Marketing is the activity of creating communicating delivering, and exchanging offerings that have value for customers, partners, and overall society at large. Here in this article, we have explained what is marketing and its meaning, definition, types, process, and advantages.
► What is Marketing?
The marketing concept is a vital aspect for deciding the requirements, and wants of target markets, conveying the ideal fulfillment all the more proficiently and adequately by contenders is basic to accomplishing hierarchical objectives.
For example brands Advertisement on TV, Billboard Ads, Co-sponsored and promotional events, and magazine ads. Be that as it may, not all organizations approach the need to showcase their products and services the same way.
◉ Marketing Meaning
The expression “market” alludes to the social occasion spot of buyers and sellers to manage exchanges including the trading of products and services.
The expression “market” comes from the Latin word “Mercatus,” and that signifies “to trade.” Marketing means where there are buyers and sellers.
◉ Definition of Marketing
Marketing is the management process responsible for identifying, anticipating, and satisfying consumers’ requirements and profitability. – Chartered Institute of Marketing
Marketing is the science and art of exploring, creating, and communicating value to satisfy needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services – Dr. Philip Kotler
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers clients partners, and society at large. – American Marketing Association
Marketing can be defined as the whole business seen from the point of view of its final result and customer satisfaction. – Peter Drucker (1973)
► Objectives of Marketing
Marketing objectives are the SMART goals or targets set by a company for the product. It is often part of overall organizational objectives.
- Building Brand Reputation
- Generate demand
- Customer Satisfaction
- Sales Maximization
- Enhance Product Quality
- Brand Awareness
- Brand Positioning
- Finding New Customers
- Increase Market Share
- Increase Product Differentiation
- Target New Market (Segmentation)
► Scope of Marketing
- Product Design
- Product Implementation
- Pricing of Product
- Selection of Layout
- Publicity of the product
- Distribution Channel
- Selling of Product
- Customer Feedback
► Features of Marketing
- Systematic Process
- Integrated Approach
- Products, Ideas & Services
- Target Market
- Pervasive in nature
- Customer Satisfaction
- Competitive Advantage
- Corporate Image
- Expansion of Business
- Organizational Objectives
- Market Situation
- Social Interest
◉ 4 Major Elements in Concept of Marketing
- Needs and Wants
- Making a Market Offering
- Customer Value
- Exchange Mechanism
✔ 1. Needs and Wants:
The showcasing system helps purchasers in getting what they require and want. A need is supposed to be known as a condition of hardship or the inclination that one is denying oneself something. Needs are basic to people and are disconnected to a particular item.
✔ 2. Making a Market Offering:
The market offering is the most common way of offering and presenting an item or administration with explicit elements like size, quality, taste, etc to sell.
✔ 3. Customer Value:
Promoting used to work with the trading of products just as administrations among purchasers and dealers.
✔ 4. Exchange Mechanism:
The trading instrument is utilized in the showcasing system. Trade alludes to the interaction where at least two gatherings are used to meet up to get the ideal products or administration from somebody in return for something. For instance, cash is the vehicle of trade used to buy or sell an item or administration.
The following conditions should be met for a trade to happen:
- a) There must be involvement of two parties i.e. buyer and seller.
- b) Both parties must give something of value to each other in return.
- c) Correspondence and communication between the buyer and seller.
- d) Both have the right to accept or dismiss the offer.
- e) Ready to do the transaction for the exchange by full consent.
Also Read :What is Rural Marketing?
► Process of Marketing
- Mission and Objective Plan
- Market Situation Analysis
- Marketing Strategy
- Marketing Mix
- Implementation and Control
Let’s discuss all these steps involved in the marketing process in more detail.
◉ Step 1: Mission – Mission Statement, Organizational Objectives, Understanding the Customer needs and wants.
◉ Step 2: Situation Analysis – Identity opportunity SC Analysis, SWOT analysis, and PEST analysis.
◉ Step 3: Marketing Strategy – Define your target audience, Set measurable goals to develop a budget. Build SMART Goals and strategies for customers and formulate an Integrated marketing plan that delivers superior value.
◉ Step 4: Marketing Mix – Product development Pricing, Promotion, Place, and Distribution. Build profitable relationships by communicating via advertising champagne.
◉ Step 5: Implementation and Control – Put the plan into action and Monitor Results. Providing value to the customers.
► Types of Marketing
- Advertising
- Personal Selling
- Digital Marketing
- Inbound Marketing
- Content Marketing
- Social Media Marketing (SMM)
- Search Engine Marketing (SEM)
- Email Marketing
- Influencer Outreach & Sponsorships
- Affiliate Marketing
- Word of Mouth
- Sales Promotion
- Direct Marketing
- Public Relation (PR)
► Advantages of Marketing
- Brand recognition
- New product ideas and improvements
- Increase in Sales and Revenue
- Cost Effective
- Higher Return on Investment (ROI)
- Better Corporate Image
- Generate Demand in Market
- Reach out to Potential Customer
- Cope up with the Market Competition
► What can be Marketed?
