Marketing cannot be defined by just a few words. It is a broad concept. Even though it does not have a straightforward definition we can define it in various ways. so let’s see what marketing is about.
Marketing is a way of explaining your consumer base why they should buy your product by standing out its uniqueness, usefulness, and awesomeness. It seems like a psychological understanding of consumer needs. It can be defined as a conversation between consumers and producers. it is a necessary component in the selling stage of products and services.
Marketing plays a major role in the selling stage of the produced products of a company. It is considered as the key to success. When producing, companies should have a clear idea of the consumers’ needs and wants. To understand the consumers’ needs and wants producers to need to have marketing.
Producers should have a better idea of consumer needs and wants, They should match their expected production with consumer preferences. If not producers may fail even though they produce goods in the best quality they can.
Marketers conduct researches and they analyze the changes in consumer preferences every time. They analyze the changes in the way the consumers prefer to communicate with the business.
Ways of marketing
When choosing the suitable ways of marketing managers should always make their choice go align with the allocated budget. Let’s see some ways of marketing.
- Giveaways – this is one of the best ways of marketing. People love gifts. The major advantage of this method is establishing consumer awareness. Once someone got familiar with a product they cannot refuse rebuying it.
- Guerilla marketing – this is a creative way of advertising which can be done from a very low cost. As an example, if you own space for your business hire someone to have attractive wall paint for the walls. Another example, once Sony hired undercover employees and they ask strangers to take photos of them and shift explaining the features of the camera.
- Take the attention of media – as an example, sponsoring an event that is covered by media and your brand is getting free advertising.
- Print media – producers can use printed items that contains information and specifications of the product.
- Internet marketing – promoting the brands and products of the company over the internet.
- Search engine optimization – targeting people who seek knowledge in a particular industry.
- Blog marketing
- Social media marketing – as an example, creating a Facebook page.
- Video marketing – conduct video tutorials to aware people. As an example imagine you are producing bread, start a YouTube channel and conduct some step by step tutorials on how to make different food items using bread.
Marketing plays the role of preparing a product for the target consumer group. in contrast, people gain awareness about the product from advertising. Advertising is a strategic effort of producers to give a proper awareness to the consumers about the product in a creative manner. It costs a comparatively higher amount.
Advertising is an important step in marketing. It effectively uses the data and information which are collected through marketing. Advertising consider just on promoting a particular brand.
In advertising, the company should have a better understanding of the ways of advertising that the target groups responded. Some consumers may familiar with social media while, others paying more attention to TV, radio and print material advertisements.
What is the marketing mix?
First of all, let’s see what marketing mix is. It is an overall examination of the target market. There are two types of businesses. The Business which produce products and businesses which provide services. 4Ps describes how to place the product in the target market when the business is producing products. 7Ps describes how to place the service in the target market when the business activities are based on providing services.
- Product – item produced by the company which satisfies the needs and wants of the target group of consumers.
- Price – the amount of money customer is willing to pay to enjoy the benefits of it.
- Place – producers should pay attention to positioning and distributing the product in a place that can be easily accessed by the consumers.
- Promotion – way of boosting up the brand recognition and sales.
The 7Ps model is attached to the service industry. It is an extension of the 4Ps model. Compared to the 4Ps model some additional elements are described in the 7Ps model. Those additional elements are,
- People – having a genuinely supporting base of employees is one of the internal competitive advantages a company can gain over rivals.
- Process – the process of a company following when providing a service.
- Physical evidence – Providing services is not having a physical existence. Therefore, the company should have a piece of physical evidence to prove to any interested party that the service was delivered.
When analyzing what marketing is about, market segmentation is one of the key points. Market segmentation is dividing the whole group of potential customers into small subgroups based on their specifications. As a result of that, it is easy to produce products go align with consumer preferences. Companies know what the people who are in a particular segment truly need because of segmentation.
Market segmentation helps a lot in retaining the consumers while, helping to reach consumers with specific preferences easily.
What marketing is about
Not even a single business can exist without marketing. There are so many advantages. Let’s see some of them.
- Marketing analyzes consumers’ true preferences. Therefore, Generating and developing new product ideas is one of the major advantages. By analyzing those preferences producers can generate and develop new product ideas.
- Without marketing, consumers may not aware that some brands even exist.
- If you are having tactical marketing strategies you can impact the preferences of consumers. As an example, if companies advertising their products in an attractive manner, consumers may willing to try the product even if they do not need consuming that kind of product. That will lead to an increase in sales.
- Finally, it is always a bunch of alternatives. You can choose a way to provide awareness of the consumers which goes align with your budget. Cost-saving is another advantage of marketing.
Marketing is not a consistent field of study. It does not stay stick to the traditional theories all the time. With the development of science and technology consumer preferences and the way they are expecting to connect and communicate with the business may change. If your company is having a history of a hundred years, following the strategies followed by the initiatives of the company may not be effective anymore. Marketing is a daily updating field so the marketers should also update themselves. Finally, if you are having an idea of starting a business or already own one or having the idea of studying marketing as a subject are having a good knowledge of what marketing is about may help you.