In Blog Post, you will get to know about What is Marketing, Types of Marketing, and Advantages of marketing?
Let’s Start,
What is marketing?
Marketing is a place where sellers and buyers come together to enter into buying and selling transactions. Marketing is a concept compared to the market. It is an organized trading process. It includes sales and various activities for the exchange of goods and services.
We also called marketing the process of developing, promoting goods and services through traditional and digital marketing channels, and distributing products to satisfy customer needs and wants.
Product- Products include goods and services of which have monetary value and satisfy customer’s needs and wants.
Good- Goods are the kind of thing you can touch or hold in your hand ( hammers, cars, soft drinks, clothing, and computer care goods).
Service- Services are the kinds of things you can’t physically touch( dry cleaners, amusement parks, income tax papers, and movie theaters provide services)
Exchange- Exchange takes place where a seller sells and buyer receives in the marketplace.
4 Ps of Marketing
Now, let us understand the marketing mix or four Ps – Product, Price, Place, and promotion.
Product- Product refers to the item that sold my seller to the buyers. The product can be goods and services or an idea and the product could be tangible or intangible.
Price- Price is the value of a product that is paid by the buyer to the seller. The price depends on various factors such as packaging and also the size of the product, discounts, timing, location, shipping, and other offer-related elements.
Place- Place refers to the providing product and service to the customer. Place includes retail, wholesaler, digital platform, phone, and fax.
Promotion- Promotion is important to factor in 4Ps marketing. Promotion can increase the sale of the product and service. There are various types of promotion available such as sales promotion, advertising, sales force, direct marketing, and Public Relation.
Types of Marketing
There are many ways to do marketing of product and service and also there are various types of marketing such as content marketing, influence marketing, viral marketing, mobile marketing, radio& TV, electronic billboards, search engine optimization, pay per click, and social media marketing.
But the most famous marketing method is traditional marketing and digital marketing.
There is a huge difference between “Digital Marketing” and “Traditional Marketing” Digital marketing is cheaper than traditional marketing. Traditional marketing includes magazine ads, billboards, direct mail, and television ads.
In Digital marketing you can target sharply to your customer within your budget and also possibly interact with your audience through social media channels and it is also cost-effective.
But In traditional marketing, your budget needs to be high and not possible to interact with your audience or customer.
Benefits of Marketing
1. High Rate of Success-
With the help of good marketing research and the use of proper advertising, you can increase product and service selling. The digital marketing method gives a more successful rate than the traditional method.
2. Cost-Effective-
There are two methods to the marketing of any product and service such as traditional methods and digital marketing methods. But digital marketing is cheaper than traditional methods. Also, digital marketing gives a sharp targeting option to reach your business niche audience.
3. Increase Profitability-
Good marketing can measurably increase profits for any business. The important thing is to do targeting properly to your customer. With the help of digital marketing, you can increase profits more than the traditional marketing method.
4. Increase Brand value-
Increasing brand value is the best way to introduce your business to the market. There are many ways to increase the brand value of your product and service. such as TV ads, Newspapers, and many more traditional methods. All those traditional methods are very costly.
The best method to increase brand value is social media marketing.
Social media marketing is part of the digital marketing methods.
In social media, Facebook marketing is the finest way to increase any brand value.
5. Increase your traffic-
You already know the importance of having a good amount of traffic on your site. Hence, with the help of digital marketing methods you can take your website traffic to the next level.
6. Career option-
Yes, marketing is an excellent career option. One can look for various marketing courses after 12 or at any point of time as they feel right. There is no per-requisite required to enroll in marketing courses.