Marketing in today’s world is very important. It affects how a company acquires new customers and how to maintain its relationship with them. I recently read a story about how a professor was able to explain complicated marketing terms to his students. He basically described the different kinds of marketing with simple to understand examples.
- You see a girl at a party. You go to her and say “I’m rich, marry me.” – That’s called Direct Marketing
- Your friend goes to a girl and pointing at you tells her, “he is very rich, marry him.” – That’s called Advertising
- A girl walks up to you and says you are rich, and asks if she can marry you. – That’s called Brand Recognition
- You say “I’m very rich, marry me,” and she slaps you. – That’s called Customer Feedback
- You say “I’m very rich, marry me,” and she introduces you to her husband. – That’s called Demand and Supply Gap
- Before you have a chance to say “I’m rich, marry me,” your wife arrives to the party. – That’s called Restriction from Entering New Markets
Marketing isn’t just about sales and advertising. Even thanking customers through Twitter, or improving packaging design, will help to make a business more successful. The 4Ps of marketing are product (or service,) place, price, and promotion. This means understanding what unique advantage your company’s product has over its competitors, where the target audience is and how to reach them, don’t charge customers too much, and promote your company’s product.
Ultimately marketing aims to match a company’s products and services to the people who need and want them. Good job. Now you know as much about marketing as an MBA student
Random Useless Fact: A pancake is a cake, that you make in a pan. And Hershey Kisses.. are really just big chocolate chips.