Marketing 101 for Beginners
What is Marketing?
The act of driving profitable customer action is termed as marketing. It incorporates the full extent of tactics and strategies the companies utilize to put goods and services in the market, and attract the target audiences to purchase their products.
Understanding the Marketing Mix and the 4 P’s of Marketing
Marketing may be all about complexity, but at its core, it revolves around four main things: product, price, promotion and place. Strategies, tactics and channels may change, but these principles never change and everything else revolves around them.
There are some models which expands these basic principles to 7 P’s or another variation. However only these 4 fundamental principles should be more than sufficient for developing an understanding of how marketing actually works.
The physical goods (such as car, phones, etc.) or services (like consulting, counselling, a subscription, etc.) that a company sells to the customers are known as products. From the perspective of marketing, followings things would need to be regulated:
How many product variations or lines should be sold?
For example, manufacturer of a car might need to strategize on which vehicle categories to build such as SUVs, sports car, pickup trucks, family cars, sedan, or family cars.
How should the products be presented or packaged?
For example, if the company have made car floor mats for replacement, should they come in a carton? A bag? Something else?
How it will be serviced?
This includes services like warranties, handling returns, washing services and so forth that a company could provide.
Marketers might even have some say in product designing and which features it might include. For this marketers and product developers communicate closely.
Price is not just how much a stuff costs, there is much more to it. If we consider marketing as a driving profitable action, then prices need to be fixed at a level that the market will support. Some marketing considerations with prices are:
What is the market price of a product per one unit?
To determine a fair price of a product, given its cost to produce, there is requirement for market analysis and competitive research. What people are willing to pay should also be kept in mind.
How should discounts be timed and applied?
Frequency of sale is determined. Products are put on sale at different times of a year.
Does payments options should be given?
Full payment is required for buying a product or financing is also an option.
One should keep it in mind that if a product launches but no one cares, its existence doesn’t matter. Yes, technically it does exist, but it is just taking up space if no one’s is buying it. Products promotion is must.
Which channels will be used for promotion? It includes online and offline channels.
Where will it be promoted? Online/offline/in stores/at events.
What message needs to be given? Important details about the product and encourage the public to buy it.
People can only buy products if they are right and placed at right place.
Where is the product distributed by the company? Online or Offline.
Will specific locations get the product? Clothing meant for cold weather needs to be sold at locations with low temperatures rather than locations with high temperatures.
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