Fundamentals Of Marketing
Introduction: Marketing refers to offering the right product at the right place at right time and selling it at the right cost. Marketing also includes the creation of the product, the cycle of business, distribution strategies, and comprehension of consumer needs as well as sales.
Marketing includes all the efforts of an organization that it takes to attract customers and create connections. The target of marketing is to create a link between the services and products of a firm and consumers who are willing to buy them. When the demands of the market are aligned with the items, profits are made.
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Table of Contents
Marketing Mix:
Most marketers make use of the marketing mix for selling the products. Marketing mix refers to all the marketing techniques used by a firm for the promotion of its product or brand. The marketing mix helps the companies in identifying assets and minimizing flaws, adapting to the marketing trends by fighting with other competitors.
Product:
It refers to the item which is being marketed. When one thinks about the product, all its major aspects such as design, brand as well as packaging are considered. One must ensure that the products should fulfill the requirement of the market. Other factors such as the life cycle of the product that includes growth and phases of sales drop must also be considered. If one offers a great quality product to its target audience, the chances of earning profit automatically inclines.
It is very important to understand the expectations of the customers from the product along with its usage in the life of the customer. While making it, all the necessary features which are crucial for fulfilling the needs of the target audience must be considered. The name of the product should be a catch so that it lasts for a long in the mind of target customers and the product should have unique features so that it can compete with other similar kinds of products in the market and stand out.
Price:
Price refers to the money the consumer is ready to pay for a particular product. This price should be obviously higher than the manufacturing cost in order to make profits from it. Making changes in the price of the product can highly impact its sales and demand in the market because if consumers find the same kind of product in the market at a lower price, they will be willing to shift to that product even at poor quality. Hence, one should carefully analyze the target market as well as competitors in order to keep a favorable price for its consumers along with seasonal discounts in order to increase the sales of the product.
Place:
Place means availability as well as distribution of the product and one cannot decide the place without keeping the target audience in consideration. So, it is very important to critically evaluate that where the product is highly sought after and the optimal way to select the best distribution channel. The strategy of distribution should be unique in comparison to the other competitors existing in the market place. Offline as well as online demands of the products must be properly calculated.
Promotion:
Promotion refers to the spreading of the word. It includes the words that are being conveyed, to whom are they said, by which mode the audience is being reached, and what is the frequency of promotion. It makes use of various techniques such as sales, advertising, emails, social media, public relations, etc. The target is to increase the awareness of the brand among the customers so that sales can be increased. Hence, it is necessary to understand where and when the audience should be targeted along with the optimal time of marketing. One must deeply understand the promotion strategies of the competitors in order to compete with them in the market.
People:
Business highly relies on the people who manage them. So, it is extremely important to have the right individuals in the team because they are equally important as product as well as price. The people of the team must be enthusiastic enough to give immense effort for the growth as well as the development of the company. They should offer exceptional services to consumers and must be open minded so that they can accept whenever they are wrong or lagging behind in any area.
Process:
The process of the marketing mix refers to the methods via which the service or the product is presented in front of the consumers. Methodological operations, sales funnel as well as distribution system can make sure that the organization is functioning in the best possible manner. It also involves the number of inquiries received by the sales team, tasks completed by individuals as well as assessment of the performances of the employees of the company.
Physical Evidence:
It is a very necessary evidence for all the other P’s of the marketing. It can be intangible or material but evidence of the delivery must be provided at all costs. Customer service, packaging of the products as well as receipts are the examples of physical evidence. Physical proof is the perception of the product of a firm in the market. Continuous promotions, branding, and advertisements are a way to influence the views of the target audience regarding the brand to make sure that the brand comes immediately into the mind of customers when they listen to a particular phrase, word, or sound.
