Marketing can be defined as an organisation's efforts to

communicate its values and benefits to customers, partners and

other parties involved
The marketing fundamentals are what is commonly known as the 4Ps
of marketing. The following are the 4Ps of marketing:
Product
Place
Price
Promotion
Product
Product is what the company has to offer. It can be tangible (such as
clothing, chocolate, etc.) or intangible, also known as services (such
as health care, transportation, etc.). A product can have different
variants and serve various purposes.
PLACE
Place refers to the product's distribution location. Products should
always be available to the target customers. The marketing team
should also decide the method of distribution. Businesses should
determine whether it would be most beneficial to sell the products
online, in a physical store, or both.
Price
Pricing a product depends on many factors, such as the cost of
production, the price of similar products in the market, and how
much people are willing to pay. Deciding the payment methods,
providing financing options etc., should also be selected. The
marketing team should also decide whether or not to offer discounts.
Promotion
Promotion describes all the steps the marketing team takes to make
people aware of products and their features or uses. The marketing
team also needs to decide on the promotion channel and method.
Promotions can be offered online, offline, in-store, or during events..

In short, marketing is a complex and core process that helps an

organisation or brand build valuable and profitable customer
relations.
1. Product design

Product design is the fore most important element in marketing. the

communication needs & problems of the consumer have to be
considered before marketing a new product design.

2. Implementation of product
Once the decision is finalized about the design of the product more
focus should be there on communication with the production
department regarding the implementation of product features.

3. Pricing of Product
Pricing is the most important aspect of the product because ,it only
decides the buying decision of the consumer. So if the product is very
new to the market ,correct & affordable pricing should be done.

4. Selection Of Layout
The layout is the place where actually the product /services will be
availed so more focus should be done on the exact location and
layout.

5. Publicity of the product

Publicity means communication about the product and services for
creating awareness & demand for the product through publicity&
Advertisement.
6. Distribution channel
Distribution channel means the number of intermediator like whole-
sellers, Retailers, distributors, and agents who all are involved in the
marketing channel.

7. Selling of Product
Selling involves the actual challenge of marketing. The selling of
products and services involves different strategies like distribution
through stores, salesmen, Advertisements, Exhibitions, trade fairs,
etc.
8. Collecting the feedback
This begins after the product is marketed and sold collecting
feedback regarding satisfaction or dissatisfaction-related features like
price, to make availability, etc it is to make changes in the marketing
mix.
Company Orientation towards the marketplace
here are basically five different orientations which a company takes
towards the marketplace.
1.PRODUCTION CONCEPT
2.SELLING CONCEPT
3.PRODUCT CONCEPT
4.MARKETING CONCEPT
5.SOCIAL MARKETING CONCEPT

1.Production Concept – In this concept the company mainly tries to

increase production irrespective of demands of the customer.
The concept is mainly based on the principle that, “as the
productivity levels increase, cost of production decreases, and as a
result, customer will be able to purchase a product at a cheaper rate,
which in turn accelerates the sales of the company.”
2.Selling concept – The selling concept believes that customers will
not buy products unless persuaded to do so. As we know, this is true
even today in case of certain products such as insurance. Although
the customer should use it, they rarely do.
3.Product Concept – The product concept says that customers will
always buy products which are better in terms of quality
performance and features. The concept is especially applicable in
terms of electronics and other techno gadgets nowadays.
For a product to be successful under this concept, it should stand
apart from the rest of the crowd. Let’s take Apple and Google for
example. The end products of these companies are not only of the
best quality, but are also very exclusive. Hence, companies willing to
adapt ‘product concept’ marketing strategy should not only keep
themselves updated with the ever changing technical trends, but also
the needs of their customers.

4.Marketing Concept – Just like selling is a necessity, similarly

branding and marketing are a necessity in some products. The
marketing concept proposes that the success of a firm depends on
the marketing efforts of the company in delivering a value
proposition.
5. Societal Marketing Concept – The societal marketing concept leads
to a company orientation which believes in giving back to the society
what it had received from the society. This concept believes that the
company is profiting because of society and hence it should also take
measures to make sure the society also benefits from the company.
Needs, wants and demands are 3 important terms in marketing. No
matter how similar they might seem
Needs

“Needs” is the basic human requirements like shelter, clothes, food,

water, etc. which are essential for human beings to survive. If we
extend this further, other needs are education, healthcare or even a
social thing, for example, belonging to a certain society or self-
expression. One can say that the products which fall under the needs
category of products do not require a push. Instead the customer
buys it themselves. But it’s actually not true. in today’s world with
thousands of brands competing in the same categories with identical
offerings satisfying the same needs, even the “needs category
product” has to be pushed in the consumers’ mind. Example of needs
category products / sectors – Agriculture sector, Real Estate,
Healthcare etc.
Let’s look at some of the examples of brands which are targeting
different levels of needs

1. Physiological Needs – Food companies (Nestle, Pepsi, Coca Cola)

2. Safety Needs – Insurance companies (ICICI Prudential, Tata AIG,

HDFC Life)

3. Social Needs – Social networking sites (Facebook, Twitter,

Instagram)

4. Esteem Needs – Luxury brands (iPhone, Mercedes, Estee Lauder)

Wants
"Wants" are a step ahead of needs Wants aren’t essential for humans
to survive, but it’s associated with needsSimply put, A want is a
product desired by a customer that is not required for us to survive.
So, want is the complete opposite of need, which is essential for our
survival. Wants aren’t permanent and it regularly changes. As time
passes, people and location change, wants change accordingly.

