Definition:
It is the process or business of promoting and selling products or services, to potential customers. Marketing involves RESEARCHING, PROMOTING, SELLING, and DISTRIBUTING your products or services.
The 4 P's of Marketing are: Product, Price, Promotion, and Place
Functions of Marketing:
1-Selling
2-Buying and Assembling
3- Transportation
4-Storage
5- Standardization and Grading
6- Financing
7-Market Research.
👍Selling: is related to the transfer of ownership of goods to the buyer.
👍Buying and Assembling: is related to know how much quantity of goods to buy and keep in stock to sell
👍Transportation: is the physical means by which goods are moved from the places where they are produced to those places where they are needed for consumption. It creates place, utility
👍Storage: It involves holding of goods in proper condition from the time they are produced until they are needed by customers (in case of finished products) or by the production department (in case) of raw materials and stores); storing protects the goods from deterioration and helps in carrying over surplus for future consumption or use in production. Goods are stored in warehouses.
👍Standardization and Grading: Standardization is ensuring that certain goods or performances are produced in the same way via set guidelines. We have ISO(international standards organization). SON(Standards Organization of Nigeria)
👍Financing: It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing.
👍Marketing Research: Modern marketing requires a lot of information adequately, accurately and speedily. Marketing information makes a seller know when to sell, at what price to sell, who are the competitors, etc. Marketing information and its proper analysis has led to marketing research which has now become an independent branch of marketing.Business firms collect, analyse and interpret facts and information from internal sources, such as records, sales-people and findings of the market research department. They also seek facts and information from external sources, such as business publications, government reports and commercial research firms.
👍What is Marketing Strategy?
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides.
👍 Difference betweeN Mkt plan and Mkt Strategy
Mkt strategy is the layout of what you need to achieve while Mkt plan is how you are going to achieve. Mkt Plan is the practical implementation of the Mkt Strategy
Some few Mkt Strategies
👉Market Penetration Strategy
👉Market Segmentation Strategy
👉 Market development Strategy
👉Product Development Strategy
👉 Diversification Strategy
👉Price Skimming
👌Market Penetration Strategy:
this is a method of entering an already existing marketing
Few different options for market penetration are as followed:
1-Developing a new marketing strategy to entice more customers to purchase or continue purchasing.
2-Become price competitive as a swaying factor for customers to choose a product or service over another company.
3-Use special promotions or offers(incentives) to grab attention.
👌 Market Segmentation Strategy:
A marketing segmentation strategy further divides your target market into subgroups that are easier to manage. Market segmentation is typically divided into four groups:demographic, geographic, behavioral, and psychographic.
👌Market Development Strategy:
A market development strategy is a product-market strategy whereby an organization introduces its offerings to markets other than those it is currently serving. In global marketing, this strategy : can be implemented through EXPORTATION, LICENSING, JOINT VENTURES, or DIRECT INVESTMENT. It is a growth strategy that involves selling your existing products or services to a new group of customers.
👌Product Development Strategy:
A product development strategy is a strategy based on developing new products or modifying existing products so they appear new, and offering those products to current or new markets.
👌Diversification Strategy:
Diversification is a corporate strategy to enter into a new products or product lines,new services or new markets,involving substantially different skills, technology and knowledge. 3 types of Diversification Strategies are: Conglomerate, Concentric and horizontal
👌Price Skimming:
Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time.
👉Distribution Channels
We have,
Manufacturer to Consumer or Manufacturer to Agent to Consumer or
Manufacturer to Agent to Wholesaler to Consumer or
Manufacturer to Wholesaler to Consumer or
Manufacturer to Retailer to Wholesaler to Consumer or
Manufacturer to Agent to Retailer to Wholesaler to Consumer.
👉What is Online Marketing?:
👍Online marketing is the practice of leveraging web-based channels to spread a message about a company’s brand, products, or services to its potential customers. The methods and techniques used for online marketing include >EMAIL, >SOCIAL MEDIA, >DISPLAY ADVERTISING, >SEARCH ENGINE OPTIMIZATION, >GOOGLE ADWORDS and more. The OBJECTIVE of ONLINE MARKETING is to reach potential customers through the channels where they spend their time reading, searching, shopping, and socializing online.
👉ONLINE MARKETING TOOLS:
Email Marketing👈
Social Media Marketing👈
Search Engine Optimization (SEO)👈
Display Advertising👈
Search Engine Marketing (SEM)👈
Events & Webinars👈
Inbound Marketing👈
Content Marketing👈
Video Marketing👈
Marketing Analytics 👈
Marketing Automation👈
Customer Relationship Management (CRM)👈
Content Management System (CMS)👈
Pay-per-click (PPC)Advertising👈
LinkedIn Ads👈
Affiliate Marketing👈
👉What is SMEs?
