Basics of Marketing... Must Knows

Hey people, to start off lets get some basics right….

What is Marketing ????

The Chartered Institute of Marketing define marketing as 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably'

Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'

The term marketing has changed and evolved over a period of time, today marketing is based around providing continual benefits to the customer, these benefits will be provided and a transactional exchange will take place.

Marketing objectives, goals and targets have to be monitored and met, competitor strategies analyzed, anticipated and exceeded. Through effective use of market and marketing research an organization should be able to identify the needs and wants of the customer and try to delivers benefits that will enhance or add to the customers lifestyle, while at the same time ensuring that the satisfaction of these needs results in a healthy turnover for the organization.

Simply, Marketing is actually an art of “Selling Ice to the Eskimo”

The best way to market or promote a product/service is by understanding the buyer psychology. No product or service can be sold or marketed if a customer/ consumer does not feel like taking it. Creating that feel for the customer is the most important thing for marketing a product / service…

Every person looks for something called W.I.I.F.M- What’s In It For Me

From a child looking for chocolate in his father’s briefcase or bag when he gets home to a young lad trying to run an errand for his neighbor to a businessman involved in a deal or an employee doing his job, to a young girl trying to open her gift, to a housewife cooking for her husband…. Each one wants to know one thing… W.I.I.F.M. .

The deal clicks when the marketer makes the customer / consumer realize the same.

If u give a customer what he wants he will definitely give u what u want ( order / sale / purchase ).

Hold on, that doesn’t mean that the marketer goes ga-ga over the product he is selling / marketing or keeps on saying, “ Boss this is going to benefit you…. That’s why u must buy it….”

Everything in this world happens only after trying, anticipation doesn’t help as much as practice. Analysis helps till a certain point but can’t replace the action of actually trying…

Some useful points for analysis:

Marketing Mix- the 5 P’s

[PRODUCT]
one identifies the needs and wants of the people.
[PLACE]

one determines and creates a product/service to meet the needs
and wants.

one determines a way of taking the product/service to the market
place.
[PROMOTIONS]

one determines the way of communicating the product to the
market place.
[PRICE].
one determines the value for the product ( Value Creation )

Remember, Price = Need + Value
[PEOPLE]
one determines the people, who have needs/ wants.
and then creating a transaction for exchanging the product for
a value and thus creating a satisfaction to the buyer's needs/wants.

If u have these fundas clear, its going to be much easier than it actually is. Like wars, Marketing is also a game of wits. You just have to keep your head on your shoulders and use common sense which is usually uncommon to most of the people…..

As it is popularly said; “ if you enjoy your what you do, you will never have to work….”