"Marketing is about satisfying consumer needs and wants through exchange"-philip kotler.
“ Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value.” – Philip Kotler.
Introduction
Generally, we think that Marketing means Advertising or Promotion. But actually Advertising and Promotion is the type of marketing.
The meaning of marketing is very deep.
-The need of this is taken by all companies to deliver their product or service, to the customer, and to get customer satisfaction.
- Customer satisfaction helps the company to meet its goals, which can be accomplished through marketing.
-Customers are the kings of the market. Marketing assistance is taken to fulfill the requirement and requirements for the customers.
- Efforts are made in marketing to get maximum customer satisfaction.
Meaning
Marketing consists mainly of three things and that is Awareness, Attraction, Satisfaction.
First of all, how is the work done to give customers information about the company's product or service. Which we can see in various mediums.
Such as launch program, advertising, promotion medias.
After the customers get the information of the product or service, the customer wants to know the product service closely.
The company puts various features of its product or service in the middle of the customer, so that the customer can get to know about the product or service and how to use it is also told.
Once the customer has made a place of his product and service in the mind, then it is the turn of the company to do the work.
The company now works on how to give satisfaction to the customer.
Such as after sale service, discounts, quick delivery, qualitative products, best price.
What is 4 P’s of marketing.
Given below are four marketing pillars. With the help of which we can understand the full meaning of marketing.
-Product
-Price
-Place
-Promotion
PRODUCT: -
Product is a mixture of things which is made according to the requirements of the customer.
So that the company can make maximum profit.
Product is prepared according to the wishes and needs of the customers. Which consists of the issues given below.
a) Product line: group of related product
b) Product width: Number of Product line
c) Product depth: Variety of Products
d) Product length: Number of total item Product line
First of all, the company has to decide its product or service. This decision can be taken with the help of Market research.
We can also take the example of HUL. What kind of product or service does the company want to reach the customer. In this way the product mix of the company is prepared.
Price: -
-Once a product is made, its price is considered. And the price affects the sell of the product.
-Determination of price affects the profit margin, supply, demand, marketing strategy.
-If your product is good, and the demand is high, then the price can increase.
-The price of any product is decided by searching the market.
- Discount is given on the product, which makes the customer lured and buys it.
- There is some pricing marketing strategy to decide the price of the product. Some of which we have mentioned below.
Cost-Plus Pricing
In this method all the costs of the product are added.
And after adding all the expenses, profit margin is also added. This is called Cost-Plus Pricing.
Demand pricing
This pricing works on Demand supply. If the demand is high, then the price is increased. And the price is reduced if the demand is work.
Competitive Pricing
There are many manufacturers of a product in industries. Due to this, everyone keeps the price at least.
In such an environment, the competitive price of the product has to be kept.
Markup pricing
Retailers mostly keep this pricing.He buys goods from a whole seller and puts a markup price on them and sells them at some discount.
Psychology of Pricing
This is the pricing associated with the psychology of the people. Like 499 / - 599 / - 139 / -, people find the product a little cheaper with such pricing. And he is attracted to them.
Place
- After preparing any product, the process of delivering it to the customer is called place.
- It is very important that the product should have physical distribution.
-Physical distribution means getting the product at the right time and at the right place.
- Physical distribution is possible with the help of channels of distribution. Which is a lot.
- Marketer has to develop the right system of transport and physical handling of the product.
Distribution channels provide an important role in marketing.
1-Channels determine place, utility, and time.
2- This takes the burden of distribution of goods from the manufacturer. And the manufacturer can focus on its work.
3- This makes it easy to introduce new products in the market.
4-Demand and supply helps to match.
The place mix contains the below given things.
1.Distribution of channels
2.Channel coverage
3.Inventory
4.Dealer relation
5.Locations
6.Transport
Promotions
Promotion mix consists of the following items.
1.Personal selling
2.Direct marketing
3. Advertising
4.Publicity
5.Public relations
6.Sales
Promotion plays an important role in the marketing mix.
The importance of below promotion is understood.
1.Promotion creates demand for products and services.
2. It helps to introduce the product in the market.
3.Advertising is used to educate people in giving information about the product to the people.
4.Personal branding is made with the personal selling buyer.
5. Sales promotion activities such as after sales service, warranties, etc. increase the sale of the product.
6.Public relation builds a good relationship with buyers, suppliers, dealers.
Types of marketing -
The types of marketing are given below.
1.Traditional marketing
2.Digital marketing
3.Word of mouth
Traditional marketing -
-Newspaper, templates, banners, TV (television) etc. are examples of traditional marketing.
- It involves direct selling, and physical advertising.
- In today's time, traditional marketing is becoming less.
Digital marketing-
-Online is marketed through internet, it is called digital marketing.
-One of the biggest advantages in digital marketing is that you can promote according to your budget.
-You can target the audience according to the interest of the user.
-In today's time, big brands have also started moving towards digital marking.
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