Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses, It is the oxygen of business.
Benefits of Effective Marketing
1.People get to know your product
2. You can know needs of the customer
3. You can know the demand of the product
4. To know the sales cycle
5. To develop the sales strategy
6. To establish a successful brand
7 P s of Marketing
1.Product
Product refers to an item or items the business plans to offer to customers.
2.Price
Price refers to how much the company will sell the product for.
3. Place
Place refers to the distribution of the product.
4.Promotion
Promotion, the fourth P, is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing.
5.Pacakaging
You should develop attractive packaging so it develops an image of your brand in the minds of the consumers.
6.People
Not only customers, but your employees, suppliers, retailers, wholesalers, distributors, vendors, stake holders all play a role in making your business successful.
7.Process
To do production, supply in right quantity at right time, to get Feedback, to provide customer service, to manage sales and financial reports are all part of successful marketing process.
Types of Marketing
1.B2B Marketing
The term B2B marketing means business-to-business transactions. B2B marketing strategies are used when a company is selling goods or services to some other company.
2.B2C Marketing
B2C marketing means business-to-consumer marketing. This refers to a company selling its products or services to consumers and the business promotion is done through ads.
3.C2B Marketing
This is the opposite of B2C and means consumer-to-business marketing. In this type of marketing, the consumer gives goods or services to the company.
4.C2C Marketing
C2C Marketing refers to consumer-to-consumer marketing. In this, consumers interact with co-consumers when they share a common product or service.
Case Study: Fevicol
In the initial stages,Fevicol used Direct Marketing strategy.They directly reached out to carpenters because the animal glue carpenters used was very hard to apply so Fevicol became the Easy to apply glue for carpenetrs all over the Nation.Then fevicol jumped into print and television marketing in which it has made creative ads with slogans like, “Fevicol ka mazboot jod hai Tootega nahi!” which has built it’s trust with people over the yeras.
Hence,Fevicol is the best example of successful marketing as it had generated over $1billion+ in revenue with the help of it’s marketing strategy.
