Marketing In Business: Strategies And Types Explained

What is marketing?

Marketing is an activity that a business undertakes to promote the purchase or sale of a product or service. Marketing is the promotion, sale and presentation of products to consumers or other businesses. Some marketing is carried out by affiliates on behalf of the company.

Professionals working in the marketing and advertising departments of companies want to attract the attention of important potential audiences through advertising. Promotions are targeted at specific audiences and may include celebrity endorsements, catchy phrases or slogans, attractive packaging or graphic designs, and general media exposure.

Important points to remember

• Marketing is any activity conducted by a business to promote and sell products or services to consumers.
• Marketing uses the "marketing mix" also known as the four Ps: product, price, position and promotion.
• Marketing focuses on traditional marketing methods including television, radio, mail and word of mouth.
• While traditional marketing still dominates, digital marketing now allows businesses to leverage newsletter, social media, affiliate and content marketing strategies.
• Marketing is essentially taking a product or service, identifying ideal customers, and attracting customer attention to existing products or services.

What is the purpose of marketing?

As a discipline, marketing encompasses all the steps a company takes to attract customers and maintain relationships with them. Networking with potential or previous clients is also part of the job and includes writing thank-you emails, playing golf with prospects, responding to calls and emails in a timely manner, and meeting clients for coffee or lunch.

At its most basic level, marketing seeks to connect a company's products and services with customers who want access to those products. Tailoring products to customers ultimately increases profitability.

Formal definition:

"Marketing is the set of activities, organizations, and processes for creating, communicating, delivering, and exchanging value propositions for customers, clients, partners, and society at large."
- Official definition of the American Marketing Association, adopted in 2017.

What are the 4 P's of Marketing?

Product, Price, Position and Promotion are the four P's of marketing. Together, the four Ps form the key combination a business needs to market a product or service. Neil Borden popularized the concept of the marketing mix and the four Ps in the 1950s.

product

A product refers to one or more products that a company wants to offer its customers. The product should try to fill a gap in the market or meet a larger consumer need that already exists. Before creating an appropriate campaign, marketers must understand what product is being sold, how it differs from the competition, whether the product can be combined with a secondary product or product line, and whether there are substitute products in the market. . .

price

Price refers to the price at which the company will sell the product. When setting prices, companies need to consider unit costs, marketing costs and distribution costs. Businesses must consider the price of competing products in the market and determine whether the price offered is sufficient to provide consumers with a viable alternative.

location

Placement means distribution of goods. Important considerations are whether the company sells the product through a physical store, online, or both. What physical product placement does it get when sold in a physical store? What position does a digital product achieve when selling online?

Enthusiasm

Promotion, the fourth P, is an integrated marketing communications campaign. Promotion includes various activities like advertising, sales, sales promotion, public relations, direct marketing, sponsorship and guerilla marketing.

Promotions vary based on the product lifecycle stage. Marketers know that consumers associate product price and delivery with quality, and they take this into account when developing their entire marketing strategy.

Marketing is all the activities of a company to promote the purchase or sale of a service. When the supply of a product is limited, a company can market itself in a better position as one of the few who can buy something.

Types of marketing strategies

Marketing encompasses an incredibly large and varied set of strategies. The industry is evolving and the following strategies will be better for some companies than others.

Traditional marketing techniques

Before technology and the Internet, traditional marketing was the primary way companies sold their products to consumers. The main types of traditional marketing strategies are:

• Outdoor Marketing: Displays public advertisements outside consumers' homes. These include advertisements, bank print ads, bumper stickers or public transit ads.
• Print Marketing: Includes short pieces of content that are easy to print and reproduce. Traditionally, companies often produced mass printed materials because the printed materials were the same for all customers. Today, more flexibility in printing processes allows materials to be separated.
• Direct Marketing: This is specific content offered to potential customers. Some printed marketing materials may be emailed. Alternatively, direct marketing materials may include coupons, free product vouchers or brochures.
• Electronic Marketing: TV and radio are used for advertising purposes. Even during a short-term burst of digital content, a company can deliver information to customers through visual or audio media that can capture the audience's attention more than a printed form above.
• Event Marketing: It involves bringing potential customers together at a specific location to talk about their products or conduct product demonstrations. This includes conferences, trade fairs, seminars, road shows or private events.

Digital Marketing

With the introduction of digital marketing, the marketing industry has changed forever. From the early days of pop-up ads to targeting based on browsing history, businesses today have innovative ways to reach customers through digital marketing.

