Let's understand Fundamental of Marketing #5

What is marketing ?

The Action or bussiness of promoting and selling product or service , including product understanding, market research and advertising .

“Marketing is the process of getting people interested in your company product or service”

Strategic implimentation Finds your traget group

Technical implimentation define google ads

Marketing concept

1. Product differentiation
2. Quality differentiation
3. Price differentiation

Product differentiation

Product differentiation is the key aspect or aspects that distinguish a company's products or services from the competition. Successful product differentiation leads to brand loyalty and an increase in sales.

A product differentiation strategy involves identifying and communicating the unique qualities of a product or company while highlighting the distinct differences between that product or company and its competitors. Product differentiation goes hand in hand with developing a strong value proposition so that a product or service is attractive to a target market or audience.

Examples :- In the given picture every one is selling green apple but you come up with red apply with is unique product , in all of them .

Quality differentiation

Quality differentiation is fundamentally?a marketing strategy to encourage the consumer to choose one brand or product over another in a crowded field of competitors. It identifies the qualities that set one product apart from other similar products and uses those differences to drive consumer choice.

Example:- Apple never come with less price , it's come woth high price and main focus on Quality .

Price differentiation

Price differentiation occurs when the same goods and services are sold at different prices from the same company. Unlike product differentiation, price discrimination focuses on charging different customers different prices for the same goods. Contrary to product differentiation, price discrimination does not focus on distinguishing its product from others.

Example :- physics wallah

7p of Marketing

Marketing encompasses all aspects of the business cycle, including marketing strategy, analysis, product creation, distribution strategies, sales, and comprehension of your customers’ needs. Marketers use campaigns to carry out this path.

?7 Ps of Marketing and the importance of marketing mix as a marketer.?

Importance of 7P’s marketing

• Marketing is a discipline that encompasses all of a company’s efforts to attract consumers and maintain connections.?
• At its most fundamental level, marketing aims to link a company’s products and services with customers who desire to use them. Profitability is ensured when items are matched with customers’ demands.

7P’s marketing

• Product
• Price
• Place
• Promotion
• People
• Process
• Physical evidence

SWOT ANALYSIS

Lets break SWOT

S = Strengh

W=Weekness

O=Opportunity

T=Threats

Use a SWOT (strengths, weaknesses, opportunities, threats) analysis to grow your business.

• A SWOT analysis is a compilation of your company’s strengths, weaknesses, opportunities and threats.
• The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision.
• Perform a SWOT analysis before you commit to any sort of company action, whether you are exploring new initiatives, revamping internal policies, considering opportunities to pivot or altering a plan midway through its execution.

Price Elasticity of demand

A measurement of the change in demand of the good or service in relation to a change in it's price

Price elasticity measure how sensitive the demand and supply of your product are to changes in price

Four types of elasticity are?

1.demand elasticity

2. income elasticity

3.cross elasticity

4.price elasticity.

PED FORMULA = % change in quantity / % change in price

Different Pricing Models in Marketing

• Cost-plus pricing.
• Competitive pricing.
• Price skimming.
• Penetration pricing.
• Value-based pricing.

More topics will covered in next blogs