Marketing for your business

‘Marketing’ is a very broad terminology in contemporary commerce domain. As per the quote of American Marketing Association (AMA), “Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”.

Marketing primarily refers to four P’s, named as; Product, Price, Place, and Promotion. Three more P’s (people, process and physical evidence) make it ‘extended marketing. Similarly, in other context like web 2.0, we interact with bit different concept of marketing. Today, strategic marketing decisions are determined by consumer-driven approach or the product innovation approach and the latest entry in this segment is web 2.0.

Web 2.0 Marketing

It is completely based on internet and its ingredients can be segregated into four parts; personalization, participation, peer to peer and predictive modeling.

Predictive modeling revolves around our understanding about algorithm and its accuracy. In other words, it is method to choose a model on the basis of detection theory (probability of set amount of input data).

Theory of personalization is quite dynamic. It keeps on changing accordingly the emerging social media or advanced algorithm. For instance, amazon.com is the oldest one and myspace.com is the best one newest sample.

Peer to peer marketing is an evergreen marketing practice. One of the major setbacks with such sort of practice is its ‘interruptive’ nature. It becomes more visible in terms of TV advertising.

The more appropriate term for Web 2.0 sort of marketing domain is ‘internet marketing’. Latest inclusions in this sort of marketing practice are e-marketing, affiliate marketing or online marketing. It is not an absolute new domain rather an integration of traditional marketing. It includes entire general concepts of traditional marketing which can be segregated into above mentioned four P’s as per the AMA.

The primary concern of marketing is specifications of the actual products or services. Moreover the way, it relates to the end user’s needs and requirements. Warranties, guarantees, and support are its additional essential elements.

Price setting pattern is again required here including discount packages and offers.

Products are useless if there is lacking of public awareness. So, promotion is quite essential in all sorts of marketing practice. There are varieties of promotion viz. publicity, advertising, sales promotion, personal selling and branding.

There are specific selling mannerisms. One can not sell everything everywhere. Hence, ‘placement’ becomes a very prevailing terminology in marketing.

In contemporary practice, marketing experts feel that there are additional three P’s (people, process, & physical evidence) and they named them as extended marketing mix.

In this context, if anyone from clients’ side contacts the support system of the company then it has huge importance for the company. Their ultimate contentment measures the success of marketing campaign.

The whole process of support system and in return public behavior also determine the impact if effective marketing.

It is very obvious that one can not experience the quality of services until it is delivered. So, marketing executive must manage a trial portal for potential customers and the proper terminology this sort of marketing practice is ‘physical evidence’.