MARKETING BRANDING AND ECONOMICS IN BUSINESS

 

 Do you know about the power of marketing, branding and economics in the development of the business….?

In this article I will be telling you about the importance of marketing, branding and economics in every business, along with making good products it is important to make people aware about the product which is called marketing. Branding is a process which helps people to identify a product and distinguish it from other products and services in the market. Economics the study or principles of the way money, business and industry are organized, and it helps business to identify new opportunities in the market. This article will be useful for students, new entrepreneurs.

 

MARKETING:

                           Marketing is based on science not on creativity. Most people think marketing is all about the creativity and only creative people can become a successful marketer, but it is not true marketing plans are based on science and creativity is just used for making marketing campaign look attractive to people.

Marketing as a science is about objectively using data to support decision making. It’s about understanding how to interpret data and how to identify common errors or misrepresentations in interpretations.

Marketing doesn’t start with promoting a product and making people aware about it. It starts before creating the product, it helps business to understand the customer and customers needs. And helps business produce products that fits customer’s need.

 

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While marketing a product it’s all about timing, sending the right message to the right person at the right time. Marketing doesn’t end with selling a product to a customer, its about keeping an existing customer happy by communicating with him. And converting him to a loyal customer.

“Loyal customers, they don’t just come back, they don’t simply recommend you, they insist that their friends do business with you”.

                                                                                                    -Chip Bell

                                                                                         Founder, Chip Bell Group

 

“The science and are of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identify 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 the best and it designs and promotes the appropriate product and service”.

               -Philip Kotler

 

         

                                         Fundamentals of Marketing

 

Marketing

is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.

 

Marketing Strategy*

Development of Product / Service* Stimulation of Demand* Determination of Price* Make up of Channels to reach Customers

 

Marketer

is one who seeks response to an offer he makes to a prospect.

 

Prospect

is a person who has a set of needs and wants which can be met by the offer of the Marketer.

 

Consumer

is a person who uses a product to derive satisfaction 

 

Needs

represents the basic requirement of human. They represent lack of a thing, an inadequacy or a gap. One has needs like hunger, thirst, shelter, friendship, status etc

 

Wants

are description of tangible and intangible products and services, which satisfy human needs. A thirsty person wants tap water or mineral water or soft drink. 

 

Products or Services

are those which have 4 characteristics

 

1.Utility

: It is Want satisfying Power. It can be Time Utility, Place Utility, Form Utility, Possession Utility

 

2.Value

: It is Value in use if it provides benefits when used. Value in exchange if it can be exchanged with money or a product.

 

3.Availability

: Demand and Supply

 

4.Tangibility

: Products and Services

 

Demand

is willingness to buy, supported by ability to pay. Buying intentions and disposable income together help determine demand.

 

Market

is a place where sellers and buyers meet and exchange products or services for money and mutual benefit.

 

Competition

denotes the existence of actual and potential rival companies, which manufacture perfect or close substitute product offerings to attract customers.

 

Exchange

is process of give and take -transacting. Transactions are negotiated. Negotiation is a process of sorting out differences and arriving acceptable to both parties.

 The five essential conditions of exchange are:

1. There are at least two parties

2. Each party has something of value for another party

3. Each party is capable of communication and delivery

4. Each party is free to accept or reject the exchange offer

5. There are mutual benefits making continuation of exchange desirable for both parties

 

Goals of Marketing

 

1. Profitability

* Sales Revenue Maximization * Cost Minimization

 

  2.Growth

* Sales Growth Maximization * Product Development * Market Penetration * Market Development* Diversification

3. Market Standing

* Innovation * Market Leadership * Customer Satisfaction

 

4. Image

* Brand Image * Company Image

 

Marketing Trends

* Opening of Indian Economy to Foreign Companies

* Increasing number of Foreign Corporate Alliances (Ashok Leyland)

* Growth of Global Brands in Indian Markets

* Rapid dissemination of Global Life Styles

* The emergence of attractive Rural Market.

Marketing Issues

1. Changing Consumption Patterns

2. Changing Consumer Psychographics

3. Markets in Transition (conversion of markets from small to big markets)

4. Market Fragmentation & Saturation

5. Inter-category Competition

6. Value Conscious Consumption

7. Offering Value for Money Proposition

8. Branding / De branding & Customization

 

 

                     DIGITAL MARKETING VS TRADITIONAL MARKETING

 

While the budget is not a big issue for larger firms, and they spend in both traditional and digital marketing channels, a small business has a limited budget and has to invest in the right strategy. For making the right decision, any company should have clarity on the digital marketing vs traditional marketing.

