Marketing Fundamentals: Basic Concepts & tools of Marketing And Sales.

1. Introduction: Hello, welcome to a new class. Basic marketing is all about marketing. Is helps you understand your customers and satisfy them. In Country Party, achieving greater sales. Who is this class for? New owner of small business and still don't know much about marketing. Or maybe social media marketers, but still walk to their traditional marketing or anyone interested to their marketing from scratch. What we will learn. On the first three videos, we'll see on introduction, what is marketing and some key concepts. Next, we will see how to understand consumers on factors you should focus on starting to divide and many groups of consumers to make the next task easier. Finally, developing a marketing mix and the four Ps strategies. So what do you enroll now and see you on the first video. 2. What is marketing?: Hello, what is marketing? Our gardens with Peter Drucker, the purpose of a business or in marketing is to create a customer. The other hand, barrels and McCarthy define marketing. The performance of activities that seek to accomplish an organization objectives by anticipating customer or client needs and direct enough lieu of needs as swine goods and services from producer to the consumer offline. So what we need to think from those do the finishing is that the main objective of marketing is to create customers. That wrong. Nothing is actually concentrate in both sides. The market and the satisfaction of the needs of customers, as well as the organization. And dissatisfaction on their objectives, such as increasing the perfect. So it's simply when I both sides. In fact, Margaret, thank process. Starting with starting into market. Analyze the needs of customers in the marketing strategy. Then generating a profit from the satisfaction. Perfect. Then what's the difference between marketing and sales? According to Theodore Levitt, silane focuses on the need of the silver. Marketing, on the needs of the buyer. Is Brookie part was the cylinders need to convert his product info cash marketing with the ID office and sign the needs of the customer. In other words, marketing focuses on the needs of the buyer. Well, silane focuses on the advantages of the bird eggs to convince the buyer. 3. Key Concepts Market & Marketing offers: Key concepts in marketing. The first concept is market. And market may not necessarily be a place. It's simply the gametes together of buyers and sellers were the farmer gets detailed information about what the seller has to offer. Buyers want to buy. In fact, the buying process is starting as needs, wants. And finally, a demand. Needs is a problem that the consumers seeks a solution. For example, feeling hungry. According to Maslow's hierarchy of needs. On the bottom of the pyramid, needs must be satisfied or for the other ones. On the top. We have physiological needs like food and water, safety needs like security, belongingness, and love such as relationships, esteem needs, and self actualization. On the top. Once I preferred means of satisfying needs, I'm feeling hungry. Want peak demand when it neither rises whilst group up and then follows the demand situation where an individual has the need for a product and the means to pay for it. The second key concept is marketing offers. The offer stands for a product or service that keys are to the need of the customer. Regarding quality, quantity, prices, time regularity on similar factors. Their products could be tangible or intangible. Tangible product visible and can be detected by our senses. An intangible product is usually a service that's transferred from the render the receiver at a particular point in time. Each company has a marketing offer.com prizes to service line or a product line. A perfect the law firm its customer expectations and extends the maximum benefit. A reasonably low price. 4. Key Concepts Satisfaction & Exchange: Hello. Let's continue key concepts in marketing. Now we'll see satisfaction and customer value. The value from the buyer's perspective is the product or services capacity from which he or she derives the level of satisfaction. Satisfaction is low, means that the product or service has low value to the customer. The opposite is also true that this function is a state of mind and can be measured because it's an quantified vote. Now let's move to the concept exchange, transaction and relationships. They exchange is the other name for an arc think. Manufacturers make available obviously in society. Attaching view importance to price, quality, time, and place. Products and services must be exchanged for money. Or else there will be a pile up of inventory affecting the production and distribution mechanism. If the sales had not matched, the production of the output would have to be produced. Transaction. It is the deal which takes place between the buyer and the seller. The seller has the goods department, and the buyer is really with the money to pay for it. Today. Online on guard transactions have largely replaced gosh, exchanges. For many companies. Cash transactions hardly thin per cent of the total relationships. It is miniature dressed that develops between the buyer and the seller over a long term. It's a customer attraction and retention exercise on the part of the buyer. Wants the customers understand that the silver is honest and serve their needs. They will keep coming back. They may also spread word of mouth publicity about leading to greater sales. 