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Marketing is very important for any product or service. To market the product or service it is necessary to understand the PRICIPLES OF MARKETING. There are 4 Ps of marketing:
- Product
- Price
- Place
- Promotion
PRODUCT: The product or service should be clear and easy to comprehend by the potential buyer. Usage of product or nature of service should be very clear in the mind of buyer.
PRICE: Pricing of the product or service should be competitive, so it is very important to know your competitive brands and the pricing structure. Quality and price has to be proportional, otherwise, buyer will not get attracted.
PLACE: Location is very important for any business, you have to identify the area for your product or service which has the potential buyer. Proper place should be chosen to create future client base.
PROMOTION: Communication between brand and buyer has to be very clear and it is only possible through effective promotion. Clients should feel safe for their product or service before buying and good promotion always helps the buyers to retain their faith.
Principles of Internet Marketing
The main work for the internet marketer is to:
- build brand name
- achieve personalization
- generate traffic
- create an online retailing environment.
Earlier most sales were done through an indirect distribution system, but through internet marketing direct selling has become easier. Through internet explanation of product and service is better than any other media.
Online bookseller can be the best marketing manager for selling fiction or non-fiction books to women or college students in book club rather than any marketing person.
Principles of Service Marketing
Selling of service is not an easy job. In a product the buyers can touch and feel, and then they can decide whether to buy or not. But service is invisible, most of the time quality of service is determined only after its use. Before selling service, principles of services have to be understood and they are:
- Selling Services
- Competition
- Selling Relationship
- Innovation
Selling Services: Selling your service is directly proortional to the marketing efforts and well organized method. It is as well variable with the cost and availibilty of the service.
Competition: Most of the time, the companies ranging from small to mid-size, thrive to keep their respective standard of service. We usually do not provide any deliberate and indepth thought regarding the improvement of our services. When we continually emphasizes on the bad side of the servcies rather than the good side, this motivation keeps us forcing to improve our service in a considerable manner. Price of the service has to be proportional to quality of the service and competitive companies.
Selling Relationship: Service industry depends on the relationship with customers, most of the companies are trying to improve relationship with customers. Creating new customers is very important, but its more important to retain existing customers.
Going cozy and building trust with service porvider makes the customer or service buyer much smooth in businees relationship. If the client is reluctant to listen to your point of view, then every effort goes in vein.
Innovation: At this stage, it is nothing but creating a service according to the market demand. Then improve the service to meet what the market wants and demands. This stage usually gives the assumption of reaching goal to most of the service. Usually companies become reluctant to cross the second stage, as their innovativeness and devising services would not seem to appear to a customer's demand. What additonal you can provide with the desired service is always welcomed by the client. Innovation in service marketing means not just providing what they want, but to give what they would love.
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