Now given a chance to teach marketing to college students, I was required to hit the marketing textbooks again to go back to the basics and theories in marketing. Being a marketing professional for a few years now, iba pa din pala talaga kapag nakaka-review ng basics!
I’m sure some can relate with me on this– sometimes, we’ve been so used to doing our thing every single day, that we tend to forget the basics. I realised I’ve been on auto-pilot in my career so far that I’ve been doing the same strategies over and over again, forgetting to innovate! But when I started reading textbooks again and preparing lectures for my students, I’ve had thoughts such as, “Hey, I forgot this strategy existed! Oh yeah, I remember this is the right way to do it!” And I’m very thankful for that.
Now, I’d like to review my marketing basics and also so you can learn and re-learn it with me!
What is Marketing? Let me start with some common answers found on Google:
Wikipedia: “Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer.”
BusinessDictionary.com: “The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P’s of marketing: (1) identification, selection and development of a product,
(2) determination of its price,
(3) selection of a distribution channel to reach the customer’s place, and
(4) development and implementation of a promotional strategy.”
I also hear this all the time: Marketing is the life blood of any business. So if marketing is that important, where do you start?
I’ll take off from the description of BusinessDictionary.com. Marketing is not just the Facebook ads, TV ads, radio ads, print ads, and promos that you see. It’s just a small part! Marketing takes care of:
Product Development- When you’re still thinking of a business to start, or what product to sell, that’s already marketing. Why do you want to sell that product or service? What are you going to sell? Are customers going to like it? What are the features and benefits? For me, marketing starts there.
Pricing- If you’ve already figured out your product, then it’s time to price it. Putting a price tag is also part of marketing. Why? Even though profit will now come into consideration, pricing is still dictated by customers at the end of the day. For example, if Mongol pencil decided on a 200% increase in their margins, and that means they will sell their regular pencils at 100 pesos each. Even if you really need a pencil, will you buy it for 100 pesos? How much are you willing to pay for a pencil? If the target market is not convinced with the price, the product will be useless. Pleasing the customers is part of marketing.
Place- Where will you sell it? Your own store? In the grocery? At the mall? Online? A business owner doesn’t just place their product anywhere. You place it where your customers buy. So product placement is still all about the customers. If they don’t like going to the mall, then why be there in the first place? Knowing where the customers buy is part of marketing.
Promotion- I believe this is the most popular part of marketing. This is what the public always see– the glamour of events, working with famous endorsers, the successful 50% off sale. Yes, these are still part of marketing. Promotion is the part where you now communicate your brand to the audience, and challenge of standing out will always be there.
So, I guess marketing is really the life blood of a business! It’s always good to invest in good marketing and reap the benefits of sales later on.