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.
- 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.).