5. Understanding The Consumer: Hello. Why we bought much of what people purchase, like food, shelter, or medical care. Is this Sarah for their health and security? For someone to buy the things that aren't necessary, like the latest iPhone or impractical fear of high health shows. Extraneous purchases may be driven by a need to display one's social status or in response to an emotion like sadness or Borden. So people are only, that's fine. They're hidden needs. Types of buying decision. Buying decision behaviour can be classified into four different categories. In complex buying behavior, consumer shows high level of involvement while brushes and observe constant cerebral differences among brands. Complex buying behavior is not visible. When the product price is high, risky, lower quality of their selves, their service, and so on. It's good example is buying a cell phone or a laptop are expensive and variety of brands. Consumers feel uncomfortable to the side for a specific brand. In business are using buying behavior. Consumer involvement is very high because of the high price on infrequent purchase. With lists significant differences in moon brands. In this case, buyer purchases the product which is easily available. Officer to product purchase. Customers may face business post-purchase behavior. Environment is seeking buying behaviors, deletion, consumer involvement is very low, but there are significant differences in one brand. In this situation, customers perceive Brent switching. A good example is purchased shapes. In such case, consumer purchase chips and make some good results. Next time they purchase another brand, Justice change the taste. In habitual buying behavior. Consumer involvement is low as well as lieu of no significance. And more brands names. Because example as a letter or a matchbox. Just go for it and purchase it. There is no brand loyalty. Consumers do not need information regarding brand purchase on characteristics. 6. Understanding The Consumer (continued): Fosters of consumer buying behavior. There are three principal flexors of consumer behavior. Personal factors, the person's interests and opinions is the only affected by demographics such as age, gender, culture, profession, background, and so on. Psychological factors. Everybody either expensive versicolor marketing campaigns will be based on their perceptions and attitudes. A person's ability to comprehend information, their perception of their need. They will all play a part. Social factors, peer groups for our family and friends to social media influence. This factor also includes social class, income and education level, hostile Colette consumer behavior data. There are different ways to go look at them. It depends on you and your own study itself. Customer reviews. Reading customary use can highlight common problems or wishes. Q&a sites. The sites can give you an idea of the questions and concerns that people have in relation to your brand, service or production to popular websites is probably Cora. Surveys. Online surveys can be easily setup with sites like Survey Monkey. They allow you to ask specific questions. Keyword research, mainstay of SEO. Keyword research can tell you what consumers are interested in, the relative level of interests. It also helps to reveal the language they're using. Google Analytics. Analytics can be used to tell you where your traffic is coming from. The audience tab shows geography and theorists and the range of demographics. Lot comments, comments on your vlog can be a good way of discovering any questions your audience might have. Twitter insiders, recently launched insiders. Thousand strong focus group of US and UK Twitter users. Google Trends. Google Trends can help you understand if a topic, many moral list up Fiddler. Government data. Government data is available for free and can help you understand a group. And several other sources can also be accessed without charge. 7. Market Segmentation: Market segmentation. Market segmentation is a process in which groups of buyers with a market are divided and profile according to arrange of variables which determined the market characteristics and tendencies. The processes of segmentation, targeting, and positioning are parts of a chronological order for market segmentation. Three then segments. Market segmentation research has the power to identify the target consumers. Organization should pretty good size and target. Market segmentation can be achieved with five stapes focusing on the core elements of the segmentation. Step one, identify the target market. The first and foremost stapes is to identify the target market. The marketers must be very clear about who all should be included. A common segments. Make sure that individuals have something in common. For example, a male and the female can be included in one segment as they have different needs and expectations. Step to identify expectations of target audience, wants to target market is decided. It is essential to find out the needs of the target audience. The product must meet the expectations of the individual's. The marketer must interact with the target audience to know more about their interests and demands. Step three, create subgroups. The organization should ensure their target market is well-defined. Create some groups within groups for effective results. Step for review the needs of the target audience is essential for marketers to review the needs and preferences of individuals belonging to each segment or subsegment. The consumers of a particular segment must respond to similar fluctuations in the market and similar marketing strategies. Stay five, name your market segment, give an appropriate name to each segment. It makes implementation of strategies easier. Targeting. Targeting is the process of identifying the most attractive segments from the segmentation stage, usually the ones most profitable for the business. Positioning. Positioning is the final process. And it is the more business oriented stage where the business must assess its competitive advantage and position itself in the customer's mind to be the more attractive option in these categories. 