In 2009 we have about 10,000 marketing definitions by professionals and individual, each describing them in their own style of understanding marketing. Here is the 10,001 from me:
“Marketing is a societal process by which individuals of business obtain what they want and need by creating, offering and freely exchanging products and services of value to others.”
Here is the list of some marketing DYNAMICS:
Identify consumer needs: It is very critical for a company to understand consumer needs. If a business fails to understand the needs of its potential customers, than it will lead to product/service failure of the company.
Identify potential customer: Another important dynamic of marketing is to identify potential customer or find potential growth opportunity for the company’s product/services within their target market.
How to identify Target Market?
-Demographic Information: age, gender, occupation, marital status, income
-Psychographic Information: lifestyle, interest, hobbies, attitude, personality
-Geographic Information: area the customer lives in – locally, globally
-Behavioral Information: how the customer uses the product
-Benefit Information: what benefits does the product provides to the customer
Understand competition: The Company should know about its competitor and what they are offering to the customers. Effective competitor analysis provides you with powerful tools for your overall competitive strategy. You can't succeed if you approach the marketplace wearing blinders. You need to know who your competitors are, what they're doing, and how they'll respond to your actions.
Understanding buying behavior: One the most challenging task in marketing is to understand buying behavior. For example: why they buy, what do they like, what they don’t like etc. But such knowledge is very important for marketers since having a strong understanding of buyer behavior will help marketers to understand what is important to the customers.
Develop a brand: Creating a brand for your company can become a difficult task, but it is a vital step in creating your company’s image. Your brand identity will be repeatedly communicated, in multiple ways throughout the life of your business.
How can you develop a brand?
-Company Name
-Company Logo
-Company Tag Line
-Company Scheme Color
-Providing exceptional customer service experience
Determine marketing tactics: It is very important to develop marketing tactics that has the best outreach towards creating awareness about the product/service. Earlier we only use to have one medium of communicating the product/service message to our customer, but today we have two:
-Direct Marketing
-Social Media/online Marketing
It depends on the company’s strategies and the nature of product and service of the company, whether to use one or to use both. According to me we should use both these medium for communicating our message because they have 2 separate market segments which can help:
- The growth of the company
- Increase company revenue
- Satisfy both market segments
Measure marketing efforts: One of the most important dynamic of marketing is to measure your marketing efforts. By measuring marketing efforts we can see which marketing effort is working well for the company’s product/services and which one needs improvement or needs to be changed.
