What Is Marketing?

what is marketingMarketing is to understand the needs and wants of the customer to  sell the products and services on that basis.

If you take an example of any company like Apple, Samsung, Unilever , etc. all companies follow same strategy to identify the desires of the customers and sell products according to that.

There are two Major types of Marketing:

“Traditional Marketing and Modern Marketing”

1- Traditional Marketing:  This is the Method of Marketing which was used by the companies in the early period. which is now almost obsolete. In Traditional Marketing the Seller used to search his buyer or customer with some methods like, TV Ads, Door To Door, Radio, News Paper, Hoardings, Cold Calling, Brochures, Event Sponsorship, Referral, Road Shows.

Benefits of Traditional Marketing:

  1. Easy to Reach Local Audience or Customer.
  2. Keep the Material Safe and Reuse it. Example: Hoardings
  3. We can Recycle the material.
  4. Brand Awareness.
  5. We can get the audience which is out of your reach and Expectation.
  6. In Traditional Marketing there is no use of Internet.

Drawbacks of Traditional Marketing:

  1. It Costs More .
  2. Not Easy to Reach Each and Every Customer .
  3. Requires Man Power.
  4. Takes So Much Time.
  5. Unable to Track the Things Easily.

2- MODERN MARKETING OR HOLISTIC MARKETING: In this Method the companies focus on the needs and wants of the customer rather than the product. companies aim to meet the customer’s satisfaction. It is completely based on the customer. Traditional Marketing was Based on Push marketing but Modern Marketing concept is completely based on Pull Marketing(Means the companies make products according to the needs and wants of the customer so that they may come by their own).

It’s aim is to sale product and get profit . It give emphasis on customer satisfaction, Planning.

Modern Marketing Concepts:

1- Internal Marketing: Internal Marketing Says that it’s not the responsibility of only Marketing Department to do the marketing of the Brand of the company. It is the responsibility of all the departments including Production, Finance, senior level Management 4ps-of-marketingto do the marketing of the Brand.

2- Integrated Marketing: It says that Marketing Mix has Four P’s. (a) Product (b) Price (c) Place (d) Promotion. all these four P’s should be integrated with each other then only they will work in an effective manner.

3- Relationship Marketing: It says that you should not only have good relationship with the customer but also with your employees, Partners, Stakeholders, Financial Communities, etc.

4- Performance Marketing: It says that you should not only focus on the sales and performance but also focus on social work, follow the laws of the country, Protect the Environment, follow the ethics and values of our society, maintain the  brand and customer equity.

 

MARKETING CONCEPTS

group of buyer and seller

1- A Core Marketing system: In this concept there is a group of sellers and Buyers , Sellers communicate and provide Goods and services to the Buyers in exchange of Money and Information of their needs and wants.

2- Needs, Wants and Demand:

(a) Need is a Basic Necessity of a person to live a life. example: Food, Shelter, etc.

(b) Want is, when a person is become specific for the particular thing. Example: Food is a Need of a Person but when he becomes specific that he wants Pizza in food that’s his want.

(c) Demand is when the person has the ability to pay for the Determined product.

3- Segmentation, Target Market and Positioning:

(1) Marketing Segmentation: It is the process to Divide the target market on the basis of Geographic, Demographic, psychographics and Behavioral segmentation. while Segmentation you have to look to the people who could buy the product and you have to decide to divide them into groups that have attributes of  same needs, wants and Demand.    It makes easy to communicate to your target audience and also makes easy to use marketing techniques.

(a) Geographic Segmentation: In this segmentation we can divide our target market on the basis of their Location, Language, Climate, Time Zone, Culture and urban or Rural.  Example: Bigger Restaurant chains like Burger King divides their target markets on the basis of country, region, cities and local area preferences, then they customize their menu on that Basis.

(b) Demographic Segmentation: In this segmentation we focus on our target market on the basis of  Age, Gender, Education, Occupation, Income, Family Structure, Religion and Ethnicity.

(c) Psychographic Segmentation: In this segmentation we divide the target market on the basis of their personality, lifestyle, Hobbies, Life Goals, Values and Beliefs.

(d) Behavioral Segmentation: It is the process to divide the target market on the basis of  their attitude towards your product, use of your product and services, knowledge of your product or brand, buying tendency, etc.

Types of Behavioral Segmentation: (i) Divide on the basis of purchase and usage Behavior. (ii) you can divide the customers on the basis of Occasion , (iii) you can divide the customers on the basis of their loyalty towards your brand or product, (iv) you can divide the customers by knowing that what are the benefits they are searching in the product.

1 thought on “What Is Marketing?”

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top