We have heard that Fundamentals is the Key to everything. If we are not clear about fundamentals, everything which stands on top of it will be of less value. With the clear objectives set, we welcome you to our website completely dedicated to provide all information related to Marketing.
In this Article, you will learn about the Broader Perspective Of Marketing, How to Analyse the markets and quantify customer needs, wants and preference. The 4 P’s of Marketing (Product, Price, Place, and Promotion). You”ll discover whats the right approach for your Company’s Unique Needs.
BROAD PERSPECTIVE OF MARKETING
The above diagram shows the broader perspective of Marketing Strategy which is followed by any organisation in order to reach out to Customers effectively. It goes from Left-To-Right hierarchy. Lets discuss them in detail:
Strategic Goals :
Every organisation’s marketing team has some strategic goals by means which they want to make their product available to end users or customers. These goals may be short term goal or long term goal. Based on the decision, marketers works in accordance to the above Marketing Strategy to meet their Organisation needs and targets.
Segmentation & Targeting :
Segmentation is diving the market into meaningful & measurable segments according to :
- Customer Needs
- Past Behaviours
- Demographic Information
- Psycho-graphic Profiles
Basically it means finding out the potential customers in Markets for our product.
Why Segmentation? Do we really need to bother? Can’t we just jump into the whole market in a go to market our product? Well the answer is : EFFICIENCY and EFFECTIVENESS.
Segmentation categorise,divide and serve the large heterogeneous market in smaller segments. This helps in analysing the market in details and focus on potential segment where the outcome of marketing is more.
Once we identify the segment, we can then target those audience to promote our product and this phenomenon is called as Target Marketing.
Determining the distinctive place you want your product to occupy in the marketplace relative to competition and in the minds of the target customers.
Marketers use the position map to decide where exactly the product can be placed in the market and how it fits in the mind of the customers.
It is basically designing your product offering so that it has one or more unique qualities that are :
- Values By Your Customer
- Consistent With Your Chosen Positioning
Tools for differentiation –
- Product/Service feature
- Channel Of Distribution
Fewer features can also be treated as better with Quality.
Value Proposition :
A cogent statement articulating the specific benefits a company is offering its target market.
In other words, we can say “Why should a customer Buy?”
Marketers in this section tries to showcase the key benefits of products and services they provide to motivate customers.
4 P’s (Product, Price, Place, and Promotion) :
Product : A good or service that most closely meets the requirements of a particular market and yields enough profit to justify its continued existence.
Price : The market price is the current price at which an asset or service can be bought or sold. Economic theory contends that the market price converges at a point where the forces of supply and demand meet.
Place : Or also known as as Channel is the medium used by Organisation to distribute their product. It depends upon which channel fits target customer, the brand positioning and the medium by which economic goals of the organisation is achieved. [ … Read More on Channels Of Distribution In Marketing ]
Promotion : Means by which organisation attempts to inform and persuade customers about their products and services to sell. e.g. Ads,Sales/promotion, Public relations, Direct, Social Media, Events, Word of Mouth etc. [ … Read more on the 3 Key Steps for Effective Marketing Communications]
Brands & Branding :
- Brand is a word/symbol which gives a product a unique identity in the market.
- Its a promise to consistently deliver certain benefits to the customer.
- Company Use Brand strategies to maximise value.
The above principles are used by each and every marketer and organisation which reaching out to the customers in market. In the end lets talk about some of the key Marketing Research you can do in order to promote your Product effectively:
- Define the problem and research objectives
- Develop the research plan
- Collect the information
- Analyse the information
- Present the findings
- Make the decision
A qualitative research is more beneficial than Quantitative Research.
If there is One question which you would like to ask your customers for feedback, According to Fredrick Reichheld it should be :
“How likely is that you would recommend our product to others?”
I hope this article gave you a good idea about Marketing Fundamentals.
I have tried to keep this article short and precise. Fundamental is the key to progress. If we grasp this very topic, then whatever medium we choose to do marketing, I guarantee you that you’ll surely succeed. Many folks I have seen directly jumping into the Digital Marketing Tech implementations, then shoot many emails as in why the ads are not converting.
The answer is lack of Fundamentals.
Wish You All The Very Best for your Marketing Career.
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