Basic Marketing J Survey J Intelligence
Basic Marketing J Survey J Intelligence
Basic Marketing J Survey J Intelligence
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INTRODUCTION
Marketing refers to the activities pursued by a company to promote its products or services to
the target market. A company undertakes the activities to promote the sale of a product or
service to its target audience. Marketing is about planning and executing the development,
pricing, distribution and promotion of products and services to satisfy the needs of your
customers. The key role of marketing is to deliver customer value, attracting new customers
and keeping existing ones, which is achieved by knowing customers needs and coming up
with solutions to meet these needs. Marketing research is defined as any technique or a set of
practices that companies use to collect information to understand their target market better.
Organizations use this data to improve their products, and offer a better product to their
customers. Market research can assist you in determining what new products or services the
market requires and how you can provide them. Marketing intelligence can mean a lot of
things and with so many platforms, data, and technologies available these days, the term is
thrown around fair loosely. Marketing intelligence is everyday data that is relevant to the
marketing efforts of an organization. Once collected, this data can be analyzed and used to
make informed decisions regarding competitor behaviors, products, consumers trends and
marketing opportunities. Marketing intelligence should act as the guiding light for your
teams’ decisions. By collecting and analyzing contextual data about customers and industry
trends and behaviors, marketers can gain a holistic understanding of what is and is not
working. This can hence give businesses an important advantage over competitors, educate
them about their target audience, and evaluate insights into various products.
Basic marketing involves several components that businesses use to promote and sell their
products or services. These components collectively make up the marketing mix. Here are the
fundamental components of basic marketing:
Product
In marketing, a product is any item or service sold to customers or clients. The product is at
the core of this mix and plays a crucial role in the overall marketing strategy. It includes the
physical product, packaging, branding, design, quality, features, and benefits. The goal is to
create a product that meets the needs and wants of the target market and offers unique value
that sets it apart from competitors. Successful products fill a need not currently being met in
the marketplace or provide a novel customer experience that creates demand. For example,
the original iPhone filled a need in the market for a simplified device that paired a phone with
an iPod, and the chia pet provided a humorous experience for consumers that was utterly
unique. As you are working on your product, it is essential to consider your target audience
and their unique needs. Some questions to consider when working on a product include:
What is your product? What does your product do? Does the product meet an unfilled need or
provide a novel experience? Who is your product’s target audience? How is your product
different from what others offer? Here's how the product functions as a component of basic
marketing:
1. Product Definition:
Core Benefits: Identify the core benefits and features that the product offers to meet the needs
and wants of the target market.
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Product Levels: Consider the distinct levels of the product, such as the core product (basic
function), actual product (features and design), and augmented product (additional services
and benefits).
2. Product Development:
Research and Design: Conduct market research to understand consumer needs and
preferences. Design and develop a product that addresses these requirements effectively.
3. Branding:
Brand Identity: Establish a strong brand identity for the product, including a brand name,
logo, and other elements that differentiate it from competitors.
Brand Positioning: Position the product in the market by emphasizing its unique selling
propositions (USPs) and benefits compared to other offerings.
Introduction: Launch the product, investing in promotional efforts to create awareness and
build an initial customer base.
Growth: Focus on expanding market share, improving the product, and meeting increasing
demand.
Maturity: Maintain market share, consider product variations or improvements, and adjust
marketing strategies to maximize profits.
Packaging Design: Design packaging that not only protects the product but also
communicates its features and brand identity.
Presentation: Consider how the product is presented in stores or online, ensuring it attracts
the target audience.
Quality Assurance: Ensure the product meets or exceeds quality standards to build customer
trust and satisfaction.
Innovation: Continuously assess and enhance the product by introducing new features or
improvements to stay competitive in the market.
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Post-Sale Support: Provide excellent customer support and service to enhance the overall
customer experience and build long-term relationships.
8. Product Positioning:
Target Market: Clearly define the target market for the product and tailor marketing efforts to
reach and appeal to that specific audience.
Differentiation: Highlight the unique features and benefits that set the product apart from
competitors in the minds of consumers.
9. Market Segmentation:
Targeting: Select specific segments that align with the product offering and allocate resources
accordingly.
Customer Feedback: Gather and analyze feedback from customers to understand their
preferences and address any issues promptly.
Adaptation: Adapt the product, marketing messages, or strategies based on market dynamics
and changing consumer needs.
Price
Anytime anything is sold, a price is involved. Recall that during the exchange process, a seller is offering
something of value to a buyer in exchange for also something of value. This value to the seller is often referred
to as price. Simply put, price refers to the exchange of something of value between a buyer and a seller. The
price determines how much revenue the company will earn and drives the financial health of the organization.
Determining the right pricing strategy is crucial for a successful marketing effort. Many factors, directly and
indirectly, influence the pricing decisions of the product in the marketing mix. These factors are as follows:
Organizational factors
Marketing mix
Product differentiation
Product cost
The demand for the product
Competition in the market
The product supplies.
