MARKETING — CONCEPTS AND PRACTICE
Marketing refers to the activities a company undertakes to promote the buying or selling of a product or service. It includes advertising, selling and delivering products to consumers and other businesses. Some marketing is also done by affiliates on behalf of a company. In the real world, marketing is a comprehensive subject and consists of a range of proactive variables which are to be solved by a range of techniques, tools and models. As such, marketing is a highly scientific subject. Besides, it also involves a lot of creativity and constant upgradation of knowledge and skills.
Earlier people used to do marketing in a very simple way where the medium was not money, they used to barter their goods and services and fill their needs. With the growth of technology and consumer focused marketing, the process of marketing has shifted from traditional to more proactive and dynamic digital marketing.
Marketing is done in many ways to promote a person or a product or services.
By Tradition Marketing & Digital Marketing we can reach the masses. In Traditional Marketing a number of platforms are available for marketing such as television, newspapers, magazines, radio and cinema, hoardings, pamphlets, brochure and businesses are using these mediums to reach to the people. These are very popular among masses and they reach to the people at grass root level and are known as direct marketing. The job of a marketer is to seek attention and attract the customers and talk about products or services so as to create demand among them. Apart from marketing one should have knowledge of global economics and law, taxation laws as they are very essential parts of a successful business.
Five essential marketing concepts we should know:
1- The Production Concept: It is the most operations oriented process. The basic idea of this concept is that businesses will want to produce widely cheap products in maximum volumes to maximise profitability and scale. Businesses assume that consumers are primarily interested in product availability and low prices. While customer’s needs might not be fully addressed. An example of this is the use of developing countries to output cheaper products in higher quantities. A historic example is Ford automobiles which manufactured many cars but all came out the same without customization or user input.
2-The Product Concept: It focuses more on the customers like products that offer quality, performance or innovative features.
3 The Selling Concept: This concept is the bread and butter of the marketing efforts as it believes that people will not have enough of a business’s need to persuade them to do so. Businesses that used this concept must be good at finding potential customers and emotionally sell them on the benefits of their ‘not needed product.’
4- The Marketing Concept is a concept of competition that believes that the success of the business depends on the marketing efforts that deliver the better value proposition than its competitors. This concept focuses on the needs and wants of target marketing as well as delivering value better than its competition through marketing. Its preferred option is the best example in the existing competition between Pepsi & Coke who sell similar items but their value propositions are not the same.
5- The Societal Marketing Concept is the most progressive and modern applicable marketing mindset to have. It believes in giving society by producing better products that help the world be a better place.
Steps to Create a Successful Marketing Plan:
The undermentioned steps are highly critical and very important to market goods or services. Marketing in order to be successful must be well planned and we must create a marketing plan as under:
- Prepare a Mission Statement.
- Determine Our Audience.
- Describe Our Services.
- Spell Out Our Marketing and Promotional Strategies.
- Know Our Competitors.
- Establish Marketing Goals which are Quantifiable..
- Monitor Our Results
Types of Marketing and strategies
The major types of marketing are:
1- Outbound marketing
2- Inbound Marketing
3- Online Marketing
4- Offline Marketing
5- Content Marketing
6- Email Marketing
7- Search Engine Marketing
Broadly speaking, there are two main types of marketing strategies:
1- Business to Business (B2B) marketing.
2- Business to consumer (B2C) marketing.
Significance of Traditional and Digital Marketing
The importance of both Traditional marketing and Digital Marketing are similar although the end results in both forms may vary depending on organisation (organisational capabilities and costs they want to incur) and their customers and clients. In this regard the various important advantages of Traditional and Digital marketing are as under:
1- Wide reach.
2- Niche Marketing.
3- Cost effective.
4- Measurement and tracking.
5- Performance oriented.
7- Real time results.
8- Audience control.
10- Open New Markets.
Due to consistently high growth in the number of internet and broadband users, easy and affordable availability of digital devices and simultaneous increase of online marketing, Digital Marketing is here to stay.
Ignoring digital marketing is like doing business without telling anyone. Why is it so important to learn Digital Marketing? Answer is that it is based on technology and to survive, a business has to grow and become a leader. It is very important to learn marketing in a scientific manner for an organisation or business to survive their business in all conditions. Marketing management is a very important subject in Business Management. It is well said that even entrepreneurs should learn marketing tactics to remain in business so that they can target their target customers in the most successful manner at the right time with the right messages.
Benefits of Digital Marketing::
1. Custom focused and Consumer Centric
2. Full range of a product can be seen with exact specifications which is not possible in traditional marketing.
3. The cost of a product and service is far cheaper.
4. Expenses of the Company are comparatively low
5. Direct connect with customer needs and wants leading to Customer Satisfaction and Customer Delight.
6. Easy to analyze customer behavior and opportunity to customise products and services according to their needs.
7. Better return on investment and generate more profits.
8. Companies can run their business on larger scale globally
9- Digital Marketing helps in creating and developing products and services as major brands enhancing brand awareness.
Skills Required to be a Successful Digital Marketer
2. Knowledge of marketing concept as they remain same
3. Knowledge of Digital Tools to create awareness and monitor such as Google Analytics, Facebook Pixel.
4. Use of different digital platforms to maintain presence of product or services.
5. Chain development of products and services.
6. Excellent communication skills.
7. Building trust among audiences.
8. Ability to write quality content.
9. Knowledge of Local & Global Business.
10. Creating a Quantified Business Goal.
11. Selection of audience for business.
12. Developing unique products.
13. Creating a brand.
Content is an integral part of the Digital marketing process and acts as the bridge between product and consumer needs. Digital marketing content gives a clear picture of a brand and products. A digital marketer requires excellent communication skills, thorough and deep knowledge of product or service, and also needs to present the specific product or service in a simple lucid style. Lots of efforts are made to prepare quality content to create deep understanding and trust between consumer and marketer. It helps to boost brand image, sales, and everlasting relationship with the customers.
An individual with the qualities like market leadership, mentoring, deep knowledge of the subject, good communication skills, art of engaging the audience, passion for learning and sharing with others are attributes to project a person as a brand. Best examples are book writers (Chetan Bhagat) , TV show host ( Amitabh Bachchan) and Online education (Deepak Kanakraju).
Strong relationship between advertising and marketing
Advertising is an integral part of marketing, there is no scope of marketing without advertising. Digital Marketing ads are prepared for different digital platforms to create awareness, getting leads, building trust and performing sales. In Traditional Marketing advertising is done through Print media and Electronic media. A high quality of creativity is involved in creating different types of ads, campaigns, events and webinars.
Traditional marketing has limited reach whereas digital is unlimited whereas digital marketing too much depends upon technicality, devices, Internet connection.
The Traditional market is highly successful in rural marketing and the area where internet use is not available and people are not friendly to use it and access the supply chain of products.
Finally, I strongly feel marketing is a highly fast developing subject where one should always keep upgrading one’s skills. More so, one must constantly enhance and hone his /her skills in a systematic methodical manner. It is a never ending process even if someone is an expert in marketing — traditional marketing or digital marketing. Both patterns of marketing have their own significance.One should know where he/ she can do best and constantly specialise and upgrade skills to keep himself/ herself unique and in demand.. At last we can say that a successful marketer uses both marketing methods to rule over the market.
Written by Archana Bajpai for Digital Marketing Internship Batch 7
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