Digital Marketing Overview

 WHAT IS MARKETING?

 It Refers to the activities that a company undertakes to promote and sell goods and services. It is a way that links the customer ,consumer to the products. 

WHAT IS MARKETING PROCESS?

It is a step by step process of companies to communicate and engage with their customers . 

It includes various plans :

Understanding The Marketplace  :

Businesses must have a clear understanding of the composition of their market before beginning the marketing process. This involves gathering fundamental information about the target market, including demographics, sources of income, purchasing power, and projected spending.

Designing a Customer Driven Strategy 

A Marketing strategy refers to the company's overall "game plan" for using its scarce resources to contact prospective consumers and convert them into long-term customers.
i) Identify which clients to serve.
ii) Determining the best approach to service clients.

Construct an Integrated Marketing Program That Delivers Superior Value:

An integrated marketing program is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction. It encompasses all aspects of acquiring, retaining, and growing customers.

Build Profitable Relationships and Create Customer Delight

The “secret sauce” of any firm, in the end, is a successful client relationship. In this stage of the marketing process, marketers build, maintain, and expand their relationships with customers. One of the most challenging—and expensive—aspects of marketing is getting customers.

Capture Value from Customers to Create Profits and Customer Equity:

Successful Customer Relationship Management (CRM) aims to increase customer equity or the potential revenues that a business could make from its existing and future clients. Increasing client loyalty leads to higher customer equity. Marketers want to increase client equity because it serves as a leading indicator of financial success. Simply said, the greater a company’s customer equity, the more profit it makes and the higher its market value will be.

EXPLAIN 4PS OF MARKETING WITH EXAMPLES ?

The  4PS of marketing are :

1. Product

Creating a marketing campaign starts with an understanding of the product itself. Who needs it and why? As you are working on your product, it is essential to consider your target audience and their unique needs. Also, how is your product different from what others offer?

2. Price

Price is the amount that consumers will be willing to pay for a product. When talking about the marketing of a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. As the price of the product directly influences the sales volumes and consequently, business profits.

3. Place

Place is the consideration of where the product should be available and how it will be displayed. The goal of business executives is always to get their products in front of the consumers who are the most likely to buy them. To decide the best place to market and sell your product, you should consider researching the physical or digital places where your target audience shops and consumes information.

4. Promotion

Promotion is how you advertise your product or service. Through promotion, you will get the word out about your product with an effective marketing campaign that resonates with your target audience. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.

 

WHAT DO YOU MEAN BY SWOT ANALYSIS ? EXPLAIN WITH EXAMPLE ?

SWOT is a simple but very useful analysis which is used to guide the company towards its strengths ,weaknesses ,coming opportunities in market ,and also about the threats. Through which the company will be aware from the beginning about the coming opportunities ,threats and weaknesses and according to that the company can take steps to cover it ..

For example: SWOT Analysis of Instagram 

STRENGTHS 

1. It is the first multimedia platform .
2. It is Armstrong community of influencers.
3. It has a large user base .
4. Has multi -language support 

WEAKNESSES

1. Lack of privacy and data leaks .
2. Ineffective paid promotion .

OPPORTUNITIES 

1.Can provide video advertisements .
2. Provide technology advancements .
3.Can involve in partnerships .

THREATS 

1. Increasing competition in future .
2. Allow to schedule post without the user having to login to the platform .

EXPLAIN MEANING OF USP ?

USP Refers to unique selling proposition .It is a statement which differentiate the product from its competitors with a specific uniqueness in it from the other products .
For example : If you have a small business, selling custom-made, leather shoes, you need to find this one unique aspect that makes your business stand out.

TYPES OF BUSINESS MODELS WITH EXAMPLE ?

There are 4 types of business model :

1. B2B – Business to Business

Business to Business model is a form of transaction between businesses such as a manufacturer and wholesaler or a wholesaler and a retailer.
For example: Suppose there is Company A that makes brushes, and they sell it to hotels which are used by guests staying there free of cost.

2. B2C – Business to Consumer

Business to Consumer is a business model where products and services are sold directly to the consumer.
For example: Amazon, Meta (formerly Facebook), and Walmart are some examples of B2C companies.

3. C2C – Consumer to Consumer

Consumer to consumer markets provide a way to allow consumers to interact with each other.
For example: OLX – An online marketplace for buying, selling, and exchanging new and used goods and services.

4. C2B – Consumer to Business

Consumer to Business is a business model in which a consumer becomes a product or service provider for a certain company.
For example: Sharing a post on social media.

TYPES OF BUSINESS CATEGORY ?

There are different types of business categories :

1. Sole Proprietorship

A sole proprietorship is an unincorporated company that is owned by one individual only. While it is the most simple of the types of businesses, it also offers the least amount of financial and legal protection for the owner.

2. General Partnership

A General Partnership is a type of business where two or more contributing individuals agree to share in both profits and losses, pay taxes on income received, and have unlimited liability for the firm.

3. Limited Partnership

A limited partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the partnership, and one or more limited partners, who have limited liability but cannot participate in management.

4. S-Corporation

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.