The concept of Marketing seems to be very familiar to everyone. However, if you don’t work in this industry, certainly not everyone understands what marketing is. Types of Marketing today are becoming increasingly diverse. So what is Marketing? Why does Marketing become important for businesses? And how is Marketing different from advertising? Let’s find out in the following article.
1. What is Marketing?
According to the definition for managers, Marketing is considered the “art of selling”, but the most important element of Marketing does not lie in selling products. Philip Kotler, professor and father of modern marketing, famous in the world, defines: “Marketing is the science and art of discovering, creating and providing value to satisfy the needs of target markets.” spend with profit. Marketing identifies unmet needs and wants. It identifies, measures, and quantifies the size of the identified market and its profit potential. It determines which segments the company is best able to serve and it designs and promotes products and services accordingly.”
What is marketing?
According to the American Marketing Association – AMA: “Marketing is a comprehensive system of organizational activities designed to plan, price, promote and distribute products, services and ideas to meet customer needs.” target market and achieving organizational goals.”
In general, Marketing is a business’s management process to discover customer needs and meet those needs more effectively than competitors.
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2. Basic characteristics of Marketing
– Basic needs (Needs)
Human’s urgent need is the feeling of lacking something that they feel and is also very diverse and complex. If urgent needs are not satisfied, people will feel uncomfortable. People who are not satisfied will tend to choose one of two solutions as follows: start looking for an object capable of satisfying the need or try to suppress it.
– Wants
Human desires are a special type of need. As society develops, human needs also increase. People are also more exposed to objects that stimulate curiosity, interest and desire. Manufacturers, on their part, always direct their activities towards stimulating the desire to purchase and try to establish an appropriate connection between their products and urgent human needs.
– Demands
Marketers, along with other factors in society, influence wants and needs by creating products that are appropriate, easy to find, attractive and affordable for their target customers. The more the product satisfies the wants and needs of the target customer, the more successful the marketer will be
– Products
A product is anything that can be offered to a market for attention, acquisition, consumption, or use to satisfy a human need or want.
The concept of products and services also includes activities, positions, places, organizations and ideas. Therefore, people sometimes use other terms to refer to products such as satisfier, resource or offer.
The more a product satisfies a desire, the easier it is to be accepted by consumers. Thus, manufacturers need to identify the customer groups they want to sell to and should provide products that satisfy as many of these groups’ desires as possible.
– Benefits (Benefit)
Total customer benefits are all the benefits that customers expect from each certain product or service, which may include core benefits of the product, benefits from services attached to the product, the quality and human resources capabilities of the manufacturer, the reputation and image of the business,…
To properly evaluate a customer’s choice to buy a product, in addition to considering the extent to which a product can satisfy the buyer’s desires, that is, the benefits that the product can bring to them. , manufacturers need to consider and compare the costs that buyers must pay to get the product and satisfaction
Basic Characteristics of Marketing
– Cost (Cost)
Total customer cost is all the costs that the customer has to spend to get the product. It includes the time, energy, and mental costs of searching and choosing to buy products. Buyers evaluate these costs along with monetary costs to get a complete idea of the customer’s total costs.
– Customer satisfaction level (Customers’ satisfaction)
Customer satisfaction is a person’s perceived state through product consumption about the level of benefits that a product brings compared to what that person expected.
Thus, to evaluate the level of customer satisfaction with a product, people compare the results obtained from the product with that person’s expectations. One of the following three levels of satisfaction can occur: Customers are dissatisfied if the actual results are worse than what they expected; Customers are satisfied if the results are commensurate with expectations and customers are very satisfied if the results exceed expectations.
– Exchange
Exchange is the core concept of marketing. However, for a voluntary exchange to take place, the following five conditions must be met:
+ There are at least 2 parties to discuss
+ Each side has something that can be of value to the other side
+ Each party has communication and distribution capabilities
+ Each party is free to accept or reject the other party’s proposed product
+ Each party believes it is necessary and beneficial to have relations with the other party
– Transaction
If two parties committed to exchange have negotiated and reached an agreement, then we say a transaction (business transaction) has occurred. Transaction is the basic unit of exchange. A business transaction is a trade of values between two parties
A business transaction involves at least two things of value, agreed-upon terms, a suitable time, and a suitable place. There is often a legal system that arises to support and bind the transaction parties to comply with their commitments
– Market
The size of the market depends on the number of individuals who have needs and products that are of interest to others and are willing to exchange these products for what they desire.
A market can form around a product, a service, or anything else of value. For example, the labor market consists of people who want to offer their work in exchange for money or products. The money market appears to satisfy people’s needs so they can borrow, save, and preserve money…
3. Why does Marketing play an important role in business development?
Marketing plays a pivotal role in the development of every business. Without a suitable marketing strategy, your business’ sales will be difficult to keep up with your competitors.
– Marketing helps customers get more information about the business
Marketing campaigns are like a bridge that provides customers with basic information related to all products and activities of the business.
You need to let them know aspects related to the product such as:
+ The most general information about goods and services
+ Benefits that the product can bring to customers
+ Detailed instructions for use (if any)
+ Certificates and products or services issued (if any)
+ Reviews from people who have experienced using your business’s products
According to Creative, Marketing is the most effective solution for each business to convey information to customers, thereby supporting the branding process and shaping the business’s position in the market.
