticity and Transparency: Successful Pull Marketing thrives on authenticity and transparency. 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Beyond traditional content, create narratives that immerse the audience, making them active participants. Virtual reality, interactive web experiences, and augmented reality can be powerful tools for achieving this. User-Generated Content Amplification: Harness the power of user-generated content within pull strategies. Amplify user-generated content through various channels to showcase authentic experiences and testimonials. This not only fosters community engagement but also builds trust through real-life narratives. Purpose-Driven Pull Marketing: Infuse purpose-driven elements into pull marketing. Consumers increasingly align with brands that stand for a cause. Integrating social responsibility into pull strategies can create a compelling narrative that resonates with socially conscious audiences. Navigating The Dynamics: Striking The Balance While Push and Pull Marketing are often presented as distinct strategies, the reality is that a balanced approach can yield optimal results. Striking the right equilibrium between these paradigms is essential for a comprehensive and effective marketing strategy. Balancing Push And Pull For Optimal Results Data-Driven Decision Making: Leverage data analytics to understand the preferences and behaviors of your target audience. Data-driven insights can guide the allocation of resources between push and pull strategies based on audience responsiveness. Agile Marketing Strategies: In a dynamic marketplace, agility is key. Adopt agile marketing strategies that allow you to pivot and adjust your approach based on real-time feedback and emerging trends. This flexibility ensures that your marketing efforts remain relevant and impactful. Personalization in Push and Pull: Infuse personalization into both push and pull strategies. Tailor push messages to individual preferences wherever possible, and ensure that pull experiences are customized to enhance user satisfaction. Cohesive Branding Across Push and Pull: Ensure cohesive branding across both push and pull strategies. Maintaining a consistent brand image creates a seamless experience for consumers, whether they encounter push messages or engage with pull content. Brand consistency builds trust and recognition. Predictive Modeling for Balanced Allocation: Implement predictive modeling for balanced resource allocation. Leverage data analytics to predict which channels and strategies will perform better in specific scenarios. This forward-looking approach ensures efficient resource allocation between push and pull initiatives. Cross-Pollination of Audience Insights: Facilitate the cross-pollination of audience insights between push and pull teams. Foster collaboration to share valuable insights gained from both strategies. This collective knowledge enhances the overall understanding of the target audience, leading to more informed and effective marketing decisions. Take A More Holistic Approach To Marketing Today, the dichotomy between Push and Pull Marketing is not a choice between one or the other but rather an exploration of how these strategies can complement each other. Digital marketing service providers understand that a holistic approach, incorporating elements of both paradigms, is the key to navigating the complexities of the modern marketing landscape. By embracing the insights and recommendations outlined here, businesses can create a robust marketing strategy that resonates with their audience, fosters brand loyalty, and drives sustainable growth. Read Also: How To Make Money Fast – 5 Strategy To Follow In 2021 How to Start a Business in 2021 – Best Business Strategies Top 5 Successful Serial Entrepreneur Of All Time – 2021 Updates
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Are you planning to do marketing activities for your business in 2021? If yes, then you must focus on doing it in a better way. You need to understand that you must make your marketing activities stronger to achieve your business’s desired goals if you plan to develop your business. Different types of marketing opportunities are there in the market to look for today. You must identify the types of marketing activity that can help your business grow in the right direction. Develop plans that can help your business grow in a better manner. Focus on doing your business in the right manner. Ensure that you have made your choices in a better way. Types Of Marketing Activities On Which You Must Focus On 2021 There are different types of marketing activities that can help your business to grow in the right direction. Therefore, let’s explore the facts that can help you to achieve your business goals. 1. Optimize Your Google Updates Google Page updates or the experience coming in May 2021 will provide you with the core metrics known as the core web vitals; it will help your business grow in the right direction. The type of marketing activity you want to do depends on your site load time, interactivity, and content stability. It will help you to improve your overall search rankings. You must understand one thing that if you want to develop your business, then you need to understand the metrics of Google in a better way. Develop different types of marketing strategies to grow your business. You can be the owner of the web design agency as it will help you develop the core web vitals of your website. 2. Prepare The End Of Third Party Cookies The third-party cookies will not work any further from 2021 to 2022. You need to reshape your branding process to help your business grow in a better manner. Ensure that you have made the correct choices from your end. Always look for the alternative that can help you in your branding process. Ensure that you have made the right choices from your end. It will help you to achieve the business goals in a better manner. Multiple types of marketing activity can help your business to grow in the right direction. 3. Focus On Retaining The Customers You must focus your attention on retaining the customers. It will help your business to grow in a better manner. Remarketing is the best way to do that. Keep your ads crisp and to the point. It will help your business to grow in a better manner. You must focus your attention on retaining your customers by applying personalized text messages or push notification through smartphones or mobile apps. Ensure one thing this type of marketing must help your business to grow in a better manner. You must not make any mistake while you are remarketing your products on any social media platforms to keep your customers stay aware that you are awake in the market. 4. You Can Start Selling On Social In this type of marketing, you can start selling on social media platforms. It can help your business to grow in a better manner. If you want to grow your business, then social media marketing is an effective means of your branding. You need to understand that if you wish to develop your business, social media marketing can be one of the ultimate ways to do that. Develop your idea in such a way so that it can help your business grow further in a better manner. 5. Follow The Statements Of Purpose With Actions You must follow the statements of purpose with all the related actions to it. It means a statement of your brand that highlights your brand personality. It will help your business to grow in a better manner. If you want to develop your business, accurate statements with actions can help your brand grow in the right direction. You must make efforts to develop your business so that it can help you achieve your goals in a better manner. Brands will do it to enlighten the customers in a better manner. If you want to achieve your business objectives, it can help your business grow better way. 6. Grow Communities You must grow your community to help your business get the real boost, and you can do these types of marketing to develop your brand image. Brands must focus their attention on creating loyal customers. If you want to develop your business, you must focus on developing the community that can help you to enhance your brand reach. Community buildup can enhance your market share to a great extent. Different types of marketing strategies to grow your business you can employ to build your brand reputation. 7. Doing Webinars Doing the webinars will help you to achieve the desired objectives of your brand. You can spread your brand message to a large group of your target audience in a better way. If you want to develop your business, then you need to spread your brand message effectively. These webinars can connect you directly with your target audience, and you can do one-to-one interactions. You must develop the process of your branding innovatively. It will help you to achieve the desired goals of your business. It is one of the innovative types of marketing that you can practice from your end. Ensure that you have given your hundred percent effort into it. Why Must You Experiment On Different Types Of Marketing Practices? You must experiment with different types of marketing practices to gain the maximum market reach in a short time. You need to understand one thing that if you want to develop your business, then you must consider individual essential facts to make things happen in your favor. Business always works in an everchanging environment, and it can push you back if you are not complying with the recent marketing trends to develop your business. Ensure that you have made the right choices from your end to develop the perfect business model. The more you can think pro-actively, the better you can respond to the market needs in a better way. Ensure that you have made your choices in the right direction. Final Take Away Today, the business world is changing rapidly and you need to respond actively. You cannot make things happen in one day. Rather you have to put your efforts in the right direction to achieve success in your field. Different types of marketing opportunities are there in the market which you need to grab for your business development. Read Also: Why Create A Powerful Business Continuity Plan? Different Ways To Start A Business In 2021 – Best Business Strategies How To Create A Powerful Strategic Marketing Plan – Step By Step Guide
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