Core Marketing Concept
Marketing is the action or business of promoting and selling products or services, including market research and advertising.
Marketing is a social & managerial process by which individuals & groups obtained what they need & want through creating, offering & exchanging products of value with others.
A condition or situation in which something is required. Like crops in need of water; a need for affection.
In other ways it is the basic human requirements. Like people need air, food, water, clothing and shelter to survive.
Need refers to something that is absolutely necessary to your health (both physical and mental).
Have a desire to possess or do (something). Wants are desires for specific satisfies of these deeper needs.
Want refers to what you absolutely have to have.
Demand is a consumer’s desire and willingness to pay a price for a specific good or service.
Demands are wants for specific products that are backed by an ability & willingness to buy them.
Types of Needs as per the Marketing Need:
There are 5 types of needs –
1) Stated Needs: Stated need are the vivid requirements of the customers (e.g.,Want a burger).
2) Real Needs: Basic needs want to buy with cheap costs. In other ways, what i want as per my purchasing power.
3) Unstated Needs: The latent expectations of the customers (e.g., He also expects good services with the product like he must be faced with a smile)
4) Delight Needs: When a marketer offer something additional with the product that cause customer delightedness (e.g., Free Sugar with the Oil Pack).
5) Secret Needs: The latent expectations of the customers can’t be accessed. (e.g., A customer wants such a thing that can’t be possible).
Target market is a set of buyer sharing common needs or characteristics that the company decides to serve.
In other ways, a target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards.
Here are some questions to identify target market:
- Are your target customers male or female?
- How old are they?
- Where do they live? Is geography a limiting factor for any reason?
- What do they do for a living?
- How much money do they make? This is most significant if you’re selling relatively expensive or luxury items. Most people can afford a carob bar. You can’t say the same of custom murals.
- What other aspects of their lives matter? If you’re launching a roof-tiling service, your target customers probably own their homes.
Positioning shown where customer locate proposed and/or present brands in a market.
In other ways, How you differentiate your product or service from that of your competitors and then determine which market niche to fill.
Example: Price of the apartment depends on the location, here location is the position.
Market segmentation is dividing a market into district groups with district needs, characteristics, or behavior who might require separate products or marketing mixes.
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them.
Marketing offers are some combination of product, services, information or experiences offered to a market to satisfy a need or want.
Example: Real Estate company offers, if you buy a flat you will get a LED TV free.
Brand is a name, term, symbol, design or combination of these, that identifies a sellers products am differentiates them from competitors products.
In other ways brand is a type of product manufactured by a particular company under a particular name.
Example: Toyota differ from TATA.
Quantification of the perceived value of the product or service from a customer’s view.
In other ways, it is the difference between the value that the customer gains from owning and using a product and the cost of obtaining a product.
Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation.
In other ways, it is the extent to which a product’s perceived performance matches a buyers expectations.
Marketing channel is a group of interrelated individuals or organizations that direct the flow of products to consumer.
A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process.
Marketing channel includes –
- Communication channel (Like billboards, TV, Newspaper etc.)
- Distribution channel (Like whole seller, Retailer etc.)
- Service channel (Like warehousing, transport, bank, insurance etc.)
Supply chain is the sequence of processes involved in the production and distribution of a commodity.
In other ways, how producers collect their raw material to produce final product, sources of the raw materials.
Competition is the activity or condition of striving to gain or win something by defeating or establishing superiority over others.
In other ways, Competition is the act of competing as for profit or a prize, rivalry. It includes all the actual and potential rival offerings and substitutes a buyer might consider.
The market environment is a marketing term and refers to factors and forces that affect a firm’s ability to build and maintain successful relationships with customers.
Two types of Marketing Environments:
1) Task Environment:
The task environment includes the actors engaged in producing, distributing and promoting the offerings.
In other ways, who are involve to producing goods and to reach the product to the ultimate customer.
2) Broad Environment:
The broad environment consists of six components: demographic environment, economic environment, physical environment, technological environment, political-legal environment and social-cultural environment.