What is Marketing? | Understanding Marketing Concepts | Marketing Fundamentals | #1

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Marketing Fundamentals - 1

What is Marketing? | Understanding Marketing Concepts | Marketing Fundamentals | #1

Welcome to our new series on marketing! In this series, we will cover the basic marketing concepts and how they relate to digital marketing. We will discuss popular models like the 4 P’s of marketing, the 7 Ps of marketing, SWOT analysis, and positioning. 

This series is not intended to prepare you for the exams, but to give you a foundational understanding of marketing that will enhance your technical skills in digital marketing. 

This series will focus more on theory than practical application. We may use tools to help explain certain concepts as needed.

This first blog post will define marketing and explain the difference between strategic and technical implementation in digital marketing. 

This series will be exciting and helpful for those new to digital marketing who want to learn the basics. We will explore how these concepts can be applied in a business and discuss how they relate to digital marketing. Let’s get started!

This blog post will cover two things: the purpose of this series, what marketing concepts are, and how they relate to digital marketing. 

Marketing is promoting and selling products or services to a target audience. It involves understanding the needs and wants of the target market and creating a marketing plan to effectively reach and communicate with them. Marketing is an essential aspect of any business and plays a crucial role in attracting customers and increasing sales. Marketing strategies include advertising, product development, market research, and branding. In the digital age, digital marketing techniques such as social media marketing and email marketing have become increasingly important. Businesses must understand marketing principles to effectively reach their target audience and achieve their business goals.

Marketing Fundamentals | #1

Introduction : 

There are many definitions of marketing out there. 

Dictionary.com defines marketing as “the action or business of promoting and selling products or services, including product understanding/market research and advertising.”Ā 

Digital marketing uses tools or mediums to promote and sell products or services. However, there is more to marketing than just using these tools.

Marketing also involves understanding the advertised product or service and doing market research and advertising. 

Many digital marketers focus only on advertising and forget about product understanding and market research, which are essential parts of the process.

Digital marketing has two parts: strategic implementation and technical implementation. Strategic implementation involves defining the audience, understanding the product, and deciding the best medium to promote it. This includes determining which platforms to use (such as Google Ads or Facebook Ads) and which types of media to use (such as images, video, text, or a mix). Technical implementation refers to implementing those plans, such as designing graphics or creating the copy.

Understanding both of these aspects is essential for successful digital marketing.

We are discussing the difference between strategic and technical implementation because it is crucial to understand both when using digital marketing. Strategic implementation involves planning, while technical implementation involves implementing those plans.

Marketing Concepts : 

There are also three types of marketing concepts: product differentiation, quality differentiation, and price differentiation. These are essential considerations in marketing.

Product differentiation: 

Product differentiation refers to what makes your product unique. This can include creating a new product, identifying a market need, and creating a product to meet it. When marketing is based on product differentiation, the product is the focus of the marketing campaign.

Quality differentiation : 

Quality differentiation refers to how goods or services can be distinguished from one another based on their level of quality. This can include materials, design, performance, durability, and functionality differences. Businesses often use quality differentiation to differentiate their products from competitors and appeal to different market segments. It can also be used to justify higher prices for products of higher quality.

An example of a company that uses quality differentiation is Apple, which emphasizes its unique selling points against its competitors.

Marketing can be divided into different types and approaches, and many digital marketers focus specifically on digital marketing. In this case, we are discussing bringing a product to market.

Price differentiation : 

Price differentiation is a pricing strategy where a business sets prices for the same product or service based on factors such as the customer, location, or time of purchase. This can involve offering discounts, loyalty programs, or other incentives to specific customers or charging higher prices to those willing to pay more. Price differentiation is often used to increase sales and revenue. It can help businesses compete in the market by offering various pricing options. Some companies may also use price differentiation to target specific market segments and differentiate their products from their competitors.

An example of price differentiation is an education technology brand in India called Physics Wallah. They offered their services at the lowest price when they entered the market. They offered courses typically priced between 50,000 and 150,000 rupees for only 3,000 to 6,000 rupees. This created a price differentiation, and they have promoted this strategy in the market.

The media used to promote this price differentiation strategy could include newspaper ads, TV ads, YouTube ads, or Facebook ads. Marketing strategies can revolve around one of these concepts: product differentiation, quality differentiation, or price differentiation. These strategies are used to bring products or services to market. I hope I have clearly explained this basic concept.

Conclusion : 

In conclusion, this blog post discussed marketing basics and how it relates to digital marketing. We explored the three marketing concepts: product differentiation, quality differentiation, and price differentiation. We also discussed the difference between strategic and technical implementation in digital marketing and the importance of understanding both. In future blog posts, we will delve deeper into concepts like the 4 Ps of marketing and the 7 P’s of marketing to build a strong foundation in marketing.

See more detailed article on The Complete Beginnerā€™s Guide to Fundamentals of Marketing & Personal BrandingĀ 

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