The marketing tutorial provides basic and advanced concepts of marketing. Our marketing tutorials are designed for beginners and professionals.
Our marketing tutorials cover all topics of marketing like marketing mix, marketing strategy, marketing segmentation, planning, customer relationship management, branding, traditional marketing and cyber marketing.
What is Marketing?
Marketing is a group of activities used to identify people’s needs and produce products or services to meet their needs. This means that you must identify your target market areas and offer quality products and services.
1. According to the Board of Directors of the American Marketing Association (AMA):
“Marketing is the set of activities, institutions, and processes of creating, communicating, delivering, and exchanging offerings that hold value for customers, customers, partners, and society at large”.
2. According to Dr. Philip Kotler:
“The science and art of discovering, creating and delivering value to meet the needs of the target market on a target. Identifies the unfulfilled needs and desires of marketing. It defines the identified market size and profit potential Is, measures and measures. ” Pinpoints, which segment, the company is able to deliver the best service and it designs and promotes appropriate products and services ”.
The marketing mix is also called the “Four P’s of Marketing” as it mainly focuses on product, price, location and promotion. These four elements of the marketing mix help to place a right product, at the right time, at the right place, at the right price. Each element has influence over the others and they can be adjusted to achieve the right combination.
The four P’s of marketing are discussed below. This will help you understand why market research and market understanding are necessary to design an effective marketing mix.
A product is an item or a service that satisfies the need, desire or demand of a specific customer. It can be a tangible item like a book, pen, cell phone or an intangible service like hospitality and banking. A right product or service effectively satisfies customer needs, wants and demands. The most common points that companies typically consider when designing a product or service are:
Aesthetic Appeal: Are products and packaging visually appealing or not?
Features / Benefits: Does it provide the features and benefits that a customer is expecting?
Functionality: working or not?
Competition: Is it able to compete with other similar products or services available in the market?
Reliability: Is it durable or not?
After finalizing the product or service, the next step is to fix the price. Some factors that are primarily considered to be the price of a product or service are the cost of production, target market segment, demand and supply, price of competitors and market ability to pay. Some popular pricing strategies based on these factors are:
Cost based pricing: The cost of production, distribution and promotion is calculated. Accordingly, the cost of the product or service is determined to recover as well as to make a profit.
Skimming: In an effort to reduce costs and achieve maximum profitability in a short time, the company launched its new product at a relatively high price. Later, when similar products are available at a lower price in the market, it can reduce the price.
Penetration pricing: The company offers its new product at a relatively low price. This helps the product to attract more customers and easily enter the market segment. Once it occupies the required stock market, the price can be increased.
Economy pricing: The company keeps production, marketing and other costs low. This keeps margins very low so that the product can be offered at a low price.
The product should be available at the right place. The place where a buyer expects your product and your product will be seen by many buyers.
This element of the marketing mix covers the entire distribution system. You can study the existing distribution channel and accordingly design your product to efficiently reach the desired locations. The distribution channel can be direct or indirect. In direct delivery, your product reaches the customer directly without involving an intermediary. Indirect distribution may include intermediaries such as agents, retailers, wholesalers, the Internet, and distributors.
Promotion involves making people aware of the presence of your product. Through promotion companies differentiate their product from other similar products. They educate people by providing relevant product related information and encourage them to buy.
There are many ways to promote a product or service. From these you can choose the best that suits your budget and strategy to create an effective promotional mix.
Some effective means of promotion are;
- Public relation
- Trade fairs and exhibitions
- Social media Marketing
- Search engine marketing
- Email marketing
A marketing plan is a written business document of a company. It includes all the necessary tasks that the company will do to achieve a specific goal such as increasing market share or launching a new product or service. The length of a marketing plan is usually from one year to five years.
Marketing planning helps in optimum utilization of resources and time. There are seven basic components to an ideal marketing plan.
1. Market Research
Nothing can be planned without relevant information. Hence market planning starts with market research. All information about the market that is currently purchasing your product or service and can buy the product or a service you are planning to launch.
2. Target market
After market research, define your target market. You should know who you are taking and what their priorities are for absorbing marketing massage. Accordingly, design all your marketing efforts keeping this particular segment of buyers in mind. So that a right massage can reach the right buyers in the right way.
3. Competitive Analysis
A marketing plan is not complete without analyzing the level of competition. So also include information about other players who are offering similar products and services. Accordingly, when contacting the target segment, pay attention to your unique sales offers so that you stand out from the crowd.
4. Marketing Strategy
Marketing strategy helps in maximum utilization of limited resources and time to reach your target audience. Some might call it a marketing mix because it mainly focuses on product, price, place and promotion. So clearly define the features and benefits of your product, pricing strategies, promotional tools and distribution plan.
5. Marketing Budget
The marketing budget can be developed by finding out the cost of marketing activities such as advertising, website development, public relations, marketing staff salaries and office space rent. The marketing budget will help you focus on marketing efforts that are less expensive but more effective.
6. Marketing Goals
Are your marketing goals your quantitative action program? Means to make a list? With a time limit. It tells when to do a particular job, who will complete it and when it will be considered, such as increasing market share by 20% this year, gaining 10 new customers in a month, or increasing profits by 30% in a year. .
7. Market Monitoring Monitoring
You must indent and describe the tools you use to monitor or evaluate market response to your marketing activities. This will help you understand how effective your marketing plan is and to make necessary adjustments if necessary.
Market research is an important tool of marketing management. It is a process of gathering relevant information about the market. It helps to find and understand target markets and produce products and services accordingly. The tool is also used to detect and resolve various marketing issues.
The basic five steps involved in market research are:
- Identify and define the problem or purpose
- Design research plan
- Collect information
- Analysis of information
- Current Conclusion
Marketing strategy is about using your limited marketing budget and time effectively to achieve your marketing goals. It tells which marketing programs you should focus on to reach your target market. An effective marketing strategy requires conducting a sound market research.
A list of marketing strategy processes is given below.
Market segmentation is a process in which we divide the entire market into different segments of buyers. Each segment is different from the others and consists of people with similar needs, preferences and affordability. They react in a similar way to a new product and service or any market fluctuations.
There are four basic criteria for market segmentation:
- The behavior