Things you need to know about marketing

Hey, I know I know it’s been a while since my last post but I’m back and today we will talk about marketing. Let’s begin by defining what is marketing. When you hear the word marketing it probably pops  to your mind advertisements, commercials, propaganda for a product or a service but marketing is so much more than that. Marketing according to Philip Kotler is defined as the management of lasting relationships with the clients. In Marketing companies create value for customers and establish strong relationships with them, and that’s how, as we saw in the canvas model blog, you achieve customer value. The things I’ll explain in this blog about marketing are the model of marketing process, what’s need, wish and demand; marketing myopia, market, marketing philosophies and a comparison between sales and marketing conception. 

Marketing process is based in five steps. First you have to understand the market needs and wishes, second develop a marketing strategy, third elaborate a value preposition for your product, just like we saw in the canvas model; fourth create profitable and lasting relationships and finally create profits due to quality perceived for the customer.

Moving on to need, wish and demand. A need is a costumer desire for a product or a service, based on a specific benefit, whether be functional or emotional. The needs of a person are better described in the Maslow’s pyramid, I’m going to explain real quick this pyramid. At the base of the pyramid we find the physiological needs which are all the things a human being needs to survive, then on top of that we have the safety needs which is the need for shelter, safety and stability, going a level up we find love and belonging in which we can find the needs for friends, family and love; then we find Esteem which is the need for self-esteem, recognition, freedom and status; finally on the top of the pyramid we find Self-actualization that is the desire to become the most that one can be. A wish is and adaptation of the human needs due to the culture and personality of each client. And demand it’s when the wish also has the possibility of buying an specific product. 

 

Marketing Myopia is the error companies make when they they pay more attention to the products offered by the company than the benefits and experiences generated by these products.

 

The market is the set of all real potential buyers of a product. These buyers share a specific need or desire that can be satisfied through exchange relationships.

 

Marketing philosophies, because I don’t want to make this blog very long I’m only going to mention them but without a deeply explanation. There are five marketing philosophies, production concept, product concept, sales concept, marketing concept and social marketing concept. Now the differences between sales and marketing concept are that sales start in a factory and marketing in the market, then sales focuses on existing products while marketing on the needs, the media of sales is sales and promotion meanwhile marketing is an integrated marketing, the profits of sales are because of the sales but marketing profits come from the costumer satisfaction.

 

That would be all for this blog, I hope you find it useful and I hope I’ll see you next week in my next blog.