What is Marketing?
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| Marketing |
What is Marketing process?
- Understand the marketplace and targeted audience.
- Create a customer-driven market strategy.
- Deliver high customer value.
- Grow profitable customer relationships.
- Capture value for customers.
Explain 4 P's of Marketing with examples.
4P’s of marketing is also known as marketing strategy. It include four important elements i.e.:-
Product
Price
Place
Promotion
Every element is interrelated with each other.
1) Product:- The commodities or services offered by the company to the targeted customers is known as product. A product may be tangible or intangible. The following questions should be answered before introducing a product in the market:
a) Type of product.
b) How your product satisfy customer’s need?
c) Who is your targeted audience?
d) How’s your product different from other’s?
2) Price:- Price is the cost of the product which a customer pays for it. Price plays an important role in the success of the product. Following points should be considered while deciding the price of the product:-
- Price of the competitors.
- What price does your targeted audience wants?
- What price fits for your targeted market?
3) Place:- Place is where you want to sell your product. Right place can help you to reach the targeted audience. Following points should be considered while deciding the place:-
- Where you want to sell your product?
- Where is your competitor selling their products?
- What is the taste of the targeted audience?
4) Promotion:- Promotion is the technique how you advertise your product. There are many ways of promoting your products such as traditional marketing, content marketing, email marketing etc. Promotional activities include sales promotion, advertising, social media marketing, Instagram campaigns etc. Some points should be considered while promoting your product:-
- Best time to reach your targeted audience.
- Which promotional activity is most suitable for your targeted audience.
What do you mean by SWOT Analysis?
- Strength
- Weakness
- Opportunities
- Threats
Internal factors:-
- Strengths:- Strengths are the things which you can do better for your organization. Identify the USPs of your organization and add them to the strength section.
- Weaknesses:- Weaknesses include how and what we can improve in our organization. Which resources are underperforming and not giving any output. Examine the performance of the staff and improve accordingly.
- Opportunities:- Opportunities are the chances for positive changes in the organization. Opportunities may include invention of any new technology which is beneficial for the organization, development in the market, changes in the government policies, change in the lifestyle or taste of the customers, changes in the social pattern etc.
- Threats:- Threats are the things which can negatively affect the organization such as change in the supply demand, lack of resources ,change in the technology, change in the social structure and government policies, increase in the competitors etc.
Explain meaning of USP?
USP:- Unique selling proposition is the important feature of the product which makes it different and unique from the product of the competitors. It attracts the customers to purchase your product. USP plays an important role while advertisement of your product.
USP is different for different products. A good unique selling proposition helps in branding of your product and increasing customers. If you are having a distinct USP then you don’t even need to bother on competitors because if you have launched something new which is not launched by your competitors then you are the only one in the market. It can help in attracting customers towards your product.
Types of Business Category:-
- Sole Proprietor (Photographer)
- General Partnership (Law firms, Medical practices)
- Corporation(State Bank of India, Indian Oil Corporation)
- Limited Liability Partnership( Accounting firms)
- Non profit Organization (Goonj, Care India, Smile foundation)
- Cooperative(AMUL, KRIBHCO)
a) Sole Proprietorship:- Sole Proprietorship is the business owned, managed and run by the single person. No legal formalities are required for the startup of the sole proprietorship. The owner of the sole proprietorship have to bear all the losses himself.
b) General Partnership:- It is an agreement between partners who establish and run business together. It is a legal entity. General Partners have all the control over the business. Partners are responsible for all the liabilities of the business.
c) Limited Liability:- Limited liability is the liability in which the liability of the partners are limited upto the capital invested by them in the business.
d) Corporation:- Corporation businesses has separate legal entity who can run, operate, take loans, enter into a contract, heir employees in its own name.
e) Non Profit Organization:- A non profit organization is a legal entity who’s main objective is to serve the society. Remaining profit after deducting expenses are shared by its members and partners. Non profit organizations include schools, consumer cooperatives, churches etc.
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