• Search Engine Marketing: Companies try to increase search traffic in two ways. First, businesses can pay search engines to rank on search results pages Second, businesses can rank organically at the top of search results using search engine optimization (SEO) techniques.
• Email Marketing: Includes companies that receive email addresses from customers or prospects and send messages or newsletters. These messages may include coupons, discount opportunities, or advance notice of upcoming sales.
• Social Media Marketing: Involves creating an online presence on specific social media platforms. As with search engine marketing, businesses can run paid ads to bypass algorithms and have a higher chance of being seen by their target audience. Alternatively, a business can grow organically by publishing content, engaging with audiences, or uploading media such as photos and videos.
• Affiliate Marketing: This is the use of third party advertising to attract customers. Often, an affiliate receives a commission on the sales they do affiliate marketing because a third party encourages them to sell something other than their original product.
• Content Marketing: Involves creating content whether it is e-books, infographics, video seminars or other downloadable content. The goal is to create a (often free) product to share product information, gain customer insight, and encourage customers to stay with the company beyond content.
  

In 1978, Gary Thuark sent a message to about 400 people over the ARPANET, the first public packet-switched computer network. The first recorded spam was sent with this message.

What are the benefits of marketing?

Properly defined marketing strategies can benefit a business in many ways. Developing the right strategy or executing a plan can be difficult. When done correctly, marketing can deliver the following results:

• Create an audience. Through marketing, a company can target specific individuals who will benefit from its products or services. Sometimes people know they need it. Sometimes they don't understand it. Marketing allows businesses to connect with people who fit the audience they want to serve.
• Internal training is useful for gathering information that can be processed internally for marketing success. For example, consider market research that shows that a certain product is primarily purchased by women between the ages of 18 and 34. By gathering this information, companies can better understand how to respond to this demographic, increase revenue, and allocate resources more efficiently.
• Outbound educational marketing can also be used to let the world know what your business does, what products you sell, and how your business can enrich the lives of others. Campaigns can be educational and tell people outside your organization why they need your product. Also, marketing campaigns allow a business to showcase itself, its history, its owners and its motivation for being a business.
• Branding marketing allows a company to take an aggressive approach to brand building. Instead of forming a customer's opinion of a business based on their interactions, a business can target the customer with specific content or media to evoke specific emotions or reactions. This allows the company to create its image before customers interact with the products.
• A well- executed marketing campaign can have a lasting impact on customers. Consider Poppin' Fresh, also known as Pillsbury Doughboy. First introduced in 1965, the mascot helped create an enduring, warm and friendly brand for Pillsbury.
• Financial performance. The ultimate goal and benefit of marketing is to increase sales. When customer relationships are stronger, more defined, and more positive, customers are more likely to participate in sales. When marketing is done well, customers flock to your business and you gain a competitive advantage over your competitors. Even if both products are the same, marketing can create a competitive advantage so that the customer chooses you over the other.

According to digital marketing provider MarTech, the world will spend $4.7 trillion on marketing by 2025. This projection will increase to $1.1 trillion from 2021 to 2025.

Where is the limit of marketing?

While there are many reasons for a company to engage in marketing campaigns, the industry faces several limitations.

• Oversaturation Every business wants customers to buy its products and not the competition. This allows marketing channels to become more competitive as companies seek more positive attention and recognition. Too many competing companies can significantly reduce customer focus and render any advertising ineffective.
• Undervaluation When a company advertises a price reduction or sale, the public may get the psychological impression that the price of the product will be lower in the future. When the promotion is so strong, customers may wait to buy items they know or remember previous sale prices. For example, some people deliberately delay shopping as Black Friday approaches.
• There is no guarantee of success. Marketing campaigns may incur initial costs that may not be successful in the future. This also applies to market research, where time, effort and resources are wasted on a study that may not yield necessary or useful results.
• Customer bias. Long time loyal customers should not be tempted to buy a company's brand or product. যাইহোক, নতুন সম্ভাবনা এটি করতে পারেন. বিপণন সহজাতভাবে অনুগত গ্রাহকদের প্রতি পক্ষপাতদুষ্ট, কারণ যারা ব্যবসাকে সমর্থন করে তাদের পণ্যের উন্নতিতে ক্রমাগত বিনিয়োগের মাধ্যমে আরও ভাল পরিবেশন করা হবে।
• খরচ বিপণন প্রচারাভিযান ব্যয়বহুল হতে পারে. ডিজিটাল বিপণন প্রচারাভিযান সেট আপ করা ক্লান্তিকর এবং ব্যয়বহুল হতে পারে পরিকল্পনা, বাস্তবায়ন এবং বজায় রাখা। সুপার বোল-এর জন্য বিজ্ঞাপন খরচের জন্য মিলিয়ন মিলিয়ন যোগ করে এমন শিরোনামগুলি ভুলে যাবেন না।
• এটা অর্থনীতির উপর নির্ভর করে। মার্কেটিং সফল হয় যখন মানুষের খরচ করার মতো মূলধন থাকে। যদিও বিপণন ব্র্যান্ডের আনুগত্য এবং পণ্য সচেতনতার মতো অ-আর্থিক সুবিধা তৈরি করতে পারে, চূড়ান্ত লক্ষ্য হল বিক্রয় বৃদ্ধি করা। প্রতিকূল সামষ্টিক অর্থনৈতিক অবস্থার অধীনে, যখন বেকারত্ব বেশি থাকে বা মন্দার আশঙ্কা বেশি থাকে, তখন বিপণন প্রচারণার আকার নির্বিশেষে ভোক্তারা কম খরচ করতে পারে।
  

মার্কেটিং কি?

