Marketing education has long Shelf life because it is deeply rooted in human psychology. Every products, services and person have value but to increase the value, what we need to understand is how effectively we do marketing.
Marketing explores human interaction as an important function in the world. Not, only marketers are tasked with understanding the customers, but they are also tasked with how effectively they communicate with diverse audiences with varying levels of cooperation.
Whether you are Doctor or Lawyer, you are skilled to deal and communicate with a diverse class of people at workplace. Unlike any other business functions like HR, Manufacturing & Accounting, Administration which is being considered as expenses but only marketing function gives an immediate return to the organization and that’s why it is considered as backbone of organization.
Let’s go ahead and understand The fundamentals of Marketing –
- Market Research
Marketing starts functioning even before the product or services exists. Marketing research considers as pillar of successful products and services. It validates if the product or service has demand in the market and helps in taking proper decision to launch products and services.
Branding is just not about building a brand but it has bigger role to play. And the role of branding is to build a trust about brand in the customers’ mind and to build a trust among masses. It’s called Mass trust. The latest example of Branding of Vodafone & Ideas’ new integrated brand called V!. This shows how this two brands came together to serve the masses and also building their trust in customers’ mind.
Once the branding created & built good perception about brand and gained customers’ trust. The next is how you generate customers’ interest in the product and services and that’s where advertising comes into the pictures. Advertising communicates what brand has to offers and generates demands for the products & services. Its role is to induce customer to buy the products or services.
Once the advertisement done for the products or services to the target audience through Advertising & promotions, Sales comes into the picture to handle the demand generated for the products or services. Sales remain the important component of marketing to manage customers’ demand and fulfill it. Sales is direct linked with company’s revenue and hence considered as the backbone of any company.
- Public Relations (PR)
The terms itself speaks what is the role of public relations in any organizations. While role of marketing is to identify and satisfy the needs profitably while PR address the relationship with key audiences and bridges the gap between customer trust and brand through communicating with them appropriately.