‘Information is Power’, at least that’s what they say.
This series of posts aims to do just that: equip you with knowledge on marketing and economics and in doing so chronicle few of the best stories of our times.
For starters, here is the basic difference between marketing and advertising (a small sample survey among aspirants said, almost 80% fail to differentiate between them).
Marketing focuses on umbrella strategies like corporate communications, market research and business strategies while advertising promotes the brand or the business. More specifically, advertising may include a visual extension of brand identity to a specific targeted audience, creative concept development, photography and video production, trade show promotion to draw booth traffic and a strategic visual online presence. By combining marketing with advertising, a business can produce strong leads and grow rapidly.
The marketing mix is a good place to start when you are thinking through your plans for a product or service. “Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps are:
· Product (or Service) | what are customers looking for? Their needs? Differentiators?
· Place | Where do you market yourself? What are the right distribution channels?
· Price | How do you position yourself? How price sensitive the market is?
· Promotion | what promotion strategies shall work with your target segment? How can you capture mind-spaces?
This, I guess this should get the ball rolling.
Look forward to hearing from you; and yes, there is a lot coming up!! Happy Learning!