If you are a Business then Marketing Understanding is as essential as your Product, as Marketing makes the Customers Aware of your products and services, allows products to engage with the customers, and helps them make a buying Decision. Apart from this, Marketing in a business helps create Demand, Relevance, and Reputation
Quick links :
1. What is Marketing?
2. How can your business be visible to millions?
3. 7 P’s of Marketing
4. Traditional Marketing
5. Digital Marketing
6. Advantages of Digital Marketing
What is Marketing?
Are you the one, Who searched a lot but didn’t get any answer to your question about What is Marketing?
If yes, so you are at the right article as here you will understand the term Marketing and Types of Marketing
Marketing is Advertising your offerings better than your competitors, which generates Sales
It simply means that what we are offering to our customers is either Products or services that should be advertised in such a way that it should be better than our competitors in all aspects and At last, our marketing should generate some kind of revenue for us. The end goal of a Business is to drive Value and through the value that is provided to customers, a company generates Revenue
How can your business be visible to millions?
In a world full of millions of Brands and Marketers, it is essential for you to make your brand visible to your target audience, and you can look forward to certain strategies to do so :
=> 7 P’s of Marketing
=> Traditional Marketing
=> Digital Marketing
7 P’s Of Marketing :
1. Product :
Product is what we are offering to our customers,
It can be anything that we sell either on Online or offline mode and
services that we provide using an online medium can also be part of it, Product marketing includes how our product is different from that of our Competition.
There should be a Unique Selling Proposition in our product on which base
marketing can be done. Also, the packaging of the product should be unique and attractive in itself.
2. Price :
The higher the price of a product the higher the value and the lower the price of lower the value.
The Value of a product in the mind of the Consumer is directly proportional to its price and thus a product’s value on the same base.
There are two strategies that are prevailing in the market in terms of pricing a product
• ₹ 99 Strategy :
According to a 1997 study published in the marketing bulletin, approximately 59% of prices in advertising
material ended in the digit 9. Prices ended with this appear cheaper than they really are this pricing is used
for common and Cheap products. Eg: 99, 999, 9999
• ₹ 101 Strategy :
Marketing Strategies are Psychology Games that are played with the Consumers, In this pricing strategy
only and only exclusive products are kept that are unique and expensive, also the price also ends with
an odd no eg: 5057, 1037
3. Place :
It says the Product or Service you are willing to sell how, who, and When to the customer.
We generally need to answer how we can provide that service, to whom we have to provide that, and When we can provide that? We have compared our offerings with the competitors and readjusted them in a unique way.
Generally, there are three ways :
A. D2C :
Direct two Consumer is a way in which you as a brand or a manufacturer sell your own product directly
to the Consumer, it can be done through both online and offline medium
Producer → consumer
B. Dropshipping :
In this process, you work as a middleman between the manufacturer and the actual consumer
and earn the commission in between
Manufacturer → Retailer → consumer
C. Traditional :
In this traditional process, the company or the manufacturer keeps the distributor for sales,
and it is the duty of the distributor to avail products to retailers thus consumers can collect from retailers.
It’s a full offline process and can be seen only in big and established FMCG companies.
4. Promotion :
Promoting or Marketing a Brand requires Tools and Strategies but the most important factor is the right research and having a check on competitor strategies. After Analyzing and Researching the Company and its Competitors Marketers make Strategies and Execute them accordingly
5. Physical Evidence:
If you are a Business with a Shop or a Physical Store, Your Physical Evidence (Interior, Property, location) Should be favorable to the customers, and the Vibe of the Location should attract more Customers.
6. People :
It is a saying that “Vibe Comes from the People”, It means the employees working with you in your Business should be Disciplined and maintain the Dacorum of the workplace and they should be honest with the Customers and their Work
7. Process :
It is the Final and the Most Important part of the 7P’s of Marketing is SOP( Systematic Operating Procedure ) as it defines the Growth of your Business and Instructs on performing a routine task to improve efficiency and less complication with Quality Standards. It makes the Operations of a Business Efficient.
Traditional Marketing :
Traditional Marketing is a Type of Marketing that Performs its Operation through offline Mediums, it generally includes three main Categories :
1. Radio
2. TV Commercials
3. Billboards
These Marketing Mediums are not fully outdated but are evolved to work with Digital Mediums so today it is particularly known as Hybrid Marketing.
“A Hybrid Market Includes the Combination of
Traditional and Digital Marketing “
Digital Marketing:
Digital Marketing is a process of Advertising your offerings on Digital Platforms such as Search Engines and Social Platforms.
Let’s understand Marketing for a Better understanding of Digital Marketing.
A Business, either small or big run on some cost, and the cost is covered by the Product or Service that the Business
offers, to increase the sale of a Business, Marketing is necessary to be done and as well for the audience so they are aware of the product or service available in the market. This whole process of Marketing and Business moves in-around.
The Main purpose of Marketing is to Generate More Sales, so to Fulfill the objective of Marketing Advertising should be done in the Right place and to the Right Audience. Today more than our Traditional Mediums, the Audience prefers to be on Online Mediums and thus it creates a reason for Brands to market their product to their Target Audience on Social Platforms, This whole process of Business, Targeting, and Advertising comes under the process of Digital Marketing.
Advantages of Digital Marketing :
• Higher Engagement :
Today both Brands and Customers are present online on Social Platforms, Brands are Creating Content for Marketing and Customers are engaging with the brands for their unique marketing strategies
• Easy Analytics :
Data is a powerful weapon for today, and on social platforms, User Generated data is available thus making it easy for Brands to define their Targeting Audience and Market the right one
• Cost Effective :
Earlier Advertising was not a Cup of Tea for everyone but with the rise of Digital Marketing, Creating and Running campaigns has become easy enough with low costing
• Brand Development :
Today creating a Social Presence of a Brand is necessary as the majority audience for the brand is online and if they are not engaging with their audience on regular basis, they will be out of the race.
Types of Digital Marketing:
Digital Marketing can be broadly classified into majorly six parts,
• Search Engine Optimization
• Search Engine Marketing
• Social Media Marketing
• Email/SMS /Push Notification Marketing
• Remarketing
• Influencer Marketing
To Understand the In-depth Knowledge of Types of Digital Marketing refer to “Types of Digital Marketing”