Marketing Strategy | Introduction | Marketing Definition & Concept | Product & Service | Lecture 1 Video Lecture | Understand Marketing Strategy: Grow your Business - Sales

hello friends welcome to this new
chapter new subject new course
technology-based marketing and in this
chapter one I'm gonna begin with the
definitions of marketing and we can have
a series of chapters from 1 through 9
and I'm going to cover a lot of aspects
in the day-to-day dealings in the
technology based environment and I'm
going to talk about a lot of marketing
issues marketing obstacles marketing
opportunities and marketing trends going
on in today's environment 2016 so before
I can get into the latest trends I would
like to talk to you about the
definitions first so let's get into the
definitions the definitions of marketing
and marketing is a social process by
which individuals and groups obtain what
they need and want through creating and
exchanging products and value with
others that's a Kotler a definition
Kotler is an author he is a researcher
and he he this is his definition of
marketing then we have more by other
authors for example marketing is the
management process that identifies
anticipates and satisfies customer
requirements profitably ok and the right
product in the right place at the right
time at the right price ok and this was
written by several authors at the same
time so in your mind what do you think
is marketing marketing is nothing but
you know bragging your product so that
the York target consumer is persuaded
enough to convince enough to buy it ok
let's look at more examples what is
marketing a simple definition of
marketing is that it is the delivery of
customer satisfaction at a profit ok I
purchased something from you I value
what I purchased from you and you
receive the profits because you are
selling me something that is more
that has that you know the cost price
was not as much as the sales price so
cos price was lower and the sales price
was higher and the difference is the
profit so you get the profit I get the
value of the of using their product
because I could not have gotten my hands
on their product otherwise so you are
actually selling something that is
valuable to me and in exchange for that
value I give you the extra for profit on
top of the cost points understanding and
satisfying customer needs is a key
marketing concept because many times
what we see is that you know we try to
market things or we try to launch a
product that is something that we want
to see in the market it doesn't work
like that you have to listen to the
market you have to look into the market
and you have to see the trend you have
to see a gap in the needs gap a demand
gap and you have to be able to cover
those gaps with the aid of your product
and you should be able to market your
product on platforms that are widely
used by customers
you cannot just you know market
something you know on Facebook when the
target population does not use Facebook
for example you cannot market something
on a newspaper when the target market
does not have the funds to buy the daily
newspaper okay so based on the habits
and behavior of your target market you
have to shape your marketing okay and
technology has come a long way it has
replaced a lot of traditional methods in
marketing and it is going to change the
way people do marketing so this by the
end of this course you should be able to
have a sound technology based marketing
plan and you should be able to market
your own product based on the habits and
behaviors of your target market last
definition give
on the slide is marketing is when
sellers search for buyers identify their
needs design good products and services
set prices for more them and store and
deliver them
ok needs wants and demands needs vary
from person to person and determine how
we spend our lives our standard of
living and what we do in our spare time
so needs is usually if you look at mass
laws here are Q of needs I'm sure most
of us are aware of that
pyramid in the topmost pyramid you have
the bottom of the pyramid which means
those are the basic needs you have your
food shelter and you know relationships
and emotional needs a quadrakill needs
all of these needs at the bottom of the
those are actually your needs anything
at the tip of this pyramid our wants
okay
wants our how our needs are satisfied
they are influenced by a culture
education environment family status
income and our personalities alright
there's one thing that I want to tell
you the basic difference between needs
and wants okay
needs is clothing is a need okay fashion
clothing is a want okay demands are
human bonds that depend on ability and
desire to buy so demand is something for
example designer fashionable clothing is
demand because when we talk about demand
we talk about buying power and buying
power purchase power only comes with
increased capital or increased control
of your finances or increased finances
under your control so needs wants and
demands are different if you look at
food ok rice and wheat and barley these
are basic foods and they will nourish
you and fulfill you satisfy you and also
you know prevent any harmful diseases
in your body so those these three these
basic staple items will fulfill your
needs once would be eating out at a
