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Core concepts of marketing, 7P’s of Marketing Selling
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The core concepts of marketing cover the needs, wants, demand, satisfaction and happiness level of customer.
Marketing is to understand the needs of the customer and to create those needs and help them to identify and fulfill their needs whereas branding is to help the customer for identifying the products. It gives the value, reliability, trust and assurance. Brands are the assets of marketing because it is very helpful when a marketer is marketing his product in terms of needs, wants, demands, value, uses, and exchange and transaction. Marketing for the purpose of selling is based upon 7 P’s which are as follows:
1.) Product: Product defines the needs and requirements of the consumer and it fulfills the satisfaction and rate of happiness of the consumer. It helps in measuring the real needs which gets fulfilled by that product like if you are in a need to write a letter to the editor you will require a pen and a paper thus these two products are your primary and major concern for your job at this moment of time.
2.) Price: Price is defined as per the features of the product. The features of the product includes quality, preference, taste, design, looks, materials which have been used in the product manufacture, the budget that have been used in the successful completion of the product and many more thing. Suppose a company have designed and launched a new mobile phone then it will look for all these features and then will define the exact and affordable price which will suit its target customer.
3.) Place: place has been defined that in which place you will get your target customer and in which place you will get your dream satisfaction.
4.) Promotion: it is the most important tool for marketing and creating the awareness of the product and the brand. It helps in the most important technique like measuring the level of brands.
5.) People: People are also the important key asset for marketing who makes the concepts and strategies of marketing and research of the company successful.
6.) Process: This is helpful in knowing the planning, decision making, and understanding about the customer and there level of requirements and also this helps in creating the market.
7.) Physical Evidence: for making a thing or planning successful, physical evidence is asked by a customer just for a belief which helps in the success of marketing concepts.
In terms of branding as I discussed brand gives the value. It depends on the brands value how the buyer purchases the goods and how aware a buyer is in its choice of buying decision. For example: Nike creates value.
Selling can be done by two methods.
1.) Direct selling method: We can use marketing tool like we can interact with the customers directly examples are door-to-door marketing, personal selling, surveys etc. For example: newspaper.
2.) Indirect selling method: We are not interacting with the customer directly. We use the marketing tools to interact with customer example advertising promotion etc.For example: Honda city( a car)
Both are the parts of branding.
Brand is a name term sign symbol size value of the company which creates a positive perception in consumers mind to buy the same product in regular manner.
Innovation comes from feedback from customers. For example “Electrolux” which is known to the customers for their innovation design technology. They build their products as per the needs of the customer and they say we know what you want.
Marketing research is the systematic and objective to identification, collection, analysis, dissemination and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing. It is the function that functions that links the customer consumer and public to the marketer through information. It depends on the honesty, loyalty and as well how we are representing our self to the person so is helpful for a consumer or people to make the perception accordingly.
We use information to make decisions that have the potential to have so many flaws because it is the main source by which we can complete the entire project successfully. Information describes the process and research after testing it through various modes and techniques and through sampling techniques as well a researcher can use different scaling and measurement tools like likert scale etc. to get the proper knowledge and full correct information about the product. The decision making becomes easy when there is full information so the information becomes very much important.
So the core concepts of marketing helps the consumer in getting the best of the required products by them, they get the products what they have been demanding for they get the proper services as well as the proper product in terms of a company when do applies marketing strategies.
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