Market Youself ( Part - 1) 💹💱💱💹👨💼👨💼👩💼👩💼
There are various skill that are required to build a startup in a corporate one of which is Marketing, therefore many big brands spend millions or billion of dollar in Marketing. So, today I will discuss some basics concepts of Marketing which will help you to understand, what marketing is? it is a first part of "Market Yourself" and this series is divided into 2 parts.
Concepts to be discussed in this series are mention below :-
1). What is marketing and it's types.
2). Need, want and demand.
3). Types of demand.
5). Marketing Channels.
6). Marketing Environment.
7). 7P's of Marketing.
8). Marketing strategy
9). . Product life cycle
10). Consumer adoption process
Market is a place where products and services are buy and sell.
Types of Marketing :-
A). Consumer Market :- consumer
market are those market where we sell directly to the consumer.
B). Business Market :- where you sell
your product directly to business
C). Global Market :- in which a
company operate its business in different countries.
D). Non-profit Market :- where we sell
directly to government. In this market margins are very low.
2). Needs, Wants and Demand.
A). Needs :- It is the basic requirement of a person example food, clothes, shelter, health.
B). Want :- Different way to fulfill a
need is called want.
C). Demand :- Any want that can be
fulfilled by a product is known as demand.
3). Types of Demand.
A). Non - Existing Demand :- Demand
which never existed before.
( We have made our own perception that demand will generate for our product. )
B). Latent Demand :- Any demand for which no product has been yet.
( Although there are very rare things for which products are not made )
C). Declining Demand :- If any demand fall with period of time, we call it Declining Demand.
( Example :- at one point of time, it was the leader of budget market and it is called declining demand )
D). Irregular Demand :- any demand which is fluctuating in a year, like rise in January, fall in February, and again rise, rise become zero.
E). Full Demand :- company made a product and as soon as it launches in the market it is sold out.
( Example :- MI phones get sold within some days even within some hours. )
F). Over full demand :- this is the advance level of full demand. Demand is more than the quantity of products made by company.
4). STP ( segmentation, targeting and positioning )
A). Segmentation :- All human beings are different and therefore they have different needs and want.
One person like to use i-phone
Other like to use Mi.
Therefore Marketers understood all these and divided market on some parameters such as :-
4). Purchasing power
5). Likes etc
and this process is called Segmentation.
B). Targeting :- after segmentation, they have to target their audience who will buy their product or service.
Does it have :-
High / low purchasing power
Belong to which age group etc
and this process is called Targeting.
C). Positioning :- to feed in the mind of the customer that's why their product is better than other.
"30 - minutes deliver " - Domino's
"Kushiyon ki home delivery" - Amazon
All these things we see in advertisment are positioning of business.
5). Marketing channels.
Types of Marketing channel.
A). Communication channel :- The medium through which marketers tell about their brand to their audiance is called communication channel.
Types of communication channel :-
2). Social media.
4). TV ads.
5). Google ads.
B). Distribution channel :- channels through which marketers display, sell or deliver their product is known as distribution channel.
C). Service channel :- Every company doesn't make product, some companies provide services example :- banking, insurance, etc. They provide services, they don't have any product to deliver.
6). Marketing Environment.
Every country is different they have different needs and people have different conditions such as - purchasing power, environment, temperature, conditions, legal system, government and these factor are known as Marketing Environment.
Marketing Environment has 6 types popularly known as 'PESTLE'
A). P - Politics
Means that country or state is running by which government. Does it support businesses or they work for their own profit.
( Government play a major role in success of a product in any country or state. )
B). E - Economic
Meaning how much purchasing power the consumer of that country has. . Consumer there want to buy quality good or cheap product.
If you want to launch product in India , then pricing must be according to that or if you launch product in US, the pricing must be according to that.
C). S - Social
What is the thinking of society about your product, comes under social environment.
D). T - technology
It is one of the biggest factor factor of Marketing Environment because if your product is require high technical skills, then you not launch it in rular area.
E). L - legal
Legal means, what is the legal environment of that country. How much paper work is done there?
If you have to launch any company there, then how much documentation levels are required?
To launch any product, what all these need to be done and how much time will it required.
F). E - environment
Means the climatic environment of that country.
If you are making phones for rainy area, then your phone's must be waterproof.
7). 7P's of Marketing.
A). Product :- what is your product and its varieties, its packing, branding comes under product.
B). Price :- what is price of your product, how much discount are you offering, payment terms comes under price
C). Place :- where are you selling, inventory, supply chain, product availability comes under place.
D). Promotion :- your target audience, telling your targeting what is your USP comes under promotion.
E). Process :- mean time taken to deliver a product it implies how fast your deliver service, your packing comes under process.
F). People :- means staff of your company.
Let take an example of 'saloon'
1). Training of their employees
2). How they perform their job
3). Their dressing sense.
All this comes under people.
G). Physical Evidence :- means the experience of customer, comes under physical evidence.
8). Marketing Strategy
A). Cost leadership :- It implies , set your margins as low as you can.
In this method
1). Calculate the cost of you product
( Now after finding cost of the product you have to check how much profitability you want to make. )
If you are going with cost leadership then you can't take more profit. You have to operate on 2,3,4 % only because your main strategy is volume sale as much as can.
B). Differentiation :- here you have to show the of your product from the other person.
In this market you can charge high price for your product.
2). Tesla etc
C). Focus strategy :- Focus strategy is different from cost leadership and differentiation in a way that in this you don't take segment. Here we target a small market and sell our product there, it is also called niche marketing.
In this strategy you can apply cost leadership as well as differentiation.
9). Product life cycle
Here we understand how a product was made and then died ( that is got obsolete )
Life cycle of a product can be differentiate in to 4 types :-
A). Introduction :- here the product comes in market and people get to know about it
( In this stage marketing expenditure is also high. )
B). Growth phrase :- here people now start know about your product, about its feature, its specifications, etc.
( So, people start talking and your market share will increase. )
C). Maturity :- when majority of your customer have your product and demand of our product is on high level.
( In this stage your demand start falling. )
D). Declining phrase :- in this phrase demand started falling and growth rate fall completely.
Mobile phone companies like Apple and Samsung... as their one product grows and comes in maturity stage, the launch their another product.
10). Consumer adoption process
A). Product awareness :- whenever a product is launch in the market, you have to make people aware of it. Because until a consumer doesn't know what is in the market, how will they take it?
Whenever a product is launched in the market, you have to make people aware of it. Because until a consumer does not know what is in the market, how will they take it?
B). Product interest :- the consumer is now aware but you have to generate interest in them why they buy your product/service.
( Normally you must seen in launch event that they create interest in you to that the product.... it has this and that. )
C). Product evaluation :- what is there and Basically he evaluate the whole product. What are it's specifications, benchmark, etc.
D). Product trial :- Here customer tries the prduct, he/she have to experience the product and if they fell it is a good product then should buy it.
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