restaurant or you know following a
recipe and making something really fancy
okay which includes a combination of
rice wheat barley need vegetables many
of things and you know the presentation
is there and everything so you just copy
of recipe and you celebrate the mealtime
or you go out and eat ok demand is
something like fine dining you have
something specially cooked for you by a
chef a celebrity chef and that's a
demand ok so these are the differences
between needs wants and demands and when
you create your marketing program when
you create your marketing plan you need
to be able to identify what kind of need
or what kind of you know what where does
it lie where does your product lie is it
fulfilling a need is it fulfilling a
want or it is it fulfilling a demand all
right products and services this is
something this is the other thing that
you need to consider when you are
working on a marketing plan products and
services or product is anything tangible
that can be offered to a market to
satisfy a need or a want ok and a
service is an activity or benefit
offered for sale that is intangible and
does not result in the ownership of
anything so product is for example a
shoe is a product ok service is shoe
repair another example you know a dress
is a product tailoring is a service for
that dress ok a house is a product a
house cleaning is a service for the
house so you shouldn't be able to
identify whether the product you are
marketing for is you know the business
that you're marketing for is a product
or is it a service and then you have a
market
which is which is actually the set of
actual and potential buyers of a product
or a service came market is actually you
target consumer who will buy your
product or service what are the
characteristics analyze them where do
they live what do they wear where do
they work how I to get it out there is
it male or female what age groups and
you know what are they social media
habits all of these things you have to
understand and these characteristics
constitute the market for your product
or service then you have marketing is
much broader than selling it is not a
specialized activity at all okay it
encompasses a lot of things that we
simultaneously unconsciously we do not
you know consider what we're doing but
it's a very broad topic it encompasses
the entire business it is the whole
business scene from the point of view of
the final result that is from the
customers point of view always always
always when you marketing you put the
customer first concern and
responsibility for marketing must
therefore permeate all areas of the
enterprise okay that was the concern
here that was the definition for the
marketing concept concern and
responsibility for marketing must
therefore permeate all areas of the
enterprise okay moving on the goals of
marketing is to maximize consumption
maximize consumer satisfaction maximize
choice maximize life quality balance
individual quality with societal and
environmental qualities build brand
loyalty the most important thing because
you may be offering the part
to service that your competitor may have
but what makes you stand out why would
they compete eat what why would the
customer come to you that is the main
question here marketing plan we're not
going to get into marketing plan but
this is how it starts that's what I'm
trying to say here this is how it starts
and that it goes into deeper issues but
we are only going to be talking about
how technology based marketing is going
to be able to help you so in the
marketing plan you will identify
segments in the market identify target
markets position strategy marketing mix
marketing mix was price place promotion
and strategic strategic marketing allows
a manager to develop a broad marketing
plan which leads to a marketing mix for
each market so it was product price
place and promotion ok the marketing mix
was product price place and promotion
we're going to talk about it don't worry
here it is the marketing mix is product
it describes the actual goods or
services being marketed includes the
product itself packaging labeling and
any additional features options and
service offered with it such as warranty
servicing maintenance and customer care
so you have a product ok and that's the
main thing ok that your your star
product your main money manager money
driver okay this is your product and
your place is a preference to the
channels of distribution for goods and
services place includes the number of
outlets the type of outlets and their
locations then you have price the price
set for product service this reflects
the quality image status performance of
the products links being offered gay
gobble you price your product and then
you have promotion the promotion is how
the company coming
kate's to the consumers it includes all
types of advertising and publicity that
will help a company achieve its goals
the amount method and quality of
promotion used will have a major effect
on the resulting sales so this is how
you will this is the main thing that we
will cover in this course promotion all
right let me end this video here and up
next I will be talking to you about
marketing concepts okay more marketing
concepts coming up next see you shortly
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