Marketing overview

 What is Marketing? 

Marketing is a process of creating communication with the user to interact with their products. The main goal of marketing is to increase brand awareness to interact with customers.

What is the Marketing process?

The marketing process refers to the chain of activities, such as determining what the customer values, how the value you provide, devising a marketing strategy, and maintaining long-term customer relationships.

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There are 5 steps in the Marketing process:

• Understanding customers and the market needs is an important part of business. Knowing the customer's needs, wants, and demands allows us to give better products.

•  Developing a marketing strategy: A marketing strategy refers to the business's ability to convince the customer to buy their products or services.

•  Deliver high customer value: Delivering the best value for your customers is not only a matter of offering the lowest price or the highest quality. It is also about understanding the needs.

• Grow profitable customer relations: We will provide recommendations to the customer to help your business maintain the client relationship you worked so hard to build.

•  Capture customer feedback: You can use market research, surveys, interviews, and feedback boxes to get suggestions from the customers.

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What are the 4 Ps of Marketing?

The 4 Ps of marketing are product, price, place, and promotion.

• Product: A product is any item or service you sell to serve a customer’s need or want. Products can be physical or virtual. Physical products are cars, furniture, and computers, and nondurable goods are food and beverages.

• Price: Price is the amount that a customer will pay for the product at a reasonable price.

• Place: Choose the best place where you sell your products and services for better results.

• Promotion: Promotion is how you advertise our products or services to customers.

Define USP with an example.

A unique selling point (USP), also called a unique selling proposition, is the essence of what makes your product or service better than competitors. In online marketing, communicating your USP clearly and quickly is one of the keys to getting potential customers to convert on your site.

• Domino’s: “Pizza delivered in 30 minutes or it’s free”,

•  Colgate offers to improve mouth health in two weeks.

What is SWOT analysis? Explain with an example.

SWOT analysis is a technique used to identify the strengths, weaknesses, opportunities, and threats for our business or even specific projects. For example:

• Strengths: Good relationship with your customer and good internal communications. Ex: Starbucks has global recognition and is associated with premium coffee and excellent customer service.

• Weaknesses: high rental cost, holding too much stock. Ex: Starbucks products are relatively expensive, which makes them price-sensitive.

• Opportunities: customer demands, loyal customers. Example: Mobile ordering, delivering services, and innovation can improve customer experience and boost sales.

• Threats: Competitors open shops nearby; competitors give the same product at low prices. Ex: Competes with Dunkin, McDonald's, and local coffee shops. Fluctuating prices of raw materials like coffee beans and increasing labour costs can squeeze profit margins.

What are the different business models with examples?

• B2B: Business to Business. For example, it is business that is conducted between one business and another, like a wholesaler to a retailer. For example, Picky Bars are known as products like energy bars, oatmeal, and granola. The company is run by three professional athletes and sells products both directly to consumers and to retailers across the world.

• B2C: Business to Consumer. For example, selling products or services directly to the customer. For example, Amazon and Flipkart are e-commerce companies that sell products and services to customers.

• C2B: Consumer to Business: It is an e-commerce model where consumers provide various products or services to businesses. The C2B model allows businesses to obtain information from their consumers to produce high-quality goods and services.

• C2C, or customer-to-customer, is a business model in which consumers can transact with other consumers via third-party platforms. C2C transactions are common online and may involve auctions or classified advertisements.

• D2C: Direct to Customer. For example, the simplest level means where a brand sells their product or services directly to their customer rather than selling to retailers. For example, Dollar Shave Club provides subscription services for their products at reasonable prices, like razors and grooming products.

Types of Business Categories? 

• Sole proprietorship: It is a business with only one owner who pays personal income tax on profits earned.

• Partnerships: A business structure where two or more people come together to share profits and losses.

• Corporation: A group of people elected to govern a particular town or city.

• Limited Liability Company (LLC): A limited liability company is a business structure that protects its owners from personal responsibility for its debts and liabilities.