Marketing is something that many companies tend to pay little attention to and instead leave it up to the marketing team. As an entrepreneur, you need to realize that no matter what you are doing, there is always going to be some kind of marketing involved in it, whether you’re trying to sell your product/service or just telling your customers about it. In other words, marketing begins as soon as you have an idea. So what exactly do I mean by this? And how can you apply it? If you want to learn more about marketing, then this article will help you!
What is Marketing?
A business can only exist if people buy its products or Services. Marketing, therefore, means nothing else than to inform people about products or services that may be useful for them. But what exactly should be included in a concept of marketing? Is it just informing customers about products or services?
Marketing has been defined in many ways, but today it can be boiled down to one simple definition: marketing is a process of communication designed to establish a meaningful relationship between your business and your customer. It begins with finding or creating a need that people have for some product or service, then providing that product or service. This may sound pretty simple, but there are several factors involved in making it work effectively.
In a sentence, marketing means the process of planning and executing an idea to reach an audience.
Purpose of Marketing
The ultimate goal of marketing is to make a sale. At every step along your customer’s journey, you have an opportunity to influence them.
The core of marketing, then, is identifying your customer’s needs and providing them with a solution. For example, if you sell dog food, maybe you need to identify that your customers have a hard time getting their dogs to eat their meals in one sitting. So you might come up with a new type of dog food that doesn’t require multiple feedings throughout the day.
Once you’ve identified a solution, it’s time to market it. This means understanding your customer’s problems, wants, needs, and motivations and coming up with an effective strategy for reaching them.
At its core, marketing is helping companies get their message out there. It’s about making sure that your audience knows who you are and what you stand for so they can make an informed decision on whether or not they want to buy your product or not.
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Segments of Marketing
There are 4 major segments of marketing; each segment serves a different purpose for businesses. Those segments include:
- Business to Business (B2B)
- Business to Consumer (B2C)
- Consumer to business (C2B)
- Customer to customer (C2C)
B2B (business-to-business) marketing refers to tactics used to help businesses sell their products or services directly to other businesses.
Business-to-business marketing concerns products or services used by businesses rather than consumers. A product sold to a business is typically more complex than a product sold directly to consumers.
Some B2B marketing examples include:
- An industrial pump manufacturer is attempting to market and sell its products to an oil and gas producer.
- A heavy equipment dealership is attempting to market and sell industrial equipment to a construction company.
- Service providers also engage in B2B transactions. Zikra Infotech, For Example, We are a business that provides IT Services to other businesses, we help businesses to stand out online by providing Website Development Services, Digital Marketing Services, Graphics Designing services, and many more…
B2C (business-to-consumer) marketing refers to tactics used to help businesses sell their products or services directly to consumers. Business-to-consumer marketing concerns products or services used by consumers.
Some B2C marketing examples include:
- Shoe Manufacturing companies like Nike or Adidas are attempting to market and sell their products directly to their consumers.
- Sites like Netflix or Amazon Prime Video are attempting to market and charge a fee directly from their consumers in order to access the content.
- Companies like Adobe are attempting to market and sell their software directly to individuals or consumers.
C2B (consumer-to-business) marketing is a business model where consumers create value and the business use that value.
Some B2C marketing examples include:
- A food blogger who shares an affiliate link to a kitchen company’s cooking products on their blog.
- A tech blogger who displays a company’s products or service ads to his audience.
- A consumer who writes a review for a brand.
- A Consumer who gives feedback or an idea about new product development.
C2C (customer-to-customer) marketing is a business model where customers can directly trade with each other. typically in an online environment.
It can take on many forms, including peer-to-peer networks, classified advertisements, and social media platforms. C2C marketing doesn’t require any middlemen or third parties to connect buyers and sellers the customers refer to each other as they transact business. This type of business model has been around for centuries but modern technology has made it easier than ever before.
One of the best examples of C2C marketing can be found in a social media platform called Facebook, although you might not know it. Facebook allows people to post classified advertisements for free. This has helped people find roommates, jobs, and local services like plumbers or electricians. All interactions take place directly between customer and customer with no middleman involved.
Marketplaces, like eBay, help buyers find sellers of products and vice versa. These marketplaces are typically classified ad services where people post what they’re selling (e.g., a guitar) along with a description and price they’re willing to accept for it. The buyer then searches through all of these advertisements until they find something that suits their needs. A final transaction takes place directly between buyer and seller without any middleman involved or other third party needed.
One more example of Airbnb, where people list their property for rent or other short-term stays. This model has allowed hosts to monetize their own space (i.e., renting out rooms in their homes) while offering guests unique accommodations that they may not be able to find anywhere else.
The Marketing Mix
Marketing mix refers to the combination of things that a company decides to try in order to persuade people to buy a product or service.
The traditional marketing mix refers to four major components that marketers use called the 4Ps, which stand for product, price, place (distribution), and promotion.
The actual product or service that you’re selling. This could be a physical good, such as a car, or it could be a service, such as lawn care. In either case, your goal with marketing should be to differentiate your product from others in your market.
The amount of money that you’re charging for your product or service. This can be a fixed amount, such as $100, or it could be a variable amount, such as $100 to $200.
The method by which you deliver your product or service to customers. For example, if you’re selling a physical good, you might choose to sell it through a retail store or online. If you’re selling a service, you might decide to deliver it in person or over the phone. There are many other possibilities for distribution channels as well; for example, if you’re selling food products, you could decide to sell them through restaurants.
The way that you communicate your product or service to customers. This could be through advertising, public relations, or other types of marketing campaigns. You might also choose to promote your product or service through word-of-mouth or by getting involved in a community and vice versa.
As a response to modern marketing trends and with criticism from traditional marketers of the 4Ps approach, the 4Cs model emerged as a modern marketing mix model. The 4Cs include Consumer (or client), Cost, Convenience, and Communication.
Consumer (or client)
A consumer is a person or group who will buy a product. The consumer, who’s the focus of this model. For example, if you’re selling cars, your customers are car buyers. If you’re selling software for business use, your customers are companies that purchase software for their employees. You can also think about consumers as users; for example, if you sell phones or computers, your users are people who use those devices on a regular basis.
Cost refers to what it costs you to deliver your product or service to your customer.
The ease with which your customer can access your product or service. For example, if you’re selling a physical good, convenience could refer to how easy it is for customers to find your store or website. If you’re selling a service, convenience could refer to how easy it is for customers to schedule an appointment with you.
Like “Promotion” in the 4Ps model, communication refers to the way that you communicate with your customers. This could be through public relations, advertising, or other marketing efforts.