it can be defined as a process that bridges the gap between the manufacturer and the final user. marketing is an art that is performed by the marketer to create awareness of their product on a wide scale.
awareness of their product.
DR PHILIP KOTLER defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. it identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”DR PHILIP KOTLER
Nowadays the methods of marketing have changed from traditional to digital marketing, however, the core marketing remains the same. Marketing means providing the right information to the right person at the right time.
now, let’s get to know about the fundamentals :
1. IT is more based on science than creativity. It’s the science of understanding human needs and full filling them.
2. Advertisement of a product starts long before the creation of the product. It starts with understanding the consumer and the consumer needs that creation of a product which suitable fits.
3. The art of marketing includes sending the right message to the right person at the right time.
4. IT doesn’t just focus on creating new customers, it focuses more on keeping the existing customer happy in order to make the customer for life.
5 . The art of marketing also involves building trust with your audience.
> The aim of marketing is to know and understand the consumer needs so well and create a product that fits perfectly.
> IT is a game of perception, product is rooted in reality. Never let marketing become more important than the product. A good product sells itself.
> A great product converts your customers into brand ambassadors. word of mouth marketing is the best marketing ever.
- ADVERTISING is one of the components of marketing
- COPYWRITING is one of the components of marketing
- SALES is also a component of marketing
BRANDING – BUILDING A STRONG BRAND
- 1. The game of branding begins with being not the number one it means to be the only one.
- 2. Choosing a perfect category and being the master in that category and deciding where to compete is what brings you half of the success.
- example :
- A. ZOOM VIDEO CALL
- B. GOOGLE SEARCH ENGINE
- 3. If you can’t be a leader in a category then become the best & be a leader in the sub-category.
- 4. Half of marketing is about being a strong brand.
- 5.people always remember only the number 1 or max 2. hence, it’s really important to be the number 1.
WHY INVEST TIME & ENERGY IN LEARNING MARKETING?
- a. It is the education has a long- shelf life because it is rooted in human psychology & understanding the market.
- b. It is one of the most valuable investments in business which gives direct returns. everything else like production, manufacturing, Hr all are expenses that don’t even give a direct return.
- c. You need a great product, but marketing a product doesn’t help people only discovering a product but also helps to create value & goodwill for the product.
- d. It can’t be outsourced completely to a marketing agency. The founder should be a marketer.
- e. If you know how to market & sell, you definitely have a safe career.
DO YOU KNOW HOW IMPORTANT IT IS TO HAVE GOOD COMMUNICATION SKILLS !
- i. Good marketing is all about good communication.
- ii. Good communication doesn’t just mean using sophisticated English.one must know how to transfer his idea & visions to other people
- iii. Write just like you talk, try to join a conversation in the person’s mind. understand your audience.
- iv. Write a lot, the more you will write the better you can write.
THE BASICS OF GLOBAL ECONOMICS
- Every entrepreneur should learn about global economics which can later help them make decisions based on economics.
- A country’s economy goes up as the average age of the country goes up. Debt creates money. If you take a loan of 10 lakhs from the bank and deposit it in another bank, they can loan the money again.
- MORE DEBT IN ECONOMY = MORE CASH ( INFLATION ) HENCE, banks always encourages debt.
- Recession creates strong companies and droves out the weak opponents from the market.