Marketing means the act of promoting and selling of products or services. Marketing starts with identifying the product, determining its price, selecting a distribution channel to reach the customer and development of promotional strategy.
The advantages of marketing are as follows:
1) Gets recognition and attention of the target audience
2) Improves the business profits by boosting sales
3) Builds long-term customer relationships by putting customer needs and wants as top priority
4) Develops better quality products and services
5) Prominent promotional tools are direct mail, personal selling, telemarketing, mobile marketing, email, billboards, newspaper ads, television jingles, web promos, SMS and social media to engage with target audience / potential and existing customers
6) Attracts customer attention and interest which persuades customers to buy
7) Establishes brand recognition by imprinting brand in the minds of customers
8) Identifies real and potential customers and retains them
9) Gives detailed information about the product or service that the customer wants which helps in knowing the brand better
10) Reduces the break-even period of a business and increases sales and clients fast
11) Encourages new customers and referrals by word of mouth publicity
12) Clears misunderstandings about the quality or nature about the product or service
13) Fulfills the needs of the customers which leads to business success
14) Tests the appeal of your future product or service
15) Increases customer contacts, helps you set realistic goals and builds customer relationships
Joke: What is Marketing? Hilarious Explanation of the Marketing Concepts:
1. You see a gorgeous girl at a party. You go up to her and say: ‘ I am very rich. Marry me! ‘ – That’s Direct Marketing‘
2. You’re at a party with a bunch of friends and see a gorgeous girl. One of your friends goes up to her and pointing at you says: ‘ He’s very rich. ‘Marry him.’ -That’s Advertising‘
3. You see a gorgeous girl at a party. You go up to her and get her telephone number. The next day, you call and say: ‘ Hi,I’m very rich. ‘Marry me -That’s Telemarketing‘
4. You’re at a party and see a gorgeous girl. You get up and straighten your tie, you walk up to her and pour her a drink, you open the door (of the car)for her, pick up her bag after she drops it, offer her ride and then say:’By the way, I’m rich. Will you ‘Marry Me?’ – That’s Public Relations‘
5. You’re at a party and see gorgeous girl. She walks up to you and says:’You are very rich! ‘Can you marry Me?’ – That’s Brand Recognition‘
6. You see a gorgeous girl at a party. You go up to her and say: ‘I am very rich. Marry me!’She gives you a nice hard slap on your face. – ‘That’s Customer Feedback ‘
7. You see a gorgeous girl at a party. You go up to her and say: ‘I am very rich. Marry me!’ And she introduces you to her husband. – ‘That’s demand and supply gap‘
8. You see a gorgeous girl at a party. You go up to her and before you say anything, another person come and tell her: ‘I’m rich. Will you marry me?’ and she goes with him- ‘That’s competition eating into your market share‘
9. You see a gorgeous girl at a party. You go up to her and before you say: ‘I’m rich, Marry me!’ your wife arrives. – ‘ That’s restriction for entering new markets‘
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