Here I will focus on why marketing is so important? What Marketing and Advertising really is? and some of the basic fundamentals and definitions you need to know about marketing.
Let’s get started! Marketing is one of the favorite topics about business and some of the first fundamental things that you should do when you first start your business. A lot of it is related to customers: how you get customers? how you manage those client relations? Marketing can help to improve the brand value of the business and also get more customers for your business.
What marketing is and the fundamentals of marketing and why it’s important for a business.
Marketing is an umbrella term it includes things like creating value for customers, delivering communicating value. We do things like public relations promotions, sales, advertising, and we’re trying to get people to buy our products and services. You have to do these marketing activities to encourage people to buy your products. So a lot of people now are doing is they’ll get influencers on social media and get them to promote your products, that’s all marketing. Posting on social media, search engine optimization, all of these activities are falling into two roles of marketing. You want to sell the products and services that you have, and you also want to manage the brand and the reputation of the business.
Difference between marketing and advertising: Are they related or separate?
So, marketing encompasses other things like advertising, promotion, and public relations and it’s a long term strategy. But how you’re going to get customers to your business? and how you’re going to create value? Remember in any marketplace or competition there’s a lot of other places to buy some more products. You have to provide a product or service and you have to be able to communicate the benefits over the cost. People are concerned with value they want great value for their products and services. Marketing’s role is to communicate that value to the customers.
Advertising is just a subsection of marketing, advertising is you’re building awareness to your potential customers. You do things like you put ads in newspapers, magazines, social media, you run campaigns and all of these things are part of marketing. So anything you do to create value for your customers and to communicate that value is marketing. It plays an integral role and it’s one of the first things you should do when you start your small business.
So here are some of the reasons that we need marketing and why it’s relevant:
1. Marketing helps to identify target markets:
The future entrepreneurs and potential entrepreneurs one of the first things you should do when you have a business idea you need to test it. You really need to do surveys, market research, and you’re going to use this data to validate your business. For example what price should I charge my products and services? All of this data comes through market research and that’s a subsection of marketing. We want to build positive client relationships by understanding needs and wants. So it’s important that we do things like google and microsoft forms to find out what the needs and wants are of our potential target markets and how we’re able to best meet those needs and wants.
We also want to inform customers of our products by establishing brand presence generating buzz. This helps in getting the customers attention through campaigns and social media and other promotional campaigns. So it’s really about you developing a product or service and how you’re going to get people to be really enticed to buy your products and services. So that’s why marketing is really important. There’s actually marketers for businesses and separate marketing departments because it plays such an integral role in your business.
2. Marketing is about understanding your customers
Marketing is about understanding your customers and providing products and services that are going to satisfy your customers needs wants and demands as well. Products can be differentiated based on whether they satisfy needs or want. So as marketers it’s important to understand where your product or service lies. This can help you to maximize your sales, understand your customers better in terms of what they need and you can also target specific people.
3. Understanding the needs, wants and demands
So needs, wants and demand it’s one of the first things you should know. If you sell a need like water, or necessities, you don’t really have to do much advertising or marketing. You have to manage your brand because people are already going to buy needs. So it’s more mainly about choosing product a or product b and the benefits of product a or product b. Wants are a little bit trickier. They’re not necessary but they’re nice to have so the advertising is going to be a little bit different than if it was going to be a need.
And demands are wants for specific products so you have a premium product and you try to sell it and you’re going to develop your customers propensity to buy. Buy really nice advertising and you’re going to create this demand for the product so needs are necessities wants are not necessary. But they’re nice to have like travel and demands or wants for specific products and needs like a BMW or a Lexus. So as a marketer you have to understand where your product lies and this is going to influence the way you advertise and promote your product.