8. Marketing Mix: The 4Ps: Marketing mix. The marketing mix refers to the set of actions or tactics that a company uses to promote its brand or product in the market. Before please make up a typical marketing mix, price, product, promotion, and place. However, nowadays the marketing mix increasingly includes several other herpes like packaging, positioning, people, and even part x as vital mix elements. What are the four P's of marketing? The finishing that many marketers learned as they start out in the industry is putting the right product indirect place at the right price. Either right, sorry. The four P's of marketing as a model of enhancing the components of your marketing mix. The way in which you take a new product or service to market, helps you to define your marketing options in terms of price, product, promotion, and place, so that you're offering meets a specific customer needs or demand. 9. The 4Ps: Product: Product. The term productive refers to tangible, physical products as well as services. Products, or the goods and services that your business provides for sale to your target market. All products follow a logical product life cycle and it is vital for our marketers understand a blend for the various stages and their unique challenges. The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product needs to be identified and understood. When developing a product, you should consider quality, design, features, packaging, customer service, and any subsequent after-sale service. Brand. A brand is a name, term, the design, assemble, or any other feature that identifies one sellers, good or service as this thing, it's from those other cylinders. You can consider a brand as the idea or image people have in mind when thinking about specific products, services, and activities of a company, both in a practical and emotional way. Criteria for any minute brand, the name of a brand must necessarily respond to the following criteria. Easy to spell and say, having a potential to be memorable. Also, you must consider all relevant cultural sensitivities. Make sure you can use it without infringing on another trade work package in the wrapping material around the consumer item that serves to content, identify, describe, protect, display, remote, and otherwise make the product marketable and keep it clean. Competence of packaging, content, material used like plastic or metal or cardboard. For closing system. The core graphic design and colors used. Package labeling. Package labeling is in a written, electronic or graphic communication on the package or on a separate associated level. 10. Product Life Cycle: Product life cycle. The product life cycle has four very clearly defined stages. Introduction stage. The stage of the cycle could be the most expensive for a company launching a new product. On this stage, sales are low or the cost can be very high. Growth stage. The growth stage is typically characterized by strong growth in sales and profits, while the cost is almost 50 per cent. Maturity stage. During the maturity stage, the product is established and aim for the manufacturer is not to maintain their market share. They have built up decline stage. Eventually the market for a product will start to shrink. And this is known as the decline stage. This shrinkage good reduces the market becoming saturated, where all the customers who will buy the fertile have already the worksheets are because the consumers are switched into a different type of product. While this decline may be inevitable, if may still be possible for companies, make some profit by switching to less expensive production methods and cheaper markets. 11. The 4Ps: Price: Price. Price concerns the amount of money that customers must pay in order to purchase your products. How product is priced will directly affect how it's Hills. This is linked to the perceived value of the product. Is that the customer written than an object they've gotten on the product on offer. Therefore, imperative for the customer to see what you are selling. There is a positive customer value. A project may be sex fleet, priced higher than its object if monetary value, universally, if a product has little value in the eyes of the customer, then it may need to be under price to sell. There are a number of considerations in relationship price, including price it in discounting, credit and cash purchases, as well as credit collection. Price may also be affected by distribution in plants, value chain costs and markups, and how competitors price, arrival product, price it in methods. There are several methods of pricing products in the market. While selecting the method of fixing prices, a marketer must consider the factors affecting pricing. The pricing methods can be broadly divided into two groups, because oriented admitted and market oriented method. In this video, we would suggest only two simple ways of cost oriented methods. Cost oriented methods. One, cost-plus pricing. Cost-plus pricing involves adding a certain percentage to cost in order to fix the price. For instance, if the cost of a product is $200 per unit and the marketer expects ten per cent profit on costs, then the Southern price will be $220. The difference between the selling price and cost. The profit is emitted is sampler as marketers can easily determine the costs and other certain percentage arrive at the selling price. To markup pricing. Markup is the moon by which the cost of a product is increased. In order to derive the selling price. Firms that use cost oriented methods use markup pricing. Since only the costs and these are percentage markup on selling price are known. The following formula is used to determine the selling price. 