Small and medium-sized enterprises (SMEs) are non-subsidiary, independent firms which employ fewer than a given number of employees. Examples include small grocery stores, jewellers, hairdressers, office cleaning service, popcorn makers, bars and photographers.
👉 Benefits of Marketing
Increases visibility of your brand.
Improves brand awareness and recognition.
Creates loyalty and trust,with both your current customers and prospects.
Helps you to build authority and credibility.
Extra👊:
Marketing Is a Communication Channel Used to Inform Customers
Marketing Helps the Management Team to Make Informed Decisions.
❓How has Marketing benefitted the economy
First is, ✊Increasing employment opportunities: Here is the explanation, Marketing comprises of advertising, sales, distribution, branding and many more activities. So the development of marketing automatically gives rise to a need for people to work in several areas of marketing. Thus the employment opportunities are born. Also successful operation marketing activities requires the services of different enterprises and organisation such as wholesalers, retailers, transportation, storage, finance, insurance and advertising, which are all under auxiliary functions of marketing. These services provide employment to a number of people.
Second is, Increase in national income:
See, Successful operation of marketing activities creates, maintains and increases the demand for goods and services in society. To meet this increased demand the companies need to increase the level of production in turn raising their income.
Also, Marketing plays an important role in an ….. because it provides the means for competition to take place. Marketing generates competition, which in turn fosters new products. In a competitive marketplace, businesses try to product. new or improved products at lower prices than their initials. Businesses always look for ways to satisfy customers wants and needs and to keep customers interested. For example, personal computers have gotten smaller, lighter, more powerful, and less expensive. As more people use computers, this market continues to grow. Those efforts force them to be efficient and responsive to consumers. In addition, businesses look for ways to add value to a consumer's user experience.
FYI Auxiliary Functions of Marketing:
Are the supporting functions which make the process of marketing easy and convenient.
What is a service encounter?:
A service encounter can be defined as the duration in which a customer interacts with a service.
It is the process or business of promoting and selling products or services, to potential customers. Marketing involves RESEARCHING, PROMOTING, SELLING, and DISTRIBUTING your products or services.
The 4 P's of Marketing are: Product, Price, Promotion, and Place
Functions of Marketing:
1-Selling
2-Buying and Assembling
3- Transportation
4-Storage
5- Standardization and Grading
6- Financing
7-Market Research.
👍Selling: is related to the transfer of ownership of goods to the buyer.
👍Buying and Assembling: is related to know how much quantity of goods to buy and keep in stock to sell
👍Transportation: is the physical means by which goods are moved from the places where they are produced to those places where they are needed for consumption. It creates place, utility
👍Storage: It involves holding of goods in proper condition from the time they are produced until they are needed by customers (in case of finished products) or by the production department (in case) of raw materials and stores); storing protects the goods from deterioration and helps in carrying over surplus for future consumption or use in production. Goods are stored in warehouses.
👍Standardization and Grading: Standardization is ensuring that certain goods or performances are produced in the same way via set guidelines. We have ISO(international standards organization). SON(Standards Organization of Nigeria)
👍Financing: It involves the use of capital to meet financial requirements of agencies dealing with various activities of marketing.
👍Marketing Research: Modern marketing requires a lot of information adequately, accurately and speedily. Marketing information makes a seller know when to sell, at what price to sell, who are the competitors, etc. Marketing information and its proper analysis has led to marketing research which has now become an independent branch of marketing.Business firms collect, analyse and interpret facts and information from internal sources, such as records, sales-people and findings of the market research department. They also seek facts and information from external sources, such as business publications, government reports and commercial research firms.
👍What is Marketing Strategy?
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides.
👍 Difference betweeN Mkt plan and Mkt Strategy
Mkt strategy is the layout of what you need to achieve while Mkt plan is how you are going to achieve. Mkt Plan is the practical implementation of the Mkt Strategy
Some few Mkt Strategies
👉Market Penetration Strategy
👉Market Segmentation Strategy
👉 Market development Strategy
👉Product Development Strategy
👉 Diversification Strategy
👉Price Skimming
👌Market Penetration Strategy:
this is a method of entering an already existing marketing
Few different options for market penetration are as followed:
1-Developing a new marketing strategy to entice more customers to purchase or continue purchasing.
