Marketing is a tool that helps a company, institution, or brand to reach their desired results or outcome by providing services or value to the customer. Marketing also helps in expanding your customer base.
Marketing is one of the most prominent tools that helps in expanding your business to a large mass of the public. A well-planned and creative marketing strategy equipped with the ideal concepts of marketing can bring success to a startup.
In recent times, the success of the CRED app and company can be highly credited to the innovative marketing campaign launched by them. The company set off to newer heights after bringing innovation and humor in their ads by bringing popular cricketers and celebrities like Rahul Dravid and Anil Kapoor into their advertising campaign.
The knowledge of core marketing concepts can help you reach unattainable heights in a quick period. Read this article to know more about marketing and the core concepts of marketing explained with the help of industry examples.
Core Marketing Concepts You Must Know
Marketing involves a lot of things to hit the right objectives helping in yielding desired outcomes and increased profits over time. It is extremely important to hit the right strings to get the best out of it. There are several core concepts of marketing that should be followed while developing an advertising or marketing campaign for your company.
The fulfillment of customer needs is the prerequisite for any startup to succeed in this thrilling competitive world. You need to understand how your product can help in fulfilling the need of a large human population. Those who can figure out this need can win big in their marketing campaigns.
Human needs are very normal and if you can target your audience by understanding their needs, you can win big. Reach out to the audience and let them know how your product can help in fulfilling their needs.
An example of the need fulfillment of a large section of humans is online shopping giants like Amazon and Flipkart. These companies had solved the problem of people visiting markets by bringing the whole market to their smartphones. This is a perfect example of need fulfillment in marketing.
The wants of a customer are different from needs. A need is a requirement to fulfill some undesired things while the wants are the ways by which their need can be fulfilled. Like clothes are a human need to protect and cover our bodies, but different types of clothes like pants lower. Shirts, Sarees, and undergarments are the wants to fulfill the need for clothing.
While designing marketing campaigns it is important to understand the different ways or wants by which you can solve the need of a large chunk of the population. In fact, needs are restricted to very limited things but we can create a lot of wants for specific needs.
Food is a human need and companies like Swiggy and Zomato after analyzing this need created a way by which they can bring restaurants closer to everyone. It is a new way by which they make food more accessible to everyone. So, food is a need of everyone on this planet but getting food delivered at home is a want. Those who understood this want and worked on this are succeeding big in the market.
The demand is usually created by the desire of a common want. The most asked want by the population/market slowly ends up being the demand of the market. The demand is directly related to time.
As with time, the highest asked want gets converted into demand. The demand for certain services and products can increase or decrease with time. The demand is targeted by marketers by creating a service or product that is more attractive, accessible, and fancy to the people.
An example of the creation of demand is the recent surge in the production of masks after Covid. When covid hit the world all of a sudden the use of respiratory mask became a want and slowly the want was converted into demand as it was required by everyone for precaution from covid. So we can see how a want backed by a large population instantly converts into demand.
Creating A Product
A product is the sum total of understanding the wants, demands, and needs of the market and then designing a bundle of service or value that satisfies the customer. A well-crafted product can help in maximizing profits and creating a brand base that can generate trust over time.
A product mixed with services that enhances customer service can help in getting more eyes in the market. This type of product is called tangled product and is in more demand than simple products. The technique of adding services like home delivery, guarantee and warranty, free repairing, lucrative offers like buy one get one free, post servicing, good customer care support, to a product is a popular marketing technique.
An example of adding value or creating a tangled project can be observed in the clothing industry where offers like buy one get one free and creating a sales program is a prominent example.
Adding Value And Satisfaction To A Product
The next important concept of marketing is utility. It is the ultimate goal to make your product so worthy that it can satisfy the customer and quench their thirst with perfection. The utility can vary with each and every product but the product with the highest utility(customer satisfaction) in the market is the highest demanded product.
Some factors that can increase the utility of products are their costs, value, and added services that make them more attractive and useful for the users. The cost of the product can be a big factor in adding more utility to a product.
For Example, If there are two products say A and B providing similar service or satisfaction to the customer but having major differences in their cost. Suppose A is less expensive than product B. In such a scenario, product A will end up getting more utility in the market as compared to product B.
The utility of the product directly relates to the value it adds to your customers’ life. A product or service should be designed while keeping utility in mind for the success of your startup.
Understanding And Winning Market
The next and final core concept of marketing is to understand the puzzles of the market to thrive and win it. The first principle is to understand the market by assessing the needs, wants, and demands of the market to customize your services/ products online with the market. The market for different products is different and the demand can vary from product to product.
For example in a given location say city C, the market for motorbikes and sports equipment can vary a lot. The target audience for a company that sells bikes will be working individuals and young adults who are interested in bikes. They need to assess the requirement of these individuals and then offer something that can be of utility to them.
And another startup that sells sports equipment will target kids, athletes, schools, and sports academies by creating lucrative offers. So the market for both the companies changes in the same city. It is a very significant step in marketing to understand your market.
Advertising is the next tool that helps you in thriving the market, the next subsection explains how advertising can help you in thriving in your domain-specific markets.
The Effects Of Advertisement
Advertisement changes the games of marketing for everyone. It plays a major role in taking your product/service to each and every individual that falls in the range of your product’s market.
Advertisements these days can be created through different sources and on different platforms allowing wider circulation in less time. Some old methods of advertisements involve pamphlet circulation through newspapers, using Advertising hoardings and satellite channels to reach a wider audience and a big market.
These days Social Media Marketing has changed the game altogether. Now it is extremely important to create a catchy and attractive advertisement for your product on social media platforms.
These platforms help in reaching your target audience more personally through emails, messages, and ads on their mobile phones. Social media marketing can expand your market to a very large extent with less expense.
An example of the importance of advertising in the market can be explained by assuming there are two companies, say A and B, these companies sell bathing soap. Now nearly everyone needs a bathing soup on a daily basis but without any information reaching to these people, no one will ever know that there are such companies by the name of A and B.
But if company A decides to advertise their soap through different platforms by creating a catchy and engaging advertisement and comes up with a lucrative offer and company B sits ideal waiting for a miracle.
It is sure that people will come to know about company A’s soap and its benefits and some of them will slowly start buying it. If the soap of company A adds value to these people’s lives, slowly more people will start buying the product. So in such way a company can increase their sells with the help of advertisement.
Let us know if we missed out on anything in this article Core Marketing Concepts and share your thoughts in the comment section.