Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
If we see in our surroundings almost every one is a marketer selling product or services to their target consumers for example a vegetable vendor to a cab driver or a salon . The success of every business depends on reaching out to the right target consumers. In this Article we will understand the fundamental of marketing.
Marketing process starts much before the product development stage. The first step is knowing your TG and understanding their need . Companies like Apple , Google, Tencent, Hyundai, BMW go deep into understanding the need of the customers and develop the product accordingly. This is called “Finding your Niche”
Fundamental of Marketing:
For all its complexity, at its core, marketing revolves around four things: product, price, promotion, and place. Tactics and channels change, but these are the concepts everything else revolves around, and they’re principles that never change.
- Product: What are you selling? A hand-crafted luxury item? A daily use product ? Whatever it is, you’ll need to think about how to package or present it. Marketers should be familiar with all the features and specifications of the products they sell.
- Price: To determine how much your product should cost, you’ll need to do some research. Learn how your competitors price their offerings, and understand how much consumers are willing to pay.
- Promotion: These days, marketers have many channels through which to promote their products. From radio ads to social media banners, you’ll need to decide which are right for your brand.
- Place: Your customers need to be able to find and purchase your product. Can they buy your product online? Do they need to visit a store? Additionally, you’ll need to consider how much inventory to hold and where to keep it.
Traditional Marketing Vs Digital Marketing
The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines, newspapers, Television, Radio, Outdoor advertising while digital marketing uses digital media, such as social media or websites.
As we have seen a dip in the print medium specially and so many magazines and newspapers are closing down or reducing pages . Television still has a strong place in traditional Media. In our country we have 197 million TV sets.
The Advertising media plan depends on the various factors such as which age group ypu want to target ? what is the budget of the campaign you are planning? THe campaign is for Hindi speaking market or any regional market or Niche market ? depending on all these factors a media planner makes a media plan.
For Example Samsung Galaxy Note is an expensive product and a Media planner will include English channels , Top Hindi Channels, sports channels , top news papers , Tech Magazines and will also include the digital handles as well. On the other hand this kind of media plan cost approximately 5 Cr for a 4 weeks plan.
However impactful traditional marketing is, we can’t forget that we are well and truly living in the internet age. Digital Marketing allows to plan a campaign in much less budgets. By the digital medium The specific audience can be targeted for example if i want to run a campaign for an IOS app i can target all Iphone owners. This kind of targeting is not possible with any other medium.
Digital marketing channels include:
- Social media (Facebook, Instagram etc)
- Content marketing
- Affiliate marketing
- Inbound marketing
- Email marketing
- PPC (pay per click
- SEM (Search engine marketing)
CAAT Marketing Funnel :
Wealth =n ^ CATT
N — stands for Niche. The unique no.1 offering you have for your audience.
C — stands for Content. Create useful content, blogs, emails, videos, podcasts, webinars, posts, and much more to generate leads.
A — stands for Attention, pulling traffic to your content. Also through social media ads etc.
T — stands for Trust. Personalize your communication in emails.
T — stands for Transaction. Convert leads into customers.
Integrated Digital Marketing :
Integrated digital marketing is, as it sounds, the integration of multiple marketing strategies to form a cohesive online approach for your business. Here’s what it typically entails: web development and design. search engine optimization (SEO) and search engine marketing (SEM) content marketing.
The idea behind integrated digital marketing is that, while each individual strategy doesn’t have a huge impact on its own, when used in conjunction, you can create a more influential online presence.Of course, there are still one-off campaigns out there, but most agencies are moving toward integrated solutions, as a well-rounded marketing strategy provides better visibility and ROI for businesses online.
Personal Branding Mass Trust Blueprint :
People don’t do business with companies. They do business with people they like. We have relationships based on trust and mutual connections.Even big companies have people whose personalities serve to advance their brand’s mission. Apple had Steve Jobs, Tesla has Elon Musk, and Virgin has Richard Branson. If you’re a small business owner, then this persona is probably you.
One of the most fundamental and enduring things Rory has heard about leadership is that a leader’s job is to influence people’s thinking. Today, avenues exist for personal branding that give any leader an outlet to influence people’s thinking. This can include their customers; vendors; shareholders, stakeholders, and partners; and even their employees and internal team members.
If you are aspiring to become a freelancer and want to make your personal brand you can start from learning and then Implementing and getting the practical knowledge , write a blog build a trust amongst the target audience , help the businesses with the consultation by using your experiences, help the amateurs and spread the knowledge. Finally now you can start your start up.
The points discussed in the article are the basic fundamentals of marketing. Marketing is a huge topic, which is why there are tomes written on marketing, and why you can take a four-year marketing degree. If you have learned something and found the article useful. Please leave a feedback in the comment box and don’t forget to like and share .