The Fundamentals of Marketing

A step-by-step guide to making you understand the Marketing Fundamentals.

Marketing is Creating a Ground to Play & Perform Better in Sales.

Assignment 2, This is part of the Digital Deepak Internship Program (DDIP) by Digital Deepak

Hello, I am Sumedh Ramteke...

Do you know The Fundamentals of Marketing?

No...!

Okay, let me tell you.

Few Great persons define Marketing as...

According to the American Marketing Association (AMA) Board of Directors, Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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. Marketing 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.”

Now,

Think that you are planning to start a business, planning to manufacture a product, and want to sell it in the market. So, for that, you need to market it first. Then marketing comes into the picture at the start only.

And,

4P's of Marketing Mix

When we think about Market anything, and preparing the strategy of Marketing, the 1st thing that comes to mind and i.e. Marketing Mix, 4P's of Marketing in Marketing Management terms.

And, in Marketing Mix we will study the 4P's are Product, Price, Place & Promotion, and I will tell you how it works.

• Product - The product is goods or services that are produced to satisfy the need of a certain group of people. You must ensure to have the right type of product that is in demand in the market. And each product or service has its own life called Product Life Cycle.

A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase.

• Price - Price is the cost Consumers pay for a product and services.
• Place - When a company take decisions about the place, where they should sell a product, and how to deliver the product to the market.
• Promotion - Promotion is advertising, public relations, and promotional strategy. The purpose of promoting a product is to understand why they need it and why they should pay a fixed price for it.

After that,

For advertising and promotion of the product & services, one needs to select the platform or medium of marketing. Nowadays there Re 2 ways of marketing, is 

Traditional Marketing & Digital Marketing

The difference between Traditional & Digital Marketing is only the medium of sending our message to the prospect for our product &servises. It is decided on the basis of our product and our reach expected from that medium.

Traditional Marketing Channels Include : Billboards, bus/taxi wraps, posters, TV, Radio, Magazines, Newspapers, Catalogues etc...

Traditional Marketing Pros & Cons...

• Pros

1. Impactful
2. Permanent
3. Memorable

• Cons

1. Hard To Measure
2. Expensive
3. No Direct Interaction

Digital Marketing Channels Include : Social Media (Facebook, Instagram, Linkedin, Tweeter etc.), Website/Blog, Content Marketing, Affiliate Marketing, Inbound Marketing, Email Marketing, PPC (Pay per Click) and SEM (Search Engine Marketing) etc...

Digital Marketing Pros & Cons...

• Pros

1. Engagement
2. Measurable
3. Targeted

• Cons

1. Potentially Annoying
2. Less Permanent
3. Constantly Evolving

Then we move into the topic is Creating...

CATT Marketing Funnel.

In the modern world of Marketing most of doing Digital Marketing in the traditional way of marketing 1 to 1 sales / Creating Funnel is dependent on AIDA (where, A - Attention, I - Interest, D - Desire & A = Action).

But,

In the modern world of Marketing most of doing Digital Marketing to grow their business and this create a funnel, As shown in the above image Wealth is equal to the "n" power of CATT.

Where...

• N for Niche - It is your product.
• C for Content - In this, we create content to attract our target market by giving them useful content as a blog post, Video & Live Webinars.
• A for Attention - It pulls the attention of your targeted market to your content using SEO, Social Media, Paid Ads & referrals.
• T for Trust - If suppose you want to buy something called toothpaste, and some brand name comes into your mind that called trust, that brand create trust in you & you you prefer to buy that product. So, you need to create trust in your target market.
• T for Transaction - This is the most important part of the activity because of this only you will make a profit by making a sale of your product/service. 

Integrated Digital Marketing

It is a unique mechanism that I have learned @DDIP about creating Integrated Digital Marketing by which we can generate leads and leads converted into sales and sales gives you profit.

It needs consistency while doing integrated Digital marketing. By being consistent, you can become memorable to your target market. It is a well-defined marketing plan.

As we all are planning under Digital Marketing so it needs that you must on the web where your target market is already there.

Personal Branding : MassTrust Blueprint

Personal Branding Guru - William Arruda Says, "Personal Branding is not about you. It's about putting your stamp on the value you deliver to others."

The Personal Brand is about, Who You Are? | What You Stands for? | The Values You Accepted | and The Way in Which You Express Those Values.

Personal Branding is about your ACTIONS, VALUES, ABILITIES, and BELIEFS.

ACTIONS - What have you done in the past that could affect your brand positive or negative?

VALUES - What is important to you? 

ABILITIES - What are your skills?

BELIEFS - What is it that you believe to be true based on your past experiences?

This article is for the person who is seeking the building of their Personal Brand online on Linkedin, Facebook, Instagram, or via Writing a Blog.

Personal Branding is the practice of individuals marketing themselves and their careers as brands. It is essentially the ongoing process of establishing a prescribed image or impression in the mind of others about an individual, group, or organization.

Mass Trust Blueprint

The Mass Trust Blueprint is for building your Personal Brand.

1. It begins with Learning a new skill.
2. What you have learned as a skill put it into practice by Working in reality, as an employer or a freelancer. Put your learning into practice as working on it. By practicing you will better understand what you have learned.
3. Whatever you have experienced by working on the new skill, Blog it. Blog about your experience, it will help you to build your Personal Brand.
4. Consult about your experience and knowledge, what you have gained and earned by practicing above all. The Consultation will make you paid for your advice.
5. Mentoring persons similar to you will be again benefited to you understand the skill you have.
6. Now, you can build your StartUp Company, to serve in the industry.

Hope you have understood the fairly good about marketing and its process.

Okay,

We have discussed here for Marketing Definition and under Marketing Mix looked into the 4P's of Marketing i.e. Product, Price, Place, Promotion, and Then Traditional Marketing Vs Digital Marketing, And CATT marketing funnel and how it works and convert our Product/Servise into sales. Then we looked into The Integrated Digital Marketing System, and Personal Branding and steps of Mass Trust Blueprint.

Hope you enjoy the post and hope it will help to take up this further. Please share your views in comment.

Thank You for reading the article

Sumedh Ramteke