Marketing: Basic Terms and Tools

The goal of any company—from the small bakery around the corner to giants like Google or Amazon—is to create a product. It can be a thing or a service, but the essence remains the same: the company makes a product.

But accomplishing something doesn't necessarily mean succeeding. A company exists in symbiosis with society: some create "something" potentially useful, others acquire it. Ultimately, everyone gets what they want, and everyone is happy.

Theoretically, yes, but we forgot to add one step. How exactly do you go from product creation to sales? How do you tell the world about yourself, present your brainchild, and explain the problem you offer as a solution? How do you attract attention when no one else cares and engage buyers? It's simple: immerse yourself in the fascinating world of marketing.

Follow us onFacebook,Telegram,Twitter,Instagramto gently enter the world of marketing.

What is marketing?

Marketing is everything a company does to profit from satisfying a particular consumer need. To sell its product, a company must convince buyers of its necessity. And the greater the necessity, the higher the price it can charge.

Main goals of marketing

1. Market analysis.When promoting a product, you need to clearly understand who it's targeting. Knowing and taking into account the geographic, demographic, and psychological characteristics of potential buyers (and competitors) makes it easier to assess the viability of your product. Understanding what your competitors are targeting and what needs they may be unmet is the best way to target these audiences when developing your marketing strategy.
2. Recognition in the market.The next step is to create a company image in the market. Use the knowledge from the previous point to develop a name andbrand reputationOf course, the clearer your reputation, the better. Talk about yourself, keep your promises, provide high-quality service, and your business profits will increase exponentially.
3. Positive associations with the company.Hire polite and friendly employees. Treat your customers with attention and care. Make them feel welcome. Punctual couriers, courteous call center staff, and careful product packaging are all part of your marketing and greatly influence brand perception. This will make existing customers more likely to return and perhaps even recommend you to friends.
4. Continuous improvement.Even if everything is going smoothly, don't relax. The market is moving at breakneck speed, with competitors striving to outdo each other by constantly improving their offerings. To keep up with this race and succeed, you need to keep your finger on the pulse. Once a business has entered the market, a great resource for ideas becomes available: customer feedback. Be sure to listen to it and try to incorporate it.
5. Expansion of the customer base and sales volume.What is the primary measure of a company's success? Profit. Therefore, an important part of marketing is increasing sales volume, and therefore the company's revenue. To achieve this, you need to find ways to expand your reach, attract, and retain more customers. It's a good idea to study how marketing works.sales funnel, that is, how exactly a potential client goes from need to purchase of a product or service.

A common mistake

Marketing encompasses a large amount of work. Initially, you can handle it all yourself. Or you can hire a professional in this field – a marketer. If this is your option, it's important to choose the right workload and availability. A marketer isn't just about advertising, as we've already seen. But you shouldn't rely on them for all the organizational work of the company. A marketer develops a strategy for improving and promoting products, but they don't solve the company's day-to-day problems. They're not a contact person with the outside world who can register the company for an event, find people for a particular job within or for the company, organize a corporate event…

This requires hiring a dedicated specialist. The issues described above are directly addressed by an HR manager. Read about their responsibilities inin our material.

Ways to achieve marketing goals

The simplest model for satisfying demand for a product is called 4P – product, price, promotion, place.

• Product – what your product is. Characteristics, appearance, quality, product variety, etc.
• Price – cost of the product, promotional offers, discounts, markups;
• Promotin (advertising) – a plan for promoting a product, purchasing advertising, offers to stimulate sales;
• Place – where and how a business produces its products and interacts with customers.

Read more about how to apply the 4Ps of marketing in our next article.

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