Modern concept of marketing concentrates majorly on consumer satisfaction. According to this concept, marketing starts from discovery of consumer needs and wants and ends with the satisfaction of those needs and wants.
Draw flow chart like this:
Survey of targeted market — Production according to costumer need– Integrated marketing- profit through customer satisfaction
Objectives of Marketing:
It helps to focus on activities of an organisation on the needs and wants.
Marketing plays a significant role in the development of an economy. Marketing helps to provide linkages between the business and consumption centres, accelerate the economic activity leading to higher income, more consumption and increased saving and Investment.
Concept of Marketing mix:
In a marketing decision there are various controllable factors which can be influenced at firm level, the process of taking decision contains permutation and combination of variables. This combination of variable chosen by a firm to prepare its market offering is called the marketing mix.
A marketing expert named E. Jerome McCarthy created the Marketing 4Ps in the 1960
Four Marketing mix: product, price, place, promotion
Product:
A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of Services or goods.
A product has a certain life cycle that includes the Growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase.
Marketers must also create the right product mix. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line.
Price:
The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition.
When setting the product price, marketers should consider the perceived value that the product offers. There are three major pricing strategies, and these are:
This comes with a deep understanding of target market. Understand them inside out and it will discover the most efficient positioning and distribution channels that directly speak with the market.
There are many distribution strategies, including:
Intensive distribution
Exclusive distribution
Selective distribution
Franchising
Promotion
Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various Elements like:
Sales Organization
Public Relations
Advertising
Sales Promotion
Marketing Mix 4C’s
The 4Cs marketing model was developed by Robert F. Lauterborn in 1990. It is a modification of the 4Ps model. It is not a basic part of the marketing mix definition, but rather an extension. Here are the components of this marketing model:
Cost – According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership.
Consumer Wants and Needs – A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study the consumer wants and needs.
Communication – According to Lauterborn, “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open dialogue with potential clients based on their needs and wants.
Convenience – The product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.
Expected questions:
Modern concept of marketing?
Objective of marketing.
Concept of marketing mix
Elements of marketing mix and definition.
Note: Strategy to earn extra marks:
1) write the name of the person who gave the definition of marketing mix. It will help to earn extra marks.
In conclusion one can add that now there is shift from 4P’s to 4C’s now a days.
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Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Marketing is a broad field that encompasses many different subtopics, each of which plays an important role in the success of a business. Some of the most important subtopics in marketing include:
Branding: Branding is the process of creating a unique name and image for a product or service that identifies and differentiates it from the competition. A strong brand can help a business to attract customers, build loyalty, and command a premium price.
Consumer behavior: Consumer behavior is the study of how people make decisions about what to buy and use. By understanding consumer behavior, businesses can develop products and services that meet the needs and wants of their target market.
Customer relationship management (CRM): CRM is a system for managing all aspects of a customer relationship, from initial contact to after-sales support. CRM can help businesses to improve customer satisfaction, increase sales, and reduce costs.
Digital marketing: Digital marketing is the use of online channels to reach and engage with customers. Digital marketing includes a variety of strategies, such as search engine optimization (SEO), pay-per-click (PPC) advertising, Social Media marketing, and email marketing.
E-Commerce: E-commerce is the buying and selling of goods and services over the Internet. E-commerce has revolutionized the way businesses operate, and it has become an essential part of the marketing mix for many companies.
Market research: Market research is the process of gathering information about customers, competitors, and the market Environment. Market research can help businesses to make better decisions about product development, pricing, and marketing.
Marketing communications: Marketing communications is the process of creating and managing messages that promote a product or service. Marketing communications includes a variety of tools, such as advertising, public relations, and direct marketing.
Marketing strategy: Marketing strategy is the process of developing and implementing a plan to achieve marketing objectives. A marketing strategy should be based on a deep understanding of the target market and the competitive landscape.
Pricing: Pricing is the process of determining how much to charge for a product or service. Pricing is a critical decision that can have a major impact on a business’s profitability.
Product management: Product management is the process of developing, launching, and managing a product. Product management includes a variety of tasks, such as market research, product development, and pricing.
Sales: Sales is the process of selling products or services to customers. Sales is a critical function for any business, and it is essential to have a strong sales team in place.
Social media marketing: Social media marketing is the use of social media platforms to reach and engage with customers. Social media marketing can be a very effective way to build brand awareness, generate leads, and drive sales.
Target marketing: Target marketing is the process of identifying and targeting a specific group of customers with marketing messages. Target marketing can help businesses to improve their marketing efficiency and effectiveness.
Value proposition: A value proposition is a statement that summarizes the benefits that a product or service offers to customers. A strong value proposition can help businesses to differentiate themselves from the competition and attract customers.
These are just some of the most important subtopics in marketing. By understanding these subtopics, businesses can develop and implement marketing strategies that are more likely to be successful.
Here are some frequently asked questions and short answers without mentioning the topic Marketing:
What is the best way to get more customers? The best way to get more customers is to provide excellent customer service. This means being responsive to customer needs, resolving issues quickly and efficiently, and going above and beyond to make sure customers are happy.
How can I increase my sales? There are many ways to increase sales, but some of the most effective include:
How can I improve my marketing? There are many ways to improve your marketing, but some of the most effective include:
Creating a strong brand identity
Developing a clear marketing strategy
Targeting your marketing efforts
Measuring your results
How can I create a successful website? A successful website is one that is well-designed, easy to use, and informative. It should also be optimized for search engines so that people can easily find it.
How can I improve my social media presence? A strong social media presence can help you connect with customers, build relationships, and promote your products or services. To improve your social media presence, you should:
Create interesting and engaging content
Interact with your followers
Use relevant hashtags
Promote your social media accounts on other channels
How can I build a strong team? A strong team is essential for any successful business. To build a strong team, you should:
How can I manage my time effectively? Time management is essential for any successful business owner. To manage your time effectively, you should:
Set priorities
Break down large tasks into smaller ones
Delegate tasks
Take breaks
Say no
How can I start my own business? Starting your own business can be a daunting task, but it can also be very rewarding. To start your own business, you should:
Do your research
Create a business plan
Get funding
Market your business
Manage your finances
How can I grow my business? There are many ways to grow your business, but some of the most effective include:
Expanding your product or service line
Entering new markets
Acquiring other businesses
Franchising your business
How can I protect my business from risk? There are many risks associated with running a business, but some of the most common include:
Financial risk
Legal risk
Operational risk
Market risk
Competitive risk
How can I exit my business? There are many ways to exit your business, but some of the most common include:
Selling your business
Merging your business with another business
Liquidating your business
How can I give back to my community? There are many ways to give back to your community, but some of the most common include:
How can I live a balanced life? A balanced life is one that includes all aspects of your well-being, including your physical, mental, emotional, and spiritual Health. To live a balanced life, you should:
