Customers are the lifeblood of any business and to create customers out of the masses we need the power of Marketing
Marketing a single “captivating” word that buzzes in the industry all the time from micro to big enterprises. It’s a process of creating product or service awareness among the masses which in return turns them to the prospectus and eventually customers.
As per AMA
“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.”
(Approved July 2013)
As per UK CMI (Chartered Institute of Marketing)
“Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
The Marketing process involves
Research: It’s the first step in the Marketing Process, which involves comprehensive market evaluation for the proposed product/service and customer segmentation.
Strategy: Once the research report is in place its time to strategize the marketing strategy. Its about the Product, Price, Place & Promotion
Deploy: After the strategy blueprint in hand time to take the moves as per the strategy
Outcomes: The revenues predict the effectiveness of the strategy deployed.
Iterate: Depending on the expected outcomes rework is done on the strategy and re implemented.
Different types of marketing
- Web Marketing – It covers all the online and web-based marketing both paid and organic way. Few of them are Online Advertising Email Marketing Blogging & Podcasting Social Media Marketing Mobile Marketing.
- Tele Marketing – As the name depicts marketing over the phone.
- Word of mouth – Customers are the primary agents in the type of marketing. They spread the brand and product benefits to their friends, family, and acquaintances. It is as robust as it is and also a series referral for the business
One thought on “What is marketing?”
Thanks for your blog, nice to read. Do not stop.