Marketing means a company undertake work to promote their goods and services for sell and attract many audience through advertising , high quality message. This happens through market research, analysis and understanding your customers interest.
Marketing aims:
- Increase sales
- Brand awareness
- Generate leads
- Improve customer experience
WHAT IS MARKETING PROCESS
The marketing process include various steps that a business man follow to promote their products or services to customers.It include various steps:
Understanding the Market: This includes market research to identify customer needs, preferences, and behaviors.
Strategic Planning: Developing a marketing strategy that outlines how to meet customer needs and achieve business goals.
Creating a Marketing Mix: Deciding on the right combination of product, price, place, and promotion uses to differentiate itself from the competition.
Implementation: Executing the marketing plan through various campaigns and promotional activities.
Monitoring and Managing: Evaluating the effectiveness of the marketing efforts and making necessary adjustments.
EXPLAIN 4 PS OF MARKETING WITH EXAMPLE
The 4 P's of Marketing are a set of marketing tools that are used together to satisfy customers and company objectives. This is also called marketing mix.
4PS INCLUDES:
Product: The product is the good or service being marketed to the target audience which can be a physical good, services, people, places, properties, organizations, information, or ideas. It’s important to consider the product’s features, design, quality, and packaging.
Example: Apple’s iPhone is not just a phone; it’s designed with a sleek look, user-friendly interface, and comes with a variety of features that cater to different customer needs.
Price: Price is the cost of a product or service.When marketing a product or service, Pricing can have a significant impact on the overall success of a product.
Example: if you price your product too high for your targeted audience, very few will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins.
Place: Place involves making the product available to the customer at the right time and location this means selling a product through channel. such as online through a distributor.
Example: Amazon uses an online platform to make a wide range of products available to customers worldwide.
Promotion: Promotion is communicating with customers and target audiences.When people think about marketing, promotion is often the first thing that comes to mind. It's the part of the marketing strategy that focuses on how to tell your audience about your product.
Promotion include SEO,Advertisement, sales promotion
Example: Uses advertising campaigns with catchy jingles and images of people enjoying life, which associates positive feelings with their drink.
WHAT DO YOU MEAN BY SWOT ANALYSIS
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT Analysis is a valuable tool that enables you to assess your company's current strengths and identify areas for improvement. By utilizing this analysis, you can develop a winning strategy to ensure future success.
Strengths: These are internal quality of the company that are helpful to achieving the objective.
Weaknesses: These are internal quality that are harmful to achieving the objective.
Opportunities: External conditions that are helpful to achieving the objective.
Threats: External conditions which could do damage to the business performance.
EXPLAIN THE MEANING OF USP
USP stands for Unique Selling Point, is a marketing idea that describes the various advantage possessed by a company, service, product, or brand, setting it apart from its rivals. The USP should highlights product benefits that are meaningful to consumers and differentiates a product from its competitors in a way that’s compelling to the target audience.
TYPES OF BUSINESS CATEGORY?
Sole Proprietorship: A business owned and operated by one person. The owner is personally responsible for all debts and liabilities.
Partnership: A business owned and operated by two or more individuals who share responsibilities, profits, and liabilities.
Limited Liability Company: A hybrid business structure that combines the simplicity of a sole proprietorship or partnership with the limited liability protection of a corporation.
Corporation: A legal entity separate from its owners (shareholders) that offers limited liability protection and has the ability to issue stock.
TYPES OF BUSINESS MODEL WITH EXAMPLE
business model can be classified into four types.
Includes:
B2B BUSINESS TO BUSINESS: One company has to purchase every small thing from another company example , steel, company software, company’s hardware accessories, etc
Include amazon, alibaba.
B2C BUSINESS TO CONSUMER:The company directly sell products or services to its customers.
example, Amazon allows vendors to sell their products directly to customers.
C2C CONSUMER TO CONSUMER: When one customer sell goods or services to another customer through third party transaction or platform.
Example: olx.
C2B CONSUMER TO BUSINESS: Where a consumer provide various services and product to a business. businesses obtain information from their consumers to produce high-quality goods and services.
Example: milkman,google ads.
