Do you know :- Core Marketing Concepts?

Hi All,

As a student of business, Marketing and its core concepts are very important. Do you know core concepts of marketing? Lets discuss in brief. 

1. Needs, Wants, and Demands
    Needs are the basic human requirement like air water and food. These needs become want when directed to specific object that might satisfy the need. Demands are wants for specific product backed by an ability to pay.

2. Target Markets, Positioning, and Segmentation
    Target markets can be a restaurants, movie theater, school, college , household etc. Market can be  based on demographic, psycho-graphic or behavioral.  he firms develops a market offering that it positions in target buyer's mind as delivering some key benefits.

3. Offerings and Brands
    Companies through their product try to offer value. The intangible value proposition is made physical by an offering, which can be in form of services, products , information or experiences. A brand is an offering from a known source. I phone is an excellent example, people see value proposition in Apple products compare to other companies products.

4. Marketing Channels
    Medium to reach audience, customers are also referred as Channels. Marketing channel could be newspaper, radio , television, Social Media.

5. Paid, Owned, and Earned Media
There are 3 type of media, first one is paid media where company pay to promote its products. Examples are TV, Radio , Magazines etc. Second type if Owned media like , vouchers, websites, blog, facebook page or any social media page. Last type is earned media, this is one of the best type of promotion any company want. This is usually words of mouth or through article written on product or company or through some viral social media method.

6. Impressions and Engagement
    Impressions is a metric to measure for tracking the scope of communications reach, on other hand engagement is the extent of customer's attention and active involvement with a communication. Usually TV, Radio and social media track based on impression. Google's PPC model is best example of impressions and engagement.

7. Value and Satisfaction
There is a word called customer value triad, this includes combination of quality, service and price. Combination of these create value. Satisfaction is reflection of person's judgement about product. If product worth value, customer will be satisfied.

8. Supply Chain
    The supply chain is like channel stretching from raw material to finished product to delivery to final buyer. Problem with supply chain can be damaging or even fatal for a business.

9. Competition
    Competition include all rivals ( actual or potential) which buyer might consider. Some time customer give preference to value, sometime customer gives preference to availability of product.

10. Marketing Environment
Marking environment is made up of components like company, product, suppliers, distributors, dealers customers and process/person around them. 

Understanding of core marketing concepts are very important for any business.

Thanks

Abhishek

 

 

 

Download Netsuite Guru Android App
Follow us on Linkedin
Our FB Page