Fundamentals of Marketing

What is Marketing?

Marketing is the process of attracting potential customers and clients in your products and/or
services. The key word in this marketing definition is "process"; marketing involves researching,
promoting, selling, and distributing your products or services.

However, Marketing is not just the process of making customers and clients interested in your
product or service. It’s creating and giving value to them. Creating customer value and
satisfaction for your customer are at the very heart of modern marketing thinking and practice.

Why Are Customers Important ?

In Marketing, you should think Customer all the time. Customer is King, as what they say. That
is why, it is imperative to know what their needs and wants are, how they behave, their lifestyle,
everything you need to know about them – you should know.

Marketing Philosophies:

The marketing concept and philosophy is one of the simplest ideas in marketing, and at the
same time, it is also one of the most important marketing philosophies. At its very core are the
customer and his or her satisfaction. The marketing concept and philosophy states that the
organization should strive to satisfy its customers' wants and needs while meeting the
organization's goals. In simple terms, "the customer is king".

Each and every company has its own idea on how the company will do production, how it will
sell and do the marketing of its product.

Now, under the marketing philosophy, there are five concepts:

● Production Concept
● Product Concept
● Selling Concept
● Marketing Concept
● Social Marketing Concept
Marketing Mix:

Product Marketing Mix

Any company, may it be big or small, has its own marketing goals and objectives. It can be to
get more customers, gain market share, or just be known in the market. This is not done by
chance. Proper planning is needed. Marketers have to create a product that people want, put
that product in the right place, and price it at a level where your customers are willing to pay for
it. It is done systematically, and a tool called marketing mix can help you as a marketer design
strategies to sell and promote your products and services successfully.

There are two types of Marketing Mix principles: We have the product mix and the service
mix.

In this topic, we will be discussing the product mix, which is the 4 Ps.

These 4Ps of the product mix are used by businesses to identify key factors such as what
consumers want from them, how their product or service meets or fails to meet those needs,
how their product or service is perceived in the world, how they stand out from their competitors,
and how they interact with their customers.

https://www.youtube.com/watch?v=M8nC4dgKB9g

Marketing Mix 4Ps | McDonald's Examples

Service Marketing Mix:

Now, when it comes to the Service mix, we have 7 Ps.

What is the difference between product marketing and service marketing?

Product marketing is concerned with tangible, storable, and measurable products, whereas
service marketing is involved with services. An example of a service is a coffee shop, a gas
station, or even a dog grooming salon.

The first 4 P’s of the service mix is the same as the product mix. We have product, price, place,
and promotion. But since this is a service mix, we added three more. These are people,
process, and physical evidence.

https://youtu.be/GhFpvXsmBXY

Service marketing mix explained with Example