Wants are directed by our surrounding towards reaching certain

needs. Therefore, human’s wants can be varied depending on each
individual’s perception, environment, culture, and society. For
example, an Indian needs food but he may want a Dosa or Paratha
while an American may want Burger or Sandwich.
Demands
Wants turn to be Demands when a customer is willing and having the
ability to buy that needs or wants. The basic difference between
wants and demands is desire. A customer may desire something but
he may not be able to fulfill his desire. Consequently, for people, who
can afford a desirable product are transforming their wants into
demands. In other words, if a customer is willing and able to buy a
need or a want, it means that they have a demand for that need or a
want. You might want a BMW for a car or an iPhone for a phone. But
can you actually buy a BMW or an Iphone? You can, provided you
have the ability to buy them. Example of demands –Luxury cars, 5
star hotels etc.

Many people want a BMW, but only a few can buy one. So, it’s very
crucial that one must measure not only how many people want their
product, but also how many are willing and have the ability to buy it.
THE LINK BETWEEN THE TWO BUSINESS MARKETING AND BUSINESS
STARTEGY
One thing that both documents have in common, is that they both
bring the power of knowledge to your business.

The business plan defines a company’s objectives and missions, and

the marketing strategy answers in detail how these aforementioned
objectives will be accomplished. If the former changes, so will the
latter.

You can think of a marketing strategy as an extension of the business

plan, as it presents complete strategies for advertising, public
relations, and other promotions. Business plans contain general
marketing information, and the marketing strategy brings a detailed
account of tactics.

It’s easy to get lost or distracted with all the hurdles and pressures of
running a business. Both the business plan and marketing strategy
break down the processes into simple, chronological steps, so you’ll
always know and have that reminder of what the next move needs to
be.
CUSTOMER VALUE SATISFACTION AND
LIABILITY
Value is the monetary, material, or assessed worth of an
asset, good, or service.
"Value" is attached to a myriad of concepts including
shareholder value, the value of a firm, fair value, and market
value.
The process of calculating and assigning a value to a company
is called valuation.
Comparing the different values and valuations of a company
to other companies can help with determining investment
opportunities.
In marketing, a customer value proposition
(CVP) consists of the sum total of benefits which a vendor
promises a customer will receive in return for the customer's
associated payment.
A customer value proposition is a business that describes why
a customer should buy a product or use a service. It is
specifically targeted towards potential customers rather than
other constituent groups such as employees, partners or
suppliers.
TOTAL CUSTOMER SATISFACTION
Total customer satisfaction is meeting every requirement of
every customer. This is more than satisfaction with the
product. It also includes technical support, billing, salesman
competence, product availability and countless other
interactions with the customer.
WHY MONITOR Customer satisfaction is a term used to
measure how business product and service offerings meet or
surpass the expectation of its customers.
Top 5 reasons why customer satisfaction is so important
It is a point of differentiation
It reduces the churn
It increases customer lifetime value
It limits negative word of mouth
It is much cheaper to retain existing customers than to
acquire new ones
Customer profitability (CP) is the profit the firm makes from
serving a customer or customer group over a specified period
of time, specifically the difference between the revenues
earned from and the costs associated with the customer
relationship in a specified period. According to Philip Kotler,"a
profitable customer is a person, household or a company that
overtime, yields a revenue stream that exceeds by an
acceptable amount the company's cost stream of attracting,
selling and servicing the customer."
Calculating customer profit is an important step in
understanding which customer relationships are better than
others. Often, the firm will find that some customer
relationships are unprofitable. The firm may be better off
(more profitable) without these customers. At the other end,
the firm will identify its most profitable customers and be in a
position to take steps to ensure the continuation of these
most profitable relationships. However, abandoning
customers is a sensitive practice, and a business should
always consider the public relations consequences of such
actions
Loyalty marketing is a strategy built around growing and
retaining existing customers through incentives such as free
gifts, discounts and/or exclusive access. Loyalty marketing
efforts are designed to build trust, rewarding customers for
their continued engagement with, and loyalty to, the
business.

What are the aims of loyalty marketing?

👉 Loyalty marketing aims to retain high-value customers.
Regularly returning customers spend more and generate
larger transactions than guest shoppers
👉 Loyalty programs allow you to gather significant amounts of
data on your shoppers. Enabling you to deliver a superior,
more personalized shopping experience👉 Loyalty programs
help acquire new customers because repeat customers refer
more people to your business, driving sales.