2-Become price competitive as a swaying factor for customers to choose a product or service over another company.
3-Use special promotions or offers(incentives) to grab attention.
👌 Market Segmentation Strategy:
A marketing segmentation strategy further divides your target market into subgroups that are easier to manage. Market segmentation is typically divided into four groups:demographic, geographic, behavioral, and psychographic.
👌Market Development Strategy:
A market development strategy is a product-market strategy whereby an organization introduces its offerings to markets other than those it is currently serving. In global marketing, this strategy : can be implemented through EXPORTATION, LICENSING, JOINT VENTURES, or DIRECT INVESTMENT. It is a growth strategy that involves selling your existing products or services to a new group of customers.
👌Product Development Strategy:
A product development strategy is a strategy based on developing new products or modifying existing products so they appear new, and offering those products to current or new markets.
👌Diversification Strategy:
Diversification is a corporate strategy to enter into a new products or product lines,new services or new markets,involving substantially different skills, technology and knowledge. 3 types of Diversification Strategies are: Conglomerate, Concentric and horizontal
👌Price Skimming:
Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time.
👉Distribution Channels
We have,
Manufacturer to Consumer or Manufacturer to Agent to Consumer or
Manufacturer to Agent to Wholesaler to Consumer or
Manufacturer to Wholesaler to Consumer or
Manufacturer to Retailer to Wholesaler to Consumer or
Manufacturer to Agent to Retailer to Wholesaler to Consumer.
👉What is Online Marketing?:
👍Online marketing is the practice of leveraging web-based channels to spread a message about a company’s brand, products, or services to its potential customers. The methods and techniques used for online marketing include >EMAIL, >SOCIAL MEDIA, >DISPLAY ADVERTISING, >SEARCH ENGINE OPTIMIZATION, >GOOGLE ADWORDS and more. The OBJECTIVE of ONLINE MARKETING is to reach potential customers through the channels where they spend their time reading, searching, shopping, and socializing online.
👉ONLINE MARKETING TOOLS:
Email Marketing👈
Social Media Marketing👈
Search Engine Optimization (SEO)👈
Display Advertising👈
Search Engine Marketing (SEM)👈
Events & Webinars👈
Inbound Marketing👈
Content Marketing👈
Video Marketing👈
Marketing Analytics 👈
Marketing Automation👈
Customer Relationship Management (CRM)👈
Content Management System (CMS)👈
Pay-per-click (PPC)Advertising👈
LinkedIn Ads👈
Affiliate Marketing👈
👉What is SMEs?
Small and medium-sized enterprises (SMEs) are non-subsidiary, independent firms which employ fewer than a given number of employees. Examples include small grocery stores, jewellers, hairdressers, office cleaning service, popcorn makers, bars and photographers.
👉 Benefits of Marketing
Increases visibility of your brand.
Improves brand awareness and recognition.
Creates loyalty and trust,with both your current customers and prospects.
Helps you to build authority and credibility.
Extra👊:
Marketing Is a Communication Channel Used to Inform Customers
Marketing Helps the Management Team to Make Informed Decisions.
❓How has Marketing benefitted the economy
First is, ✊Increasing employment opportunities: Here is the explanation, Marketing comprises of advertising, sales, distribution, branding and many more activities. So the development of marketing automatically gives rise to a need for people to work in several areas of marketing. Thus the employment opportunities are born. Also successful operation marketing activities requires the services of different enterprises and organisation such as wholesalers, retailers, transportation, storage, finance, insurance and advertising, which are all under auxiliary functions of marketing. These services provide employment to a number of people.
Second is, Increase in national income:
See, Successful operation of marketing activities creates, maintains and increases the demand for goods and services in society. To meet this increased demand the companies need to increase the level of production in turn raising their income.
Also, Marketing plays an important role in an ….. because it provides the means for competition to take place. Marketing generates competition, which in turn fosters new products. In a competitive marketplace, businesses try to product. new or improved products at lower prices than their initials. Businesses always look for ways to satisfy customers wants and needs and to keep customers interested. For example, personal computers have gotten smaller, lighter, more powerful, and less expensive. As more people use computers, this market continues to grow. Those efforts force them to be efficient and responsive to consumers. In addition, businesses look for ways to add value to a consumer's user experience.
FYI Auxiliary Functions of Marketing:
Are the supporting functions which make the process of marketing easy and convenient.
What is a service encounter?:
A service encounter can be defined as the duration in which a customer interacts with a service.
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