Marketing Overview

What is Marketing?

At the very basic level, Marketing is matching the company products and services to the customer who want access to these product. Marketing is the science and art of exploring, creating and delivery of value to the needs of targeted person with profitability. Marketing helps to maintain the relationship between buyers and sellers.

Marketing contains 4P’s which help to make marketing easy also known as marketing mix which are price, place, product, promotion. It contains marketing strategies to promote their product.

What is Marketing process?

Marketing is not just one time thing, It is a process which should goes continuously.

Major steps:-

• Identifying and understanding the needs and wants of customers-

This is the foremost step which means to identify and understand the marketplace, its target market needs and wants. It's necessary to create product/services that can satisfy the customer and create value based customer-relationship.

• Formulating a customer based marketing strategies-

After identifying needs, strategies should be formulated by keeping in mind about the customer.

• Developing an integrated marketing approach-

The integrated approach needs a blend of 4P’s. Approach should be made accordingly.

• Building up a profitable exchange relationship-

Marketing is a process to establish and maintain profitable, healthy relationship with the customer by serving them a superior value for their money and delight.

• Capturing values from customer for customer equity and profits- Customer equity means combined sum of  the lifetime from all the customer and by maintaining customer we can create equity and profits.

Marketing Steps

Explain 4P’s of marketing with example?

4P’s which is also known as marketing mix.

• Product-

Product is tangible and intangible offering that a business provide to a customer. It includes the features, design, quality, branding, packaging of product.in this, we have to analysis the needs of customer, competitor product, product requirements of customer and after that our product can be design. This involves product researches, development, innovation.

For example: through analysis we get to know customer needs flexible brushes so we should prepare soft flexible brushes.

• Price-

Price of the product is basically a amount which a customer pays to enjoy it. It dictates company survival and profit. Price should be kept after keeping in mind about competitor price, customer willingness, profit, loss, sale etc.

For example-price should be keep by keeping in mind the price of competitor.

• Place-

Place should be selected by research. The place is important aspect to keep in mind. It should be that which is accessible to everyone and easily findable.

For example: the area between the village should be selected.

• Promotion-

Promotion means how to promote the product. This include the aspect to make buyers buy your product. Through advertising, public relation, personal selling etc.

For example: promoting our brushes through advertisement.

Marketing Mix

What do you mean by SWOT analysis?

A SWOT is a technique used to identify strengths, weakness, threats, opportunities for your business and for a project. It is a strategic planning that provide assessment tools. It pulls information from internal and external forces.

• Strengths- It refers to internal initiatives which are performing well.

• Weakness- It refers to internal initiatives which are underperforming.

• Opportunities- It it refer to favourable external factors that give an organization an competitive advantage.

• Threats- It refers to those factors which may harm the organization.

SWOT Analysis helps in identify those areas which should be improved. Identify those areas which may cause harm. identify areas of opportunities.

SWOT 

What do you mean by USP?

USP, unique selling point, also known as unique selling proposition, it is the essence of what makes your product and services better than competitors. It defines company position in the marketplace. USP might boosts lower costs, highest quality etc.

Steps of USP

Conduct market researches, define your target audience, analyse the competition, identify your USP, craft a compelling message, test and refine your USP.

For example: Dominos pizzas, pizza will be deliver in 

30 minutes or less

Unique Selling Proposition

Explain different kinds of business categories?

• Sole proprietorship- The ownership of individual leads to sole proprietorship. The owner is known as sole proprietor. It is least complex types due to least government regulations. Small business like local grocery come under sole proprietorship.

• Partnership- It is the business owned by two or more people termed as partners. In this income is considered as owners income. Owners are responsible for liabilities. There are different kinds of partnership like general partnership, limited partnership, limited liability partnership.

• Corporation-These are other separate legal entity create by shareholders. These are difficult to create. There are different kinds of corporation like C corporation, S corporation, non profit corporation.

• Non governmental organization- It is mission driven  that operates independently the government. It is known as civil society organization. These are for non profit terms.

Types of Business

Explain different kinds of business models with example?

• B2B[Business to Business]-

In this model business sell their product to business instead of customer. These sales usually involve bigger orders and long time to complete.
For example- grainer sell tools and equipment to other business

• B2C[Business to Customer]-

In this model business sell their product to customer. This sales are done using apps, websites etc.

For example- amazon sell their product online to customer.

• C2C[Customer to Customer]-

In this model customer deals with other customer without the indulgence of business.

For example-OLX

• C2B[ Customer to Business]-

In this model customer sell skills and influence to the business. For example-photographers sell their photos to business.