That’s what most people seem to care about. How big a brand, how much market share, how many online followers. Too many marketers spend most of their time running a hype show, trying to get just a little bigger.
The thing is, tall sunflowers have deep and complex root systems. Without them, they’d never get very high.
So this is the article about roots and how you can make your roots stronger and deeper. So to achieve anything in the MARKETING world you will have to have deep knowledge about “ Fundamentals of Marketing”.
In this article, we will talk about various aspects of Marketing like-
- What is the Law of Marketing?
- Why Learn and Master Marketing?
- Digital Vs Traditional Marketing
- Global Economics And Marketing
- The CATT Marketing Funnel
- Integrated Digital Marketing
- Personal Branding
So these are all the modules which we will discuss in this article and I am very much sure after reading this article you with get all the important concepts you need to know to GROW YOUR SUNFLOWER THE TALLEST.
So without any further a due let’s get started.
1. What is the Law of Marketing?
Marketing is all about identifying the right audience whom you want to serve and knowing the exact problem which your targetted audience is facing and deliver some valuable product or service to them so that they can solve those problems with the help of the product or services which you are offering to them and can lead a happy life. Thus
Marketing starts before creating the product, starting from knowing your right audience, knowing their problems, and solving those problems via your product or services everything is part of Marketing.
Some of the myths about marketing are that Marketing is all about selling your product. But this conception is totally wrong, SELLING is just a small part of Marketing.
“The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself…The aim of marketing is to make selling superfluous” — Peter Drucker
Now let’s talk about another important concept in Marketing which is Marketing Mix.
So what is Marketing Mix?
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix — Price, Product, Promotion, and Place.
Product — A product is a commodity, produced or built to satisfy the need of an individual or a group. The product can be intangible or tangible as it can be in the form of services or goods. It is important to do extensive research before developing a product as it has a fluctuating life cycle, from the growth phase to the maturity phase to the sales decline phase.
Price — Price is a very important component of the marketing mix definition. The price of the product is basically the amount that a customer pays to enjoy it. Price is the most critical element of a marketing plan because it dictates a company’s survival and profit. Adjusting the price of the product, even a little bit has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product in the market. Things to keep in mind while determining the cost of the product are, the competitor’s price, list price, customer location, discount, terms of sale, etc.,
Promotion — It is a marketing communication process that helps the company to publicize the product and its features to the public. It is the most expensive and essential component of the marketing mix, that helps to grab the attention of the customers and influence them to buy the product. Most marketers use promotion tactics to promote their products and reach out to the public or the target audience. The promotion might include direct marketing, advertising, personal branding, sales promotion, etc.
Place — Placement or distribution is a very important part of the marketing mix strategy. We should position and distribute our product in a place that is easily accessible to potential buyers/customers.
2. Why Learn and Master Marketing?
Now lets talk about various reasons behind learning and mastering Marketing-
- First thing is Marketing is the game of perception and product is rooted in reality. So if your product is really good which creates value in your targeted audience life then this will create a very good perception in your customer’s mind. So RIGHT PRODUCT BACKED WITH RIGHT MARKETING STRATEGY is the key towards any business success.
- Marketing education has a long shelf life because it’s the game of perception rather than other education like for example if suppose you are studying law , but there is high chance that after 5–10 years this education might get obsolete and all these things might get overtaken by Artificial Intelligence and Robots and there might be no need for any lawyer , but in case of Marketing knowing human psychology and interacting with human being directly is not possible by any robots or AI.
- Investing in Marketing is the last thing which every business does after completion of all the steps like Production, Manufacturing , Human Resource etc. But do you know that Investing in Marketing is the most valuable investment for any business as this investment you will get an immediate return on investment, Example — Suppose you are running a Facebook ads for your business and you will immediately start getting lead and from those leads some will be your customer who will actually buy your product or services ,So this is how you can get an immediate return on investment.
- Understanding Marketing means understanding your business well. If you are not clear with the Fundamentals of Marketing then sorry to say you will be a struggling artist in every aspects of your life.
3. Digital Vs Traditional Marketing
Advantages of Traditional Marketing-
- India has Television sets in 197 million houses out of 298 million houses, with an average of 4–5 members per household, TVs has a reach of 800 million- 1 billion people. Thus Tradition Marketing has a huge reach.
- If the product is generic with a very wide targeted audience base then Traditional mediums are the best like Television, Radio, newspapers, etc. can reach millions at a very low cost.
- If your product is mainly focused on senior citizens then traditional marketing mediums are the best as they are comfortable using newspaper, tv, radio, etc. rather than any digital medium.
Disadvantages of Traditional Marketing-
- Personalized Marketing is not possible in Traditional Marketing.
- Low-End products can be sold with the help of the Traditional Marketing Technique.
- Deep Marketing is also not possible with the help of Traditional Marketing.
Advantages of Digital Marketing-
- Digital Marketing has got boundless universal accessibility.
- Personalization is possible for various audience segment.
- Continuous interaction with customers are very easy with the help of digital medium.
- You can measure and collect various data from your running marketing campaign.
Disadvantages of Digital Marketing-
- Dependability on technology.
- Security, privacy issues.
- Maintenance costs due to a constantly evolving environment.
- Higher transparency of pricing and increased price competition.
- Worldwide competition through globalization.