A solid marketing strategy is important for any business to promote their products and services to their target audience. Large companies spend millions of dollars to convert their audience into paying customers. But this is not possible for a small or medium-sized company. The two most common marketing choices companies have are digital and traditional marketing.

 

 

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What is Traditional Marketing?

Traditional marketing is a conventional marketing strategy that uses various offline promotional and advertising methods to reach customers. It is the oldest form of marketing and is tried & tested by many companies. Until the emergence of the internet in the 1990s, this was the only marketing strategy in use.

We come across different forms of traditional marketing every day, such as newspaper ads and billboards. Thus, this is a fantastic way to reach local audiences who don’t use the web. The major categories of traditional marketing are –

  • Print ads in newspapers, magazines, books, leaflets, pamphlets, brochures, etc.
  • Outdoor ads such as billboards and flyers
  • Broadcast ads in TV and radio
  • Direct mail – catalogues and postcards
  • Telemarketing – SMS marketing, calling customers from an existing database and even cold calling
  • Face to face marketing via sales personnel

 

Advantages of traditional marketing

  • An engaging TV commercial or a colorful billboard ad is easy to understand and remain in the customer’s mind for a long time
  • Putting ads in local newspapers, FM radio stations and flyers or pamphlets are very effective for attracting local customers
  • The hard copy of the ad – such as a magazine or a flyer- will stay with the customer until recycled
  • TV has a reach of 800 million to 1 billion people. Reach of Digital marketing is nowhere close to TV.

 

Disadvantages of traditional marketing

  • No direct customer interaction with the masses. You won’t be sure as to how the customer will react to your ads or campaigns
  • Posting ads on TV, newspapers, billboards and magazines are often expensive
  • Unlike digital marketing, there are no ways to analyse the success of your marketing campaigns

 

 

 

What is Digital Marketing?

Digital marketing refers to all the marketing strategies that are executed online on various electronic devices. It is currently the most popular marketing strategy adopted by large, small and medium-sized companies across the globe. 

 

As the internet is perhaps the most common form of technology used by people, digital marketing can be used to connect to millions of potential customers worldwide. According to IBM, more than 55% of customers research on social media platforms before buying anything online.

 

As per another research, more than 73% of e-commerce sales will be from smartphones by 2021.

The major types of digital marketing are as follows –

  • Search engine Optimization
  • Social Media Marketing
  • Content Marketing such as blogs and videos
  • PPC (Pay Per Click)
  • Email marketing
  • Affiliate marketing
  • Search Engine Marketing
  • Influencer Marketing
  • Viral marketing

 

Advantages of digital marketing

  • The interaction with your customers is high. If you launch an ad campaign on a social media platform, you can see what everyone thinks about your brand through their comments, shares, likes, etc.
  • You can easily measure the effectiveness of your campaigns through tools like Google Analytics. This will help you see what is working for you and what is not, all in real-time
  • Although you have to pay for some online ads, it is still way cheaper than print ads and TV commercials
  •  

Disadvantages of digital marketing

  • Digital ads, emails and social media ads are not permanent. They can be ignored and the user does not have any copy of it. If you fail to grab their attention, they will scroll away to something else
  • Some ads may seem annoying to customers and they may deliberately ignore it, hide it or remove it
  • Creating, launching and managing online campaigns is a time-consuming job. Plus, your entire marketing strategy is dependent on the internet

 

 

                                 CATT Marketing Funnel

 

There is a framework called CATT Marketing funnel that can help you analyze the impact of your product and service on the internet users.

 

CATT describes how your products or services are working in the Internet world.

 

 

CATT stands for content, attention, trust, transaction.


 

 

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NICHE: Choose a niche and focus on that until you make it millions. Your success and wealth depend on the niche you choose.

 

CONTENT: Everything you do before selling a product or service is to create content and tell people that their product or service can solve your problem and help you with something.

 

ATTENTION: After creating content, its tome to get the attention of a serious internet users who needs your product or services. Getting more attention means that more users know about your product or services.

 

TRUST: This is a very important phase. Trust among people is a very important part of digital marketing.

