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5,060 PhD ExpertsIf we were to define marketing in the 21st century, it would not be just mere pitching and selling. The horizon and the scope have increased by leaps and bounds. It is not still a “no hold barred” hustle but still the most sophisticated art. The standard and the level of marketing has changed the conventionalways. If we take an example of Nike, it talks about the abstract values and the SWOOSH which compels you to go for it, it encourages a celebrity endorsement and the successful ones in the sports industry, at the bottom of the funnel ot talks about the comfort shoe soles, the lightweight and the product specifications.
What marks the difference between the best selling enterprise and a fairly okayish one, apart from the backing of resources is the art of generating value proposition for stakeholders by a supernova activity is the in the line of business known as “Marketing”.
Thinking along these lines, can anything be marketed? We will find it out as we progress in exploring the topic ahead. Furthermore, marketing is as an act of finding the shortcomings in the lives of humans in day to day activities and exploring the opportunity to exploit the potential of carrying out the business. There a price which a user or a subscriber of the product or service has to bear in the form of cost.
Marketing is thus the creation of value for the stakeholder who is the most benefited by the product i.e the customer, imparting or exchanging of information by virtue of different channels of marketing and convey what seems to be the value proposition of a tangible in the form of products or intangible in the form of service.
The giants in the e-commerce have managed to enter the market and be the next big things is a perfect analogy to explain the above. The reach and the criticality has been expanded to Trump winning elections, iPhone and Samsung capturing markets even in China, IKEA selling furnitures over internet, Linkin park launching new albums and being in the billboards of the Europe, Dwayne Johnson’s Jumanji rocking the blockbuster in UK, Gandhiji communicating the “Non violence” movement across the worlds exhibiting a noble way of gaining freedom.
Such is the might of marketing. In the bigger picture, there goes a lot of efforts in planning and developing for what forms the building block to a great marketing management. So yes Rome was not built in a day!
But can everything be marketed? Find this out by taking a judgment relating the following discussion
It is very obvious that goods and services can be sold and promoted to increase the users in the form of consumers. an experience of 3D glasses and amusement parks can be shares and marketed, ideas in starting a new venture by the business model can be marketed, people and personality in the form of celebs can be promoted, corporates and enterprises can be promoted, same is applicable for places say for instance Niagara falls. Marketing has thus found its place fitting in all the context and creates a necessity in the line of business for proliferation.
After understanding the context the scope of application and the marketing itself. Let us now deep dive in developing an understanding of commonly used terms in marketing
Demand: Marketeers who are responsible for marketing activity are involved in what forms the basis of the creation of need called as stimuli. It is by virtue of stimuli that becomes the source in the form of an impulse to exhibit a buying behaviour which ultimately results in a purchase.
Remember that a demand is backed the ability to buy the desired. Which if not the case, every luxury commodity would be demanded without the ability to purchase it.
Well to your surprise in al there are in all 8 types of demand these are
Negative demand: these are never on the list of buying options and are neglected to the possible extent a consumer can developing a cynical experience upon discovery or usage.
Nonexistent demand: A consumer is typically not aware of the product.
Latent demand: These are the products a consumer typically desires but does not exist in reality. Something like I wish to use my debit card as a credit card and use it both ways.
Declining demand: As the name suggests, the consumers of this product gradually decline due to substitute product or a less perceived utility in consumption.
Irregular demand: These are mostly seasonal products and are purchased on demand when and where required in months, quarters, seasons etc.
Full demand: These are the products which are accepted in many forms and category under one umbrella of the brand when put on the market.
Overfull demand: A substantial increase in the market share who exhibit loyalty in the purchasing.
Unwholesome demand: there exists a peculiar buying behaviour which is usually entitled to social effects.
What is of importance to a marketer is to ensure the transition from a current demand stage to the desired demand stage favourable for business.
In continuation there are 5 types of needs. These are:
It is now necessary to understand the difference between needs, wants and demand. Let us understand this with the help of an example. In a situation of thirst, seeking an option to quench there lies ahead multiple options in the form of water, fruit juice, beer, coconut water, soft drinks and what not.
So the bare need is the most likely and easily available option of water.
Now if you may want the water or beer to be chilled to quench the thirst. So a need self-transitions itself into want if it is directed to a specific requirement. But there might also arise a case when you demand a cola and seek it as the only option to consume. So the demand is now the transition to a specific product category in an attempt to achieve the end result.
There have to be a guided path to reach the prospects and marketers reach via 3 channels namely
One size doesn’t fit all and so in a quest to reach out to the potential market, a marketer has to find an optimum mix of all the above services. Communication channels deal with the both the online as well as the offline modes to reach the consumer and these covers medias such as newspapers, magazines, television, mail, telephone, posters, leaflets, flyers, CDs (video and audio), radio broadcast and the Internet. To spread the presence furthermore; it involves promotion by collaborating with the 3rd party, advertisements on other vendors personal space and websites, blogs and internet space.
The distribution channel is a more in hand experience or what seems to be a one to one encounter with the product or service and gives an idea about the physical product put to sell in the market.
This puts into use both the direct marketing channel in the form of Internet, mail, or mobile phone, or indirect with distributors, wholesalers, retailers and other stakeholders in the value chain. Service channels make use of other enterprises who can create a communication on behalf of the seller. This can be banks, insurance companies, logistics and transportation company etc.
Marketing management philosophies and concepts put into practice by the organization.
Selling concept: This is an old belief that consumer if left alone exhibit a buying behaviour. The organization trying to achieve the economy of scale and upon reaching a saturation stresses hard on selling. There is philosophy and tendency to produce what the company wants rather than what does the consumer demand in the market.
Production concept: This is an old practice in the business wherein the ideology is to achieve economies of scale, target large markets and emphasis on production. The focus is catering to mass distribution and achieving efficiency in operations.
The concept is niche and sceptical while doing business in long run. And is applicable to manufacturing industries producing daily or common commodity such as salt, sugar etc.
Product concept: stresses on the fact that consumer values product specifications and is more interested in the deliverables of the product in utility over other factors. Note that the new product despite fulfilling all the above would not be in the good books of the consumer unless it is properly communicated, delivered and create a value proposition for the consumer.
Marketing concept: This deals with the philosophy of finding relevance and for the customers than finding relevance for the product. In other, it makes more sense to find products that match the consumer criteria rather than finding the right customer for the product. So the product follows customisation and personalisation in specifications for increasing the consumer experience. This unlike the selling concept stresses on the need of the need of the subscriber and increasing his experience.
Marketing holistically has developed by leaps and bounds and has revolutionized the way it has self-transitioned to being an investment rather than mere expense in the long run.
Apart from the above discussed, it involves developing marketing strategies, collecting data and information that lies with various sources and leverage to shape the way of doing business and what forms to be the base of data-driven marketing. Forecasting is a further extension of exploiting the potential of the data.
Market research is altogether a different ball game and is the first pilot experiment that forms the base for the introduction of new business model or a product in the line extension. Creation of long-term loyalty and relationships building customer loyalty, value and satisfaction is an integral approach to strategic business plans in long term.
Identifying market segments, targets and creating brand positioning is an art. Developing strategies when it comes to product, price, place, promotion can help your business come out with flying colors.
Note that the business strategy when it comes to marketing varies in different scenarios when it comes to B2B (Business to Business) and B2C (Business to consumer) model.
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