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Feb 12, 2016
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What is Marketing ?

Written by Akash Pandey

Marketing -In this post you are going to read about Marketing -What is marketing ,meaning of marketing in business,Why marketing is important for any business,3 Ms of marketing,What is B2B marketing ,what is B2C marketing etc  .

What is Marketing ?

Marketing is about understanding customers and finding ways to provide products or services which customers demand.

Wikipedia defines Marketing as the means of communication between the company and the consumer audience.

In Oxford dictionary Marketing is defined as The action or business of promoting and selling products or services, including market research and advertising:

If you want to start business or you are running a business never forget 3 ‘M’s for successful business these are

1.Market-First Know to whom you are going sell, Where they are located, What pain they have ?,competition in market.

2.Message-What is unique about you ?Why should people buy from You ? also referred as a USP -Unique Selling Point .

3.Media or Marketing-How  you are going to sell your  products ?How people will know about you ?.

We know Legislature, Executive and Judiciary are considered to be the three Pillars of our democracy in same way 3 M s are pillars of Business.You must follow  three M s of business you want success in your business.

A brief overview of the marketing industry

1) B2B – marketing to other businesses

Business-to-business or B2B marketing involves products or services that are sold to other businesses or organisations.

Examples– include advertising agencies, web hosting and graphic design services, office furniture manufacturers and landlords who lease office and retail space.

Businesses that Sell to Businesses-B2B

  • Relationship driven
  • Maximize the value of the relationship
  • Small, focused target market
  • Multi-step buying process, longer sales cycle
  • Brand identity created on personal relationship
  • Educational and awareness building activities
  • Rational buying decision based on business value

2) B2C – marketing directly to consumers

Business-to-consumer marketing (B2C) relates to people who buy products and use services for their own personal or domestic consumption.

Examples-Housecleaning services, restaurants and retail stores are examples of B2C companies.

B2C

  • Product driven
  • Maximize the value of the transaction
  • Large target market
  • Single step buying process, shorter sales cycle
  • Brand identity created through repetition and imagery
  • Merchandising and point of purchase activities
  • Emotional buying decision based on status, desire, or price

3).B2B and B2C

An industry may include both B2B and B2C companies.

Example-The book-publishing industry is a good example.

Author(Business)gives his manuscripts to Book publisher(Business)-Business 2 business (B2B)relationship

Publisher(Business) after printing the books market it to the book seller(Business) -Business 2 business (B2B)relationship

Book seller(Business) sell books to consumer (consumer). Business 2 consumer(B2C)relationship.

Why marketing is important for the  success of a business ?

One can’t ignore the importance of marketing in business because every type of business whether you are small shopkeeper or big company or startup you can get benefit from marketing.No matter how great your product or service is, without any marketing efforts, you’re more likely to stand still and be ignored than to move forward and find customers or clients.

5 Reasons why marketing is necessary for your Business

1.You’ll make more sales

When people know about your business chances are high they become your customer. If  no one know about your business then no matter how great your product or services is  you are going to fail.

“No sales, no company.” – Mark Cuban

2.You’ll increase awareness

“More contact means more sharing of information, gossiping, exchanging, engaging – in short, more word of mouth.” – Gary Vaynerchuk

Customers have changed their buying habits now first they research about product they are going to buy  -they search web for recommendation and  review .A lot of people see your ads lot of time on websites or T.V  due to this they remember your  brand name for future reference .  If you want to stand in market then you must also evolve your marketing strategy .

3.You’ll make consumers trust you

“People share, read and generally engage more with any type of content when it’s surfaced through friends and people they know and trust.” – Malorie Lucich, Facebook

Who do you trust more: your friend or a complete stranger? The more well known your company becomes, the more people will trust you. The more people trust you, the more likely they are to buy your products and services.

“Give them quality. That’s the best type of advertising.” – Milton Hershey

4.You’ll build a powerful brand

“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezo

Branding is what separates your business from your competitors. It’s what makes customer choose you instead of someone else. It’s your business’s style, reputation, and culture all rolled into one. Brands are essential, and without marketing your business you’ll struggle to develop a memorable, powerful brand.

5.It Allows You to Compete with Larger Competitors

Good marketing efforts allow small businesses the opportunity to compete with well-known, larger corporations and compete for their market share.

Regis McKenna-Marketing is everything

“Marketing is everything.-Regis McKenna”[tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/MoycL0″ display_mode=”button_link”]“Marketing is everything”-Regis McKenna[/tweetthis]

Regis McKenna’s bold statement exemplifies the school of thought that everything you do – not just your products, pricing, promotion, and distribution, but even your billing, how you answer the phone, your speed of handling problems –it all affects how your customer perceives your company, so everything is marketing.

(Regis McKenna -Regis McKenna, considered the marketing guru of Silicon Valley, is a well-known technology marketing consultant, advisor to entrepreneurs, venture capitalist and author.).

“You cannot get anybody to do something if they’re not paying attention to you.”     [tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“You cannot get anybody to do something if they’re not paying attention to you-Brian Carter”[/tweetthis]Brian Carter
“There is no more B2B or B2C. It’s H2H: Human to Human.” [tweetthis twitter_handles=”@magtechy” hidden_hashtags=”#marketing” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“There is no more B2B or B2C. It’s H2H: Human to Human.”- Bryan Kramer[/tweetthis]Bryan Kramer
“On the web, you are what you publish.”[tweetthis twitter_handles=”@magtechy” hidden_hashtags=”#startup #business #marketing” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“On the web, you are what you publish.”- David Meerman Scott[/tweetthis]David Meerman Scott
“Great companies start because founders want to change the world, not make a fast buck.”[tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/sJcoUw” display_mode=”button_link”] “Great companies start because founders want to change the world, not make a fast buck.”- Guy Kawasaki[/tweetthis]Guy Kawasaki
“Set the bar high every day. Be brave in your leadership. Don’t stop until you win. It’s a marathon not a sprint.” [tweetthis twitter_handles=”@magtechy” hidden_hashtags=”#startup #marketing” display_mode=”button_link”]Set the bar high every day. Be brave in your leadership. Don’t stop until you win.[/tweetthis]Guy Levine
“Your website should be your calling card, or your business front door.”[tweetthis twitter_handles=”@magtechy” hidden_hashtags=”#marketing” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“Your website should be your calling card, or your business front door.”- James Schramko[/tweetthis]James Schramko
“Less is more. Keeping it simple takes time and effort.”[tweetthis twitter_handles=”@magtechy” hidden_hashtags=”#startup #business #marketing” url=”http://goo.gl/sJcoUw” display_mode=”button_link”] “Less is more. Keeping it simple takes time and effort.”- Jeff Bullas[/tweetthis]Jeff Bullas
“If your marketing is good but your product is bad, then that means your marketing is bad too.”[tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]If your marketing is good but your product is bad then that means your marketing is bad too-R. Rose[/tweetthis]Robert Rose
“Think reputation, not ranking…connection, not network…loyalty, not celebrity.”[tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“Think reputation, not ranking…connection, not network…loyalty, not celebrity.”-Ted Rubin [/tweetthis]Ted Rubin
Invest in yourself. When you do this you press the fast forward button on your success.[tweetthis twitter_handles=”@magtechy” url=”http://goo.gl/sJcoUw” display_mode=”button_link”]“Invest in yourself. When you do this, you press the fast-forward button on your success-John Dumas[/tweetthis]John Lee Dumas

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