বিপণন হল একটি কোম্পানি, পণ্য লাইন, ব্যক্তি বা সংস্থার বিভাগ যা তাদের পরিষেবা প্রচার করে। মার্কেটিং বাজার অংশগ্রহণকারীদের তাদের পণ্য কিনতে এবং একটি নির্দিষ্ট কোম্পানির প্রতি অনুগত থাকতে অনুপ্রাণিত করার চেষ্টা করে।

মার্কেটিং এত গুরুত্বপূর্ণ কেন?

মার্কেটিং বিভিন্ন কারণে গুরুত্বপূর্ণ। প্রথমত, বিপণন প্রচারাভিযান একটি গ্রাহকের প্রথম মিথস্ক্রিয়া বা একটি কোম্পানির পণ্যের সাথে যোগাযোগ হতে পারে। কোম্পানির সম্ভাব্য ক্রেতাদের শিক্ষিত, লালনপালন এবং উত্সাহিত করার ক্ষমতা রয়েছে। বিপণন ব্র্যান্ড ইমেজ গঠন করতে সাহায্য করে যা কোম্পানিটি প্রকাশ করতে চায়। উদাহরণস্বরূপ, একটি বহিরঙ্গন ক্যাম্পিং গিয়ার কোম্পানি যা তার শক্তিশালী এবং টেকসই পণ্যগুলির জন্য পরিচিত হতে চায় এমন নির্দিষ্ট প্রচারাভিযান চালাতে পারে যা সেই গুণগুলিকে মূর্ত করে এবং সেই আবেগগুলিকে সম্ভাব্য গ্রাহকদের মধ্যে স্মরণীয় করে তোলে৷

মার্কেটিং এর উদ্দেশ্য কি?

বিপণনের একটি গুরুত্বপূর্ণ লক্ষ্য হল ব্যবসার বৃদ্ধি ত্বরান্বিত করা। এটি নতুন গ্রাহকদের আকর্ষণ করে এবং ধরে রাখে।

এই লক্ষ্যগুলি অর্জন করতে, কোম্পানিগুলি বিভিন্ন বিপণন কৌশল ব্যবহার করতে পারে। উদাহরণ স্বরূপ, গ্রাহকের চাহিদা অনুযায়ী পণ্য সাজানোর জন্য ব্যক্তিগতকরণ, প্রত্যাশা এবং মূলত সঠিক সমস্যা সমাধানের প্রয়োজন হতে পারে।

আরেকটি কৌশল হল গ্রাহক অভিজ্ঞতার মাধ্যমে মান যোগ করা। এটি গ্রাহক সন্তুষ্টি উন্নত করার প্রচেষ্টায় প্রতিফলিত হয় এবং একটি পণ্য বা পরিষেবার সাথে যেকোন সমস্যা সমাধানের জন্য।

মার্কেটিং এর 4 P কি কি?

বিপণনের চারটি Ps একটি ধারণা যা বিপণনে ব্যাপকভাবে ব্যবহৃত হয় এবং একটি বিপণন কৌশলের চারটি মূল উপাদান পরীক্ষা করে। চারটি প্যাকেজ পণ্য, মূল্য, অবস্থান এবং প্রচারাভিযান নিয়ে গঠিত।

মার্কেটিং কি ধরনের আছে?

বিপণনের কয়েক ডজন প্রকার রয়েছে এবং সোশ্যাল মিডিয়া, মোবাইল প্ল্যাটফর্ম এবং প্রযুক্তির অগ্রগতির আবির্ভাব এবং উত্থানের সাথে প্রকারগুলি বহুগুণ বেড়েছে। প্রযুক্তির আবির্ভাবের আগে, বিপণন ইমেল প্রচারণা, মুখের কথা, বিলবোর্ড, পণ্যের নমুনা বিতরণ, টেলিভিশন বিজ্ঞাপন বা টেলিমার্কেটিং-এর উপর দৃষ্টি নিবদ্ধ করা হতে পারে। মার্কেটিং এর মধ্যে রয়েছে সোশ্যাল মিডিয়া, টার্গেটেড অ্যাডভার্টাইজিং, ইমেইল মার্কেটিং, ওয়েব ট্রাফিক বাড়ানোর জন্য ইনবাউন্ড মার্কেটিং ইত্যাদি।

NIKE এর অস্বাভাবিক ব্যবসায়িক কৌশল নিজেকে বাজারজাত করতে এবং লাখ লাখ উপার্জন করতে? (ব্যবসায়িক কৌশলের প্রয়োজনীয়তা)