What is the first thing that comes to your mind when you think about marketing?
Is it selling? Then, it’s time to change your thoughts about it. A lot of us have this misconception that marketing is all about selling whatever we have to the customers. No, it isn’t. We need to be very clear with the basic fundamentals of marketing to clear this mix-up about marketing.
In this article, we’ll be looking at the marketing basics that everyone needs to know about. Irrespective of the industry, if there is one common thing that can make any business attain their goal and grow bigger, then it is marketing.
The success of your business depends on how well you market your products. A business is defined as a successful one only when it makes huge profits. To make those profits, every business needs a customer base and it’s also important to know about the needs and wants of a customer. Only marketing can help us in understanding the customers better. That is why we should learn and do marketing.
Now that we have seen why should you learn marketing, let’s see What is Marketing?
What is Marketing?
To understand marketing, let us take the CCDVTP concept of Philip Kotler, who is considered as the father of modern marketing.
CCDVTP stands for Create, Communicate, Deliver Value to the Target market at a Profit.
C – Create
Creating a product (goods or service) that will provide value to the customer. Here value means the benefits that the customers receive through the product that meet their needs.
C – Communicate
Communicating about your products or brand in general to the customers. Communicating to your audience about the value that your product is delivering is important in business. Today companies try to create a lifelong relationship with customers by having good communication with them.
D – Deliver
Delivering is not about getting your products into the consumers hands, it is about delivering value to the customers through your products. Customer management helps to reach the target customers and also in understanding their behaviours. Eventually that will come in handy for creating a product that can deliver value to the customers.
Whatever you create, it’s important to deliver them to the right audience at the right place at the right time.In short, marketing is creating, communicating and delivering value through your products to the right target audience at a profit.
Next, let’s move on to the various types of marketing that are practiced by several companies around the world.
Types of Marketing
Guerilla Marketing is a type of unconventional and creative strategy that is set to catch people’s attention unexpectedly in their busy life at a very low cost.
Green marketing is the marketing of products that are considered as environmentally safe.
Influencer marketing is driving the information of products or brands through people who have influence over the target audience to the marketplace.
Keyword Marketing is a branch of internet marketing where specific words, which customers search for on the internet, are used back to reach the target audience.
Relationship Marketing refers to the marketing strategies and tactics for segmenting consumers to build loyalty.
Viral Marketing is a phenomenon that encourages people to pass a message about a particular product or brand to others.
The 4P’s of marketing framework developed by Edmund Jerome McCarthy that make up a typical marketing mix are:
Product, Price, Place, Promotion.
A product is the goods or service that you are selling or offering to the customers.
Price refers to the cost at which the product is sold.
Place is where the company should sell or market their products so that it can reach the right audience.
Promotions are simply the activities taken by a company to create awareness about their product or brand in general to the customers.
7P's of Marketing
The extended 7P’s marketing mix framework:
The 7P’s of marketing by Booms and Bitner includes the original 4P’s of marketing and in addition to that, we have 3 more P’s: people, process and physical evidence.
People refer to those who work for your business both directly and indirectly, including yourself.
Process refers to the activities and procedures involved in delivering your products to the customer.
Physical evidence refers to everything your customers witness and experience when interacting with your business.
So that’s it, with the marketing mix we have seen some very basic elements of marketing that I felt everyone needs to know about in this article. These foundational concepts of marketing might be seen as boring but these are the most essential roots of marketing that play a crucial role in every business.
Learn marketing to become a better creator.
“Authentic marketing is not the art of selling what you make but knowing what to make.” – Philip Kotler