- Physical
- Product
- Services
- Ideas
- Person
- Place
- Experience
✔ 1. Physical Product: Physical Product implies an Identified Product and its bundling as sent or conveyed to buyers, including naming, pictures, embeds, packaging, and some other bundling or materials that go with the Identified Product and contain or reflect Communications.
✔ 2. Services: Services are the non-physical, immaterial pieces of our economy, rather than products, which we can contact or deal with. Administrations, like banking, instruction, clinical treatment, and transportation make up most of the economies of rich countries.
✔ 3. Ideas: Ideation is a fundamental piece of a showcasing group’s liabilities. It is the most common way of concocting new and inventive ways of drawing in your crowd and driving development.
✔ 4. Person: It is the utilization of endeavors intended to draw in the consideration, premium, and inclination of an objective market toward an individual.
✔ 5. Place: Place in advertising blend alludes to the topographical area where the organization sells its items and offers its types of assistance. It is said that area is one of the main pieces of promoting technique.
✔ 6. Experience: Experience advertising, likewise alluded to (refers) as “experiential showcasing,” is a technique that utilizes in-person occasions to advance items. The objective of involvement advertising is to make a great buying experience, expanding your client esteem improvement.
Also Read :What is Sales Budget?
► 7 P’s of Marketing
- Product
- Price
- Place
- Promotion
- People
- Processes
- Physical Evidence
► What is Marketing Mix?
The term “Marketing Mix” was first introduced by Neil Borden, Later on, E. Jerome McCarthy refined Borden’s model and reduced them to four elements. These elements are founding principles and are now referred to as the 4 Ps of Marketing.
The marketing mix is a vital concept of marketing management. The main objective of every business organization is to earn and maximize its profits.
For doing so, they concentrate on 4 factors, i.e. Product, Place, and Promotion. known as the marketing mix.
◉ 4 P’s of Marketing
- Product
- Price
- Promotion
- Place
1. Product
The first P of the Marketing mix is Product. A product can be either a tangible good or an intangible service that fulfills customers’ needs and wants.
Whether you sell clothing, packed food items,s or provide luxury hotel rooms for accommodations. It’s essential that you have a clear idea of exactly what your product is and how it is different from others then only you can market it successfully.
Product Strategies are based on the elements i.e. Features, Quality, Branding, Packaging, Guarantee, etc.
2. Price
Once we get clarity about the product and its offering, then we can start making some pricing decisions. The price of the product will impact profit margin, supply, demand, and marketing strategy.
The Price of the product is the amount that a customer pays to buy that product. Price is an important component in the marketing mix. The elasticity of Pricing may influence our next two ps which are Promotion and Place.
Three major Pricing strategies are Market Penetration pricing, Skimming Pricing, and Neutral pricing.
3. Promotion
Promotion is a very important component of marketing as it can boost brand recognition and sales, Promotion is comprised of various elements such as; Sales Promotion, Public relations, Advertising, and Personal Selling.
Each promotion strategy must be supported by a well brand positioning to truly maximize return on investment (ROI).
Promotion Strategies are Advertising, Sales promotional channels, PR, and Discounting strategy.
4. Place
Marketing is all about putting the right product, at the right price at the right place and at the right time. It is true and to evaluate the best location to maximize sales one should have a deep understanding of the target market.
Distribution and Placement of the product must be done effectively. The position and distribution of the product should be in a place that is accessible to potential buyers.
Placing Strategies are Intensive distribution, Exclusive distribution, Selective distribution, franchising, Channels Locations Inventory, Transport, and Market Coverage strategy.
► Who is a Marketer?
It is also known as an advertiser. A marketer is an individual who puts forth an additional attempt to recognize the requirements of the buyers and deal with the item or administration just as convince them to purchase during the time spent trade.
Merchants, as advertisers, are the ones who give fulfillment. They make items/administrations accessible and offer them to clients to address their issues and wants.
They are delegated as follows:
- a) Product advertisers (like Hindustan Lever).
- b) Administration advertisers (like Indian Airlines).
- c) Others promoting encounters or places (like Walt Disney) (like traveler objections).
Advertising exercises are those attempted by advertisers to work with the trading of labor and products among makers and purchasers.
► What is Marketing Management?
In marketing management, the board is the organization of advertising capacities. It is considered the most common way of getting sorted out, coordinating just as controlling the exercises related to showcasing labor and products to address the issues of clients and accomplish authoritative objectives.
MM is the board is a course of controlling the promoting viewpoints, defining the objectives of an organization, coordinating the bit of the plan by bit, making choices for the firm, and executing them to get the greatest turnover by satisfying the buyers’ needs.
◉ The Process of Marketing Management Involves
a) Identifying Objectives of the company.
b) Driving interest by delivering items that address the issues and interests of clients.
c) Make, create, and convey unrivaled client esteems.
- To offer predominant benefit items/administrations to forthcoming clients.
- To impart these qualities to other possible purchasers to convince them to buy the item/administration.
Also Read :What is Sales Quota?