Business & Marketing

Must know things about Marketing

Must know things about Marketing

Marketing refers to the activities taken by a company or seller to promote the buying or selling of product or service. Marketing includes branding, advertising, selling and delivering products to consumers

Marketing as a discipline involves all the actions a company understands to draw in customers and maintain relationships with the customer, interacting or being in touch with the potential or past clients is also a part of marketing.

Marketing Mix: 

The four P’s of Marketing ie Product, Price, Place, Promotion is known as the marketing mix. These four acts as a backbone of marketing. Before going for marketing it is very important to understand these four P’s

1. Product:

Product refers to either an item or service that should meet customer demand Whatever the product is it very important to understand why the product is used, the problems that the product is trying to solve, how is the product different from the competitor’s product. Accordingly, product should be marketed.

2. Price:

Price covers the actual amount buyer is supposed to pay to the product or service. Price will directly affect the sale. When quoting the price companies or seller must consider the unit cost price, marketing cost & distribution cost. Companies should also consider the price of competitors product and also whether their proposed price is sufficient to represent a reasonable alternative for consumer

3. Place:

Place or placement is nothing but the location where the products are sold whether at a physical storefront or online. The company must plan for distributors, deliver boys in case if it online.

4. Promotion:

Promotion includes various activities like advertising, branding, sales, direct marketing, sponsorship, sales promotion, public relations, etc. Irrespective of the channel used, it is important for it to be suitable for the product, the price, and the end-user the product is being marketed to. It is important to know the difference between marketing and promotion. Promotion is just a communication aspect of the entire marketing function.

Best Marketing Techniques:

1. Podcasting:

Using podcasting technique one can distribute audio files via the internet. These days people prefer listening to audios more while traveling people tend to listen songs or podcast so the business can target the interested audience through the podcast

2. SEO:

SEO stands for Search Engine Optimization. SEO is nothing but optimizing the business website in such a way that it gets good ranking in SERP(Search Engine Result Page) and get maximum traffic and leads to the site in an organic way.

3. Growth Hacking:

It is a process of rapid experimentation across marketing channels and products development to identify the more effective and efficient ways to grow a business. If growth hacking works, it will give a big boost to the company.

4. Referral Program:

It is a deliberate, systematic way of getting people to make referrals to the business, Referrals program rewards existing customers for showing word-of-mouth and incentivize new customers for trying the brand

Nowadays many businesses do referral programs like Google pay used to give a scratch card for every transactions and incentive for a new user and also for us if that new user installs the app using our referral code.

4. Account-based marketing:

Another name for Account-based marketing is Key account marketing. It is a strategic approach in which the company or organization can target the interested individuals using email marketing, SMS marketing or any other such techniques.

5. Earned media:

Company or Organisation can improve its brand awareness with the help of earned media. This can be achieved by maintaining a good relationship with media and could able to publish or feature about business in TV news, newspaper, podcast, etc.

One can be professional, certified, specialized marketer by graduating as an MBA Marketer

MBA Marketing:

The MBA marketing is a specialization in the MBA is one of the most popular graduate degrees out there, In MBA Marketing students study the behavior of the consumer and create products that are suitable for the consumers to buy. MBA Marketing covers various topics such as market research, advertising branding, and marketing globally, both online and offline.

Average course fee charged in different Institute ranges between rupees 4lakhs to 20lakhs

Candidates get admitted to different Institutes based on their entrance exam score. Different entrance exams for entering MBA Marketing are

  • CAT
  • XAT
  • MAT
  • CMAT
  • SNAP

The average salary of an MBA Marketing passed out ranges from 4lakhs to 10lakhs per annum

Job opportunities for MBA Marketing graduates

  • Marketing Manager
  • Brand Manager
  • Asset Manager
  • Corporate Sales
  • Market Research Analyst
  • Product Manager
  • Sales Manager

Courses available in MBA Marketing

  The common courses found within the MBA Marketing are:

  • Marketing Management
  • Operations Management
  • Consumer and Brand Insight Strategy
  • Digital Marketing and Social Media Management
  • New Product Strategy, Branding and Marketing
  • International and Multi-national Marketing
  • Forecasting Modelling and Marketing Strategy
  • SalesForce Management

Topics covered in MBA Marketing

  • Management Functions and Behaviour
  • Economics for Managers
  • Information Technology for Managers
  • Quantitative techniques in Management
  • Accounting for Managers
  • Human Resource Management
  • Marketing Management 
  • Financial Management

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