WHAT ARE THE Fundamentals of Marketing? LEARN THE Basics
In this video, you will learn the fundamentals of Marketing Basics terms and concepts.
There are certain fundamental marketing terms and concepts you should feel familiar with, especially so you might be confident in marketing meetings and job interviews, so let’s review some of them now. starting with the marketing mix, also called the four PS of marketing is popularized by Jerome MacCarthy in 1960.
Stands for the goods and services you offer, whether bottled water or car insurance or even education. This P includes the design and development of a product and its branding and packaging.
2. Place for location
It is where the products or service is offered for sale and how it gets there. This is how the product gets moved from a producer to the consumer. Thanks to interactive media, places are now everywhere. You can order pizzas and plane tickets, books, music, even college courses from wherever you are on the planet. The price determines at what charge products or service is offered for sale to the customer.
You can now simultaneously compare a given product or service price between any number of vendors, such as when you purchase an airline ticket and promotion. And this is how you let the consumers know about your product or service for sale, through advertising, personal selling, sales promotion, direct marketing and other forms of publicity.
Now we could readily say these 4Ps are old school marketing deeply rooted in the 20th century and earlier eras of thought, but if there is one ship that sums up the modern 21st-century marketplace.
It’s that the consumer is empowered through instant access to information. Competitors prices and even sharing reviews, so the traditional four PS may well be fit from a rewrite according to a customer’s perspective with the new foresees marketing.
All we were going to do is take all P principal and transfigure it to a consumer for a vantage point.
3. Positioning and targeting.
These are two of the most important aspects of marketing, so much that they weave throughout all the other P’s. The positioning is your differentiation from competitors or how different you are from everybody else and your value proposition or just what value you have to offer and product dimensions. That means just what all does your product do. source
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“Perseverance is the hard work you do after you get tired of doing the hard work you already did” -Newt Gingrich
“Perseverance is failing 19 times and succeeding the 20th” -Julie Andrews
“Through perseverance, many people win success out of what seemed destined to be a certain failure” -Benjamin Disraeli
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