To understand what marketing means, we first need to understand what is the market. A market traditionally meant a place for the exchange of goods and services where both buyers and sellers used to gather. But in the modern sense, the market is a place that has both actual and potential buyers of a product or service.
Traditionally marketing was defined as the performance of activities that directed the flow of products and services from producers to consumers. In the modern sense, marketing means a process by which different groups obtain all that they want and need. This is done by freely exchanging goods and services with each other. Basically, marketing can be defined as the area where an enterprise takes all sorts of actions to attract customers and build a healthy relationship with them. Marketing is an umbrella term. It includes various aspects of a product or service’s status. It includes advertising, selling, promoting, delivering products or services. To satisfy the needs and wants of people for various things, one does marketing.
There are “Four P’s” popularized by McCarthy. The Four P’s include product, price, place and promotion. Product means anything of value, be it goods or service. Price means the amount that a consumer is expected to pay while purchasing a product or a service. Place refers to all the activities that make the products or services available to the customers. We also refer to place as the physical distribution. Promotion means all the activities that inform the target customers about the availability, merits, features, etc. of products or services and persuade the customers to buy the same.
Brand means a name, sign, design or some combination of them, which is used to identify a product. It is the thing which differentiates one product from another. Brand building means a process by which a company generates awareness about products and services for its promotion through advertising or sponsorships. It is important to have good brand-building strategies because these are the ones which bring the customers closer to the brand. The companies provide values to the customers through the brand building so that the customers can know the brand along with feeling and experiencing it.
Branding is a very significant aspect of any enterprise. Functions of branding:
Branding helps the customers to distinguish one product from its other competing products. It enables the enterprise to secure and control the market for its product.
Advertising and display programs:
A brand name allows the enterprises to not only create awareness about a product by advertising but it also helps in popularizing the brand.
An established brand name gives the firm an edge to charge prices higher than its competing products. The customers become attached and habitual to the brand and hence willingly pay more for it.
Ease in the introduction of new products:
An established brand gives the firm an upper hand while introducing new products. As the public already knows about the brand very well for its existing products, the new products enjoy all the benefits.
How to build a good brand name?
Characteristics of a good brand name:
- The brand name should be simple and easy to pronounce and remember.
- The brand name should properly suit the product’s functions. It should be suggestive of the benefits, quality, or the purpose of the product.
- The brand name should be very distinctive and unique for the products so that the customers can distinguish them from their competing products easily.
- The brand name should be adaptable to different advertising media, to packaging and labelling and to different languages.
- A brand name should be versatile so that it can accommodate various products under the same name.
- The brand name must be capable enough to get itself registered legally and hence be protected by rivals.
- The brand name should not become out of date and hence it should have the staying power.
By keeping these points in mind one can build their brand efficiently and effectively. A brand name is a key element for getting enterprise, popularity. So, it becomes very important to have a good brand name for getting the business to reach heights.
Brand promotion means to make the target audience informed about the products or services that are being offered by an enterprise. It also includes an enterprise convincing, influencing, persuading the consumers in directing their decisions towards buying products and services from them.
Promotion includes various tools. They are as follows:
Advertising is a process which enterprises use to promote a good or service by paying for an impersonal form of communication. It increases the reach of the products and services offered by a firm. Advertising enhances the satisfaction and confidence of customers in the products and services as they feel more assured and comfortable about the product quality. It provides the firms with a chance to express their products merits, features, etc. in a creative and simple way. This makes the customers more informed about the products and they are more likely to buy it. Advertising is very economical due to its mass reach. The per-unit cost of reaching a buyer is very less compared to other promotional techniques as the total cost of advertising is spread over a large number of people.
Personal selling involves an oral presentation of the message in the form of conversation to prospective customers for the purpose of selling. Since personal selling involves face-to-face communication, it makes the whole process of persuasion more interactive. It also helps in developing personal and friendly relationships with the customers so they feel more comfortable and attached towards the brand.
Firms offer short-term incentives to the buyers to encourage them to make immediate purchase of a product or service, this is called sales promotion. It includes cash discounts, vouchers, free gifts, etc. Sales promotion is useful in increasing immediate sales.
A variety of programmes to protect and promote a firm’s image or its products in the eyes of the public refers to public relations.
Good public relations help in the following ways:
- Achievement of objectives and smooth functioning of the business.
- Good public relations build the corporate image that affects favourably on the products.
- Established product and the launch of new products need the attention of people and good public relations help in building interest in the same.
- Creating and spreading awareness about products and services.
- It helps in building credibility by advertising their products and services through news and media.
- Also, it helps in stimulating sales force as it is easy to convince consumers for the products that are already in news.
- It helps in lowering promotion costs as having good public relations would mean the media would happily advertise for them at a lower price.
Public relations perform five functions:
- Press relations
- Product publicity
- Corporate communication
Marketing helps a lot in brand building and brand promotion. Good marketing strategies are very much needed if one wants their brand to get recognized and popular.
Marketing helps in brand building and brand promotion in the following ways:
Marketing helps in gathering and analyzing market information. This helps the marketers to identify the needs and wants of the public and helps them to have knowledge about the upcoming opportunities as well as threats. These things make it easy for marketers to formulate strategies accordingly for brand building and brand promotion.
Packaging and labelling:
Packaging refers to designing and developing the packets and labelling refers to designing and developing the labels of the products. Both packaging and labelling are very crucial for brand building and promotion. Marketing helps in creating attractive packaging and clear and proper labelling making the products more appealing to the customers.
Marketing helps in maintaining proper customer support services. This makes customers feel valued and important. And hence they are more likely to stay with such brand which provides good customer support. This helps in brand building and promotion remarkably.
Price of a product is the somewhat the deciding factor for a consumer. So, it is very important to set prices of products according to the needs of the target customers for the products to be a success. Marketing helps in collecting information about such needs and prices of similar products around the market. This helps the marketers to set prices in a way that they become a success leading to brand building and promotion.
Good transportation facilities help the marketers to have their products reach the market on time and in good condition. Marketing helps in the allocation of resources for good transportation. Customers, as we know are not fans of distorted goods so when the goods reach the market in good condition, it increases the credibility of the company hence leading to the brand building and brand promotion.
It is very important for the goods to survive for longer periods of time so that the enterprise can transport them to the market on short notice. Marketing helps in proper storage and warehousing of products. At times of scarcity of certain products in the market, the firms with good warehousing facilities build their brand’s name and promote it a lot by having the goods reach the market on short notice.
Marketing is the backbone of brand building and promotion. One must keep all the points mentioned above while forming strategies and policies for getting recognition and popularity. If used properly marketing can help the firms to reach new heights.