1) What is Marketing? Is it the same as sales? Or Advertising?
In the simplest of terms, marketing is building awareness of your
organization and brand to potential customers. Sales is turning that viewership
into a profit, by converting those potential customers into actual ones.
Sales and advertising are both functions of marketing, which involves getting
products from the idea stage to consumers. Many small companies run advertising
first to support the selling function. The advertising helps inform consumers
and business customers about the company's products and services. Subsequently,
sales reps call on consumers or business customers to close the deal.
2) What do you understand by Marketing is the Life Blood of a company?
Marketing is the lifeblood of a company because it gives entrepreneurs a
platform to share how they can solve client problems, issues and matters.
Marketing helps business owners get their message out in a bigger way; it's
the voice of business owners for the clients and communities they serve.
The best strategies are always to attack on multiple fronts. And the same can
be said of business these days as there are a lot of competitors in the advent
of social media and globalization. When you try to promote and drive your
brand, you will need multiple marketing strategies to do so and innovation is
a must. This means you have to come up with as many different ways of marketing
as you can that can attract prospects and with these, your business is off to
shore.
3) What are the process involve in marketing?
The marketing process consists of four elements: strategic marketing
analysis, marketing-mix planning, marketing implementation, and marketing
control.
It starts with a good marketing plan, as it is a blueprint for marketing your
products and services, and is a step-by-step guide to delivering your business's
marketing strategy. It is a practical, detailed document that sets clear,
realistic and measurable activities. Marketing implementation is a process of
putting your marketing strategy into real-life practice to drive useful results
and exercising control over the whole process.
4) What do you understand by Marketing Driven strategies?
A market-driven strategy is the planning and deployment of business
resources to achieve a central set of objectives through a continuously changing
set of circumstances in the market environment. It is the long-term planning
of a business to provide the maximum value or advantages to the customers.
5) What are Needs, Wants and Demands?
In short, needs are things that satisfy the basic requirement. Wants are
requests directed to specific types of items. Demands are requests for specific
products that the buyer is willing to and able to pay for. In a consumer market
example are usually very clear to identify.
6) Lastly, What is STP in Marketing?
The STP marketing model (Segmentation, Targeting, Positioning) is a familiar
strategic approach in modern marketing. With the STP process, you segment your
market, target your customers, and position your offering to each segment. To
use the model, start by segmenting your market into groups. Next, choose which
of these you want to target. Last, identify how you want to position your
product, based on the personality and behavior of your target market.