After attracting user’s attention, you create an atmosphere of trust with your users. You can do this by testimonials, good results from the previous year.

 

More trust means more transactions

 

Transactions: Now people trust you, it is time to sell your product and services. Convert them into transactions.

 

The CATT Marketing funnel and framework helps you find out where you are lacking for not having enough transaction.

 

                                          

How to find a profitable niche?

If someone has a passion or talent for his or her niche, but there is no market for his or her niche, then it is definitely not a profitable niche.

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If a person is passionate about his niche and there is a market for his niche, but he is not talented. So, he earns from his niche because there is a market but slowly, he comes down. He is not talented and can’t survive the long-term competition.

 

If one has all three traits then he will grow bigger and bigger in his field and will soon become rich.

                                                           

 

 

                                      INTIGRATED DIGITAL MARKETING

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Integrated digital marketing is a method of engaging customers and prospects with your company or brand that combines all the parts of marketing communications to work together and assist the customers along their journey of awareness to loyalty and advocacy.

 

Integrated digital marketing communications include Paid advertising, Email Marketing, Content Marketing, SEO and Social Media as well as customer support and customer relationship management.

 

CATT funnel is also executed by using integrated digital marketing. At first content is made after that it is promoted with the help of paid promotion and social media, then trust is built with the audience with the use of email marketing. When the trust is built with the audience then the final step of selling and conversion happens.

 

 

 

                                             ECONOMICS IN BUSINESS

Economics in business is required to study the financials, organizational, market-related and environmental issues faced by the corporations.

                                               

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Every entrepreneur and businessman must have knowledge of economics, it will help them in finding new opportunities in the market and it will also help them to identify and solve problems occurring in the business.

 

Every developing country provides more growth opportunities then a developed country. Every young businessman should focus on developing country’s for doing business then a developed country. A country’s economy grows up as the average age of the country grows up. If average age of people in a country is 30 years, then the chances of growth in the economy will be more then the country where the average age of people is 50 years. More money people spend in the market more are the chances of economy growth.

 

Every businessman or entrepreneur should be aware of few basic terms like inflation and Demand and supply.

 

 

INFLATION

Inflation is the decrease in the purchasing power of a given currency over the period of time. A quantitative estimate of the rates at which the decline in the purchasing power occurs can be reflected in the increase of an average price level of the selected goods and services in an economy over some period of time.

 

DEMAND AND SUPPLY

The demand and supply theory explains the interaction between the sellers of the resources and the buyers of the resources. The law of demand says that at higher prices, the buyers will demand less of the economic goods. The law of supply the higher the price, the seller will supply more of an economic good. These two laws interact to determine the actual market prices and volume of goods that are traded on a market.

 

                                          

 

 BRANDING

Branding is the process of making people aware about your product and services by the means of advertising and promotion. Branding brings value to a company and along with value it brings customers. Branding helps business to differentiate itself from its competitors and helps people to identify them in a market.

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 PERSONAL BRANDING

Personal branding is the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition. The best known will always beat the best. A personal brand becomes an influencer and a brand ambassador for a company they run.

 

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THE EVOLUTION OF A PERSONAL BRAND

Learn: First focus on learning new skills by learning all the facts and procedures. And understand the concept.

Work: Use your knowledge and put your new skill to work and become an expert in that field.

Blog: After you have gained good amount of knowledge with the industry experience, its time to start your blog a share your knowledge and experience through blog and build a personal brand.

Consult: Now you have created your personal brand through blogs. You have knowledge and experience about the industry, then start helping and consulting other businesses.

Mentor: Now as your brand is growing you can start mentoring others who want to become like you. By mentoring you will enhance your skills to the next level.

Startup: Now you start your own product or service business by the knowledge and experience you have gained about the market.

 

 

Marketing, branding and economics are the back bone of all the business organizations without them it is not possible for any business to survive in the market, marketing helps business to reach out to people and make them aware about the product and service. There are many ways and techniques of marketing as discussed in the article. Branding helps business differentiate it self from its competitors and attracts customers towards the company. A Personal brand differentiate a person form its competition and adds value to his business. Economics helps business to identify opportunities and solve business related problems. These are the factors which makes marketing, branding and economics very important and useful for businesses to use.   

 

 THIS ARTICLE IS THE PART OF DIGITAL DEEPAK INTERNSHIP PROGRAM

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