THE MARKETING MINDSET
In the heart of any business’s success lies in its marketing. Many a times Digital marketers forget the ‘Marketing’ part and they tend to focus too much on Digital part only. Marketing is a process by which a product or service is introduced and promoted to potential customers. Your business may offer the best products or services in your industry, but without marketing, none of your potential customers would know about it. People often get confused between marketing, sales, advertising and promotions. But there are certain differences between these terms.
What is Marketing?
In the morning, the ads that you see in the newspaper or the radio ad that you listen to about the 25% Diwali sale on mobiles or the call that you receive during the course of the day from your bank about the special loan offer. All these are forms of marketing.
So now you may think whether marketing, selling and advertising may be used interchangeably?
However, there is a significant difference between these three. Let’s see how.
Marketing is a much broader term, while Advertising and selling are subsets of marketing. So, marketing encompasses everything starting from identifying the market needs till fulfilling them.
However, there is a significant difference between these three. Let’s see how.
Marketing is a much broader term, while Advertising and selling are subsets of marketing. So, marketing encompasses everything starting from identifying the market needs till fulfilling them.
The key activities involved in marketing are:
- Developing offerings: This is all about working on creating offerings whether product, service or packages of the same in a way that adds value for customers.
- Communicating: This involves communicating your offerings with your customers as well as understanding their requirements and feedback about what they think of your offerings.
- Delivering value: This is the step where you deliver the offerings to the customers in a way that it enhances its values.
All this drills down to one main – The core reason for the existence of marketing is to create demand for your products much faster than your competitor.
The second purpose of marketing is to create value for the customers which will be significantly more than the cost of the product.
This means that the total value of a product will be equal to the actual value of the product plus the perceived value of the product. This value is created thru’ marketing.
So, every marketer has to understand these concepts of marketing in order to communicate and deliver the value of the product.
