Dec 042013
 

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 :lol:
  • You say “I’m very rich, marry me,” and she slaps you. – That’s called Customer Feedback 8-)
  • 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.

13-11-targetaudience

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 :)

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Random Useless Fact: A pancake is a cake, that you make in a pan. And Hershey Kisses.. are really just big chocolate chips.

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  10 Responses to “How Marketing Works”

  1. Thanks for the laugh, that was great!

  2. Having worked with a global brand it was interesting the importance that was placed on the 4P’s as a company. Interestingly as a quality engineer I knew my place. 1/4 of the 4 P’s related directly to the product, and the product was the combination of speed to market, product cost and quality… Therefore quality of the product only represented 8.3% of the overall offered product to the customer… So if I had a 100% product failure, but everything else in the project was executed perfectly, the project was a 91.7% success… Interesting how the world spins numbers isn’t it?… Now I’ll add a real world example – I worked on a liquid on board Scumbuster. Because of timing we released the product knowing that 100% of the product could not spray liquid from the dispenser because of out of tolerance dimensions which caused excess friction. The product was 100% defective… Warranty rate (product return rate) for the product with 100% certainty of not functioning… less than 3% after 2 years!!!! marketing told us it was better to get it to market than delay the launch as it was splashed internationally in the media. I guess the 4P’s really does work… – Cheers.

  3. Now that is one heck of a product placement!

  4. LOL! If they were smarter, they’d put that by the diaper aisle though. ;)

  5. Heh heh heh. I’d seen the version of this that explains pr vs advertising etc, but this is gold!

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