– Expand competitive opportunities for businesses
In this era of information technology and the Internet growing rapidly and strongly, a small business unit can completely create balance thanks to a methodical marketing strategy.
Whether marketing today is effective or not depends not on how much money you spend but on how you apply that strategy. For example, Inbound Marketing does not require you to invest heavily in promotion but still brings quite good results, because this form has built a suitable content system to satisfy search needs. of customers, skillfully leading them to products and services
From there, it shows that Marketing has expanded fair competition opportunities for all businesses and the person who benefits the most will still be the customer because each supplier not only needs to improve product quality but also how to That product still impresses customers during use
Why does Marketing play an important role in business development?
– Build solid relationships with customers
To build relationships between customers and businesses, Marketing is the bridge that connects customers and businesses together. In this case, Marketing is responsible for maintaining customer interest in the brand
The Marketing process provides customers with necessary information about products and services. Although customers may not currently have a need to use that product or service, at a certain point they will find products from a familiar brand again.
Once you have built a solid relationship with customers, it is obvious that your sales will increase. On the other hand, the conversion rate from potential customers to official customers is definitely higher when Marketing is not implemented
– Reach potential customers more easily
If with traditional Marketing, it is difficult for businesses to interact directly with customers if both cannot meet at the same place, then with Marketing in today’s digital age, the buyer and the service provider can quite convenient exchange with each other
This timely interaction has helped businesses reach potential customers more quickly. Especially thanks to Digital Marketing, the process of promoting product brands has achieved a stronger spread
The combination of traditional search engines and social networking systems has helped businesses reach a huge number of users, and many of these users are likely to become official customers.
– Increase sales revenue
Certainly, when starting a business, the biggest goal is to increase profits. Today, if businesses want to sell a lot of products, they must actively promote them so that customers know about them. Implementing a reasonable marketing strategy can help your business’s sales skyrocket quickly, thereby increasing profits and helping your business develop sustainably.
– Develop a professional brand
Marketing activities act as a transmission stage to bring the brand closer to customers and help them identify more clearly. The branding process needs to be done non-stop and needs the support of marketing activities to expand its influence.
– Create a premise for businesses to grow stronger
The commercial business activities of each enterprise can only develop strongly when combined with Marketing. Thanks to Marketing activities, the list of new customers will increasingly expand
Small-scale campaigns such as Email Marketing, Web posting, or social media platforms can attract current users while also providing good support for finding new target customers.
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4. Popular forms of Marketing in the market today
The location of your marketing campaigns depends entirely on where your customers spend their time. It’s up to you to conduct market research to determine what types of marketing and what types of tools will assist in each type. Here are some types of marketing that are relevant today, some of which have stood the test of time:
– Digital Marketing
Inspired by an Excedrin product campaign that took place online, the idea of appearing on the Internet for business reasons is a form of marketing in itself.
– Search engine optimization (SEO)
This is the process of optimizing the content on the website to appear in the top positions of search engine results such as Google, YouTube, Bing, etc. It is used by marketers to attract people who are interested in have a need to search about a certain issue
– Website Blog Marketing
At this point, the article is no longer the exclusive property of the individual writer. Brands publish blogs to write about their industry and nurture the interest of potential customers who browse the Internet for information.
– Social Media Marketing – SMM
This is a form of Marketing through social networking platforms such as Facebook, Instagram, LinkedIn,… to make an impression on users over time.
Popular forms of Marketing in the market today
– Marketing through printed products
As newspapers and magazines gain a better understanding of who subscribes to their printed material, businesses continue to sponsor articles, images, and similar content in publications that their customers are consuming. read
– Search engine marketing (SEM)
This type of marketing is slightly different from SEO, described above. Businesses can now pay a search engine to place links on pages in its index that have high visibility to their audience
– Video Marketing
While there used to be only advertising, marketing businesses now put money into creating and publishing all kinds of videos that entertain and educate their core customers.
5. How are marketing and advertising different?
If Marketing is a tree, then advertising will be a branch in that tree.
Marketing includes product development, market research, product distribution, sales strategy, public relations and customer support. Marketing is necessary in all stages of a business’s sales journey, and it can use multiple platforms, social media channels, and groups within the organization to identify its audience. , communicate with them, amplify their voice, and build brand loyalty over time.
How are marketing and advertising different?
On the other hand, advertising is only a component of Marketing. It is a strategic effort, often a paid approach, to spread awareness about a product or service as part of the broader goals outlined above. Simply put, this is not the only method used by marketers to sell a product.
>>> See more: The problem of fake traffic in the Digital Marketing industry
6. Conclusion
Looking briefly at the types and platforms of digital marketing above, we can see how powerful the explosion of digital marketing is. More important is the technological factor. The application of special technology in the current 4.0 era is impossible not to apply. Technology is always changing and the pace of change is daily. Therefore, when thinking about business development, it is necessary to use Marketing to hope to survive and develop.
Above is an article that Wenovate team has tried to convey as much useful information as possible to you. Thank you for your interest in our reading. Hope there is much-needed information and you have found it. Any contributions or requests, please respond or contact us.
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