12. The 4Ps: Promotion: Promotion. Promotion refers to the act of communicating the benefits and value of your product to consumers. These includes advertising, sales promotions, special offers, and public relations. It didn't involve persuade in general consumers to become customers of your business using methods such as advertising, direct marketing, personal selling, and sales promotion. Wherever to channel used. It is necessary for it to be suitable for the product, the price, and at the end user, it is marketed to. It is important to differentiate between marketing and promotion. Promotion is just the communication aspect. The entire marketing infection. Objectives of promotional activities. Building awareness and create an identified within the market great and interests, and encourage your customers to move along to actual purchasing behavior. Provide the necessary information are in garden to protect its benefits. Features are used this to the consumer. Simulate demand, which means reading guardian old customers and encouraging you wants to try out different product and make it stand out from the crowd. Reinforce the brand, and further string, then it's placed in the market. Some types of promotional strategies, push strategies. This is when the product is taken to the customer by the company. This is mostly used when the product is an impulse purchase or if the company has an established relationship with the customer base. Essentially, there is less need to create an advertising bus and more to make the product readily available and retail outlets and showrooms. Push marketing may focus primarily short-term sales. Strategies. For strategy takes the opposite approach. The goal of pull strategy is the k the customer come to you. Hence the term pool, where marketers are attempting to pull customers in. Common sales tactics used for pull marketing include mass media promotions, word of mouth referrals, and advertise sales promotions. And finally, promotion through the product life cycle. This type of promotion divides the entry. Informative advertising, persuasive advertising and reminder advertising. Informative advertising used to increase awareness. In introduction stage, the persuasive advertising used to increase brand loyalty in the growth stage. While reminder, advertising used to change price and promotion. Increased life of products in maturity and decline stages. 13. The 4Ps: Place: Place. Place is in regards to distribution, location, and methods of getting the product to the customer. Or placement has to do with how the product will be provided to the customer. The placement strategy will help assess what channel is the most suited to a product. This includes the location of your business, shop front, distributors, logistics, and the potential use of the Internet to sell products directly to consumers. How our product is accessed by the end user also needs to compliment the risks of products such that g, place and distribution intermediaries, manufacturer, person, group, or firm that makes the product. Wholesaler, buys large quantities of a product from manufactures and sells it to retailers. Wholesalers sell goods to other businesses. You don't sell directly to consumers. Retailers, organization that sells products directly to consumers and end-users. They are selling to consumers for personal use. The guests are usually sold in small quantities. Place and distribution strategies. There are three most common distribution strategies. Intensive distribution. Use gamma Alyssa distribute low price products for impulse purchases. For example, snacks such as chocolate, soft drinks. I'm curious. Exclusive distribution involves limit in distribution to a single outlet. The product is usually highly priced and requires intermediary to place much detail in itself. An example of would be the sale of vehicles. They'll exclusive dealers. Selected distribution. A small number of retail outlets are chosen to distribute the product. Selected distribution is coming with products such as computers, televisions, household appliances, where customers are willing to shop around and we're manufacturers. Also large geographical spread. 14. Final Thoughts: Hello. This is the last video in this class. Although it seems that listens are a little bit separated, but it's actually not. In the first three lessons. It was about definition of marketing and the most necessary key concepts you must know. Next lesson. We learned some few ways to understand your customers. This Dave called the marketing exploration of value, analyzing the market. In the next lesson, we've seen what we call creation of value marketing strategy, where you can determine and select your target market segments and create the positioning that would suit your strategy in the long term. The rest of lessons were learned, production of Vogue, you, development of marketing mix and focusing on essential points of the four Ps, product, price, promotion and place, and some of their simple strategies. That's it. Hope you find this class beneficial. If you have any question, let me know. I will respond as fast as possible. Sharing the class with your friends, follow us, leave as I reviewed in carriages and help us improve our content. The next class.