Marketing Basics: What is Marketing all about?

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Marketing Basics: What is Marketing all about?

No business can operate or survive without revenue from selling its goods or services to customers. Marketing is an essential tool used in finding and satisfying the needs and wants of those customers. Dr. Philip Kotler one of the world`s best marketing professor and consultant sees marketing as the art of exploring, creating and delivering value to satisfy the needs of a target market while making a profit. It points out which segments the company is capable of serving best while designing and promoting the appropriate
products and services. Marketing can be seen in fact as ongoing communication with customers in a way that educates, informs and builds relationships over time. In simpler terms marketing can be seen as a tool used to transform customer needs into sales revenue.

The most important marketing activities are:

#1) Market research – represents the action of gathering information about customers` needs and preferences. Market research helps companies understand what consumers want in order to develop products that those consumers will use while maintaining a competitive advantage over other companies from the same industry.

#2) Product design – A good product can ensure customer satisfaction, quality and low production cost. However, if an organization offers a poor product, customer’s feedback also will be poor in the sense that there will be a lack of interest in the sale. It takes into account how the item will perform efficiently, safely, reliable and most important if it is capable of being economically attractive to target consumers.

#3) Pricing – Pricing is the method of determining the value a producer will get in the exchange of goods and services. While setting the price of a product or service there are several hot points to have in mind.

#4) Advertising – is a form of marketing communication used by companies to promote or sell products and services. The primary goal of advertising is to influence the buying behaviour by promoting a product, service or company.

#5) Distribution – is the process of making a product or service available for the consumer or business user who needs it. Distribution is fundamentally concerned with ensuring that products reach target customers in the most direct and cost-efficient manner. In practice distribution management may involve a diverse range of activities and disciplines including: detailed
logistics, transportation, warehousing, storage, inventory management as well as channel management including selection of channel members and rewarding distributors.

#6) Customer service – Customer service is the support you offer your customers both before and after they buy and use your products or services that helps them have an easy and enjoyable experience with you. Offering amazing customer service is important if you want to retain customers and grow your business. Customer support is more than just providing answers; it’s an important part of the promise your brand makes to its customers.

#7) Packaging – It plays a very significant role in the marketing success or failure of many products especially for non-durable consumer products. It not only provides protection to the product but also acts as a promotional tool. Sometimes, customers assess the quality of the product from its packaging. Packaging ensures easy identification of a product and helps the customers to easily handle and use the product.

Chapters:
0:00 Intro
02:40 Defining marketing
06:35 What are marketing activities?
07:40 #1) Market Research
09:49 #2) Product Design
12:15 #3) Pricing
15:15 #4) Advertising
16:28 #5) Distribution
18:33 #6) Customer Service
20:18 #7) Packaging