What is the Law of Marketing?
The Law of marketing is nothing but the basics and fundamentals of marketing. One should be an expert in the basics and fundamentals of marketing and then jump to the medium of marketing like Digital marketing in our case.
So, if we learn marketing and its basics first, then we can use its media wisely.
In this topic i.e., Law of Marketing we will discuss the basics of Marketing, what Marketing is? What is the purpose of marketing? Is Marketing a lifelong process or it will end at some point in time? What are the different components of marketing? Can we Market a bad product and generate leads? and more…
Now we jump to our topic.
What is Marketing?
Marketing is a scientific process, not a creative process. Yes! You read it right. Marketing is a science. Because Marketing starts before creating the product. We have to start marketing before creating a product.
According to Wikipedia,
“Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services;…”
By this definition, Marketing is the process of
- Exploring the needos of a target market: We have to decide our target audience first, whom you want to sell the product. For example, we are making an anti-dandruff shampoo, then our target audience are those who have dandruff in their heads. And we have to explore more, what our target audience need, that other products are unable to fullfill. Like this we have to explore the needs of our target market
- Creating a value to meet the needs of a target market: Marketing is the way to build value and trust in the market. No one buy a product which doesn’t have any value or on which they don’t trust. So by marketing , we have to create value in the market. So, that when we launch our product then we can achieve our target.
- Delivering value to meet the needs of a target market: The third point is we have to deliver the value in terms of goods and services to our target audience. Building trust and delivering a Valuable Product is very important in marketing. If you are not able to build trust, then you can’t sell your product well.
What is the purpose of marketing?
The purpose of marketing is to build a brand and capture a position in the minds of the customers.
As said earlier, marketing starts before we create a product. So, the purpose of marketing is to build a brand and capture position in the minds of potential customers. You may have seen, different forms of advertisement whether digital or traditional about the brands. The ads you see continuously will stick to your mind. And when you want to purchase the product, you select that company’s product which you saw continuously.
According to HubSpot
“Marketing is the process of getting people interested in your company’s product or service.”
By this definition, we came to know that the purpose of marketing is to make your brand in people’s minds.
Marketing is about sending the right message, to the right person at a right time.
Is Marketing a lifelong process?
Marketing is not a lifelong process, marketing will come to an end. Look, when we say search engine, Google comes to our mind, and Google becomes a verb also. When you want to search for something you will say just google it. So, in search engines, Google does not need to market itself. So, Marketing will come to end after building the brand.
What are the different components of marketing?
Advertising, Copywriting, Sales, etc are the components of Marketing.
Many people think that Advertising is nothing but marketing, but this is wrong.
As discussed above Marketing is the process of exploring, creating, and delivering values, whereas advertising is the promotion of that product. So, advertising is a component of marketing.
Like advertising, copywriting, and sales are also the components of marketing.
Can we Market a bad product and generate leads?
A great product sells itself, you just need marketing to make awareness about it. One should focus on the product first, and then on marketing. If you market a bad product then good marketing will accelerate the death of your company.
So, one should focus on the product and make a good product. As marketing is also needed after the sale occurs. Because once a person builds trust in you then you can sell other products to him.
What is the best Marketing Channel?
The mouth of Words is the best marketing channel. If you have a great product or service, then after using it customers will suggest other people use it. This word of mouth is the best channel of marketing, and you won’t get it but by a quality product.
For example, I join the DDIP internship program after one of my students, call me and tell me, Sir, this is an amazing internship program. Then I joined this DDIP program.
So, these are some of the basics of Marketing which we called the Law of Marketing, we will discuss the difference between digital marketing and Traditional marketing, and other stuff in our upcoming posts.