Marketing
I am going to be writing about marketing as a subject which i am learning at university right now. Maybe it could be boring to read, but I promise I will try my level best to make it interesting.
Well, that is the first thing i marketed, that is my post. According to the definition, it is creating a profitable relationship with the customer. But I believe it is more related to selling. There were few interesting points i learned, for example, how did the term ‘branding’ come up. Well, during the 1800’s the cattle used to feed themselves in an open ground, and there were many farmers who used to take care of them. Later they could not recognize whose cattle it was, and therefore, they use to brand their cows. It was an interesting story. Getting back to the topic of marketing as a subject, I feel it is interesting if your interested in the business perspective, but the marketing terms are hard to remember.
I have completed five days of the course, and I will be explaining a few marketing terms defined by me.
Marketing: Creating a profitable relationship with the customer where you try and impress the customer so that he is loyal to you.
Need:A necessity in life without which you feel your life is empty and that is why you NEED it.
Want:All the extra luxuries required by an individual to satisfy his ego.
Marketing Myopia: When a company concentrates only on the products and not on what is required by the customer. For example, in 1970’s General Motors kept building huge trucks and jeeps whereas people were looking for something small and economic which was satisfied by Toyota. Result is, GM is facing a loss.
Market Segmentation:The market can be divided in different sections and then researched. For example, geography, demographics, psycho graphic and behavioral. I will explain geographic in detail. For example, if I sell a car with only heater in Dubai, it will be a waste, because it is a hot country. Moreover, if I sell a car with only air conditioner in Switzerland, no one will buy it.
Overall, I believe the customer is the most powerful entity and since the customer is going to pay the price for the product, he decides what rate is the product worth. If someone spends money on branding, then of course, after 50 years, when the brand is popular, it can set a price higher than what it deserves. I hope my post was of some help to people who read it. If any questions, please post it in the comments section.
Later!
This entry was posted on Saturday, August 23rd, 2008 at 11:16 pm and is filed under Rants. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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