Place
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order to increase the sale of product, careful planning of the placement or distribution of the
product is important for a successful business. For instance, knowing where your prospective
customers are, where your location should be, and how to connect your potential customers to
your location is an essential part of your business growth and growth marketing. Here are
some considerations when it comes to place:
Promotion
In marketing, promotion refers to any type of marketing communication used to inform target
audiences of the relative merits of a product, service, brand, or issue, persuasively. The goal
of promotion is to communicate to consumers that they need this product and that it is priced
appropriately. Promotion encompasses advertising, public relations, and the overall media
strategy for introducing a product. Promotion is the backbone of marketing and as crucial for
businesses as the quality of the products they produce. There are different methods used to let
the market know about your product or services. The following are some of the most popular
ways marketers use to reach out to their prospective customers.
Email marketing: Email marketing refers to reaching out to your target audience
through emails.
Advertisement: Advertisement is a paid promotional tool marketers use to promote
their products or services. It includes social media ads, tv, magazine advertisements,
and local marketing tricks like supporting events with branded clothing for staff
and/or attendees.
Search Marketing: Search marketing is generating leads from search engines like
Google & Bing through SEO & SEM. It includes techniques like rank blog content or
landing page on product/service relevant queries to drive website traffic.
Sales promotions: Sales promotion is temporary incentives, such as deals, or trial
offered for a short period of time. These promotions are used to encourage
prospective customers to try out the product and services before buying.
Direct marketing: Direct marketing is when you directly reach out to your target
audience and build relationships through two-way communication.
Public Relations: Public relations are presenting a favorable image of your products
and services.
Event Marketing: Event marketing refers to reaching your potential customers
through trade shows, webinars, virtual events, conferences, and so on.
Product-led growth: PLG is a user-focused growth model in which user acquisition,
expansion, conversion, and retention are all product-driven.
Knowing and understanding customer needs is at the center of every successful business,
whether it sells directly to individuals or other businesses. Once you have this knowledge,
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you can use it to persuade potential and existing customers that buying from you is in their
best interests. Some of the reasons are:
1. Customer Satisfaction:
By understanding their needs and wants, you can tailor your products or services to
better meet customer expectations. This results in increased satisfaction and loyalty.
2. Repeat Business:
Satisfied customers are more likely to become repeat customers. When you
consistently deliver what customers want, they are more inclined to return for
additional purchases.
3. Brand Loyalty:
Meeting customer needs builds trust and loyalty. Customers who feel their
preferences are understood and addressed are more likely to remain loyal to a brand.
4. Positive Word-of-Mouth:
Satisfied customers become brand advocates. They are likely to recommend your
products or services to others, contributing to positive word-of-mouth marketing.
5. Competitive Advantage:
Knowing what customers want helps in the development of new products or the
improvement of existing ones. This focus on innovation ensures that your offerings
stay relevant and competitive.
Tailoring your marketing messages to resonate with customer needs increases the
effectiveness of your communication strategies. It ensures that your messages are
more persuasive and compelling.
8. Customer-Centric Approach:
Adopting a customer-centric approach positions your business as one that cares about
its customers. This approach can foster a positive brand image and enhance customer
relationships.
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Understanding customer needs allows you to target your marketing efforts more
effectively. This can result in more efficient use of resources and reduced marketing
costs.
Markets are dynamic, and customer preferences can change. Understanding their
needs enables your business to adapt to shifting trends and stay responsive to evolving
market demands.
Ultimately, businesses that consistently meet customer needs are more likely to enjoy
long-term success. Customer-centric organizations are better equipped to navigate
changes in the market and build enduring relationships with their customer base.
In summary, understanding customers' needs and wants is not only beneficial for individual
transactions but is also a strategic imperative for the long-term success and sustainability of a
business.
MARKET SURVEY
Market survey is the survey research and unit of analysis of the market for a particular
product/service which includes the investigation into customer inclinations. A study of
various customer capabilities such as investment attributes and buying potential. Market
surveys are tools to directly collect feedback from the target audience to understand their
characteristics, expectations, and requirements.
Gain critical customer feedback: The main purpose of the market survey is to offer
marketing and business managers a platform to obtain critical information about their
consumers so that existing customers can be retained and new ones can be got
onboard.
Understand customer inclination towards purchasing products: Details such as
whether the customers will spend a certain amount of money for their
products/services, inclination levels among customers about upcoming features or
products, what are their thoughts about the competitor products etc.
Enhance existing products and services: A market survey can also be implemented
with the purpose of improving existing products, analyze customer satisfaction levels
along with getting data about their perception of the market and build a buyer persona
using information from existing clientele database.
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Make well-informed business decisions: Data gathered using market surveys is
instrumental in making major changes in the business which reduces the degree of
risks involved in taking important business decisions.
1. Understanding the demand and supply chain of the target market: A product is
most likely to be successful if it is developed by keeping in mind the demand and
supply of the target market. This way, marketers can obtain insights about market
capabilities to absorb new products and concepts to develop customer-centric
products and features.
3. Figure out customer expectations and needs: All marketing activities revolve
around customer acquisition. All small and large organizations require market surveys
to gather feedback from their target audience regularly, using customer satisfaction
tools such as Net Promoter Score, Customer Effort Score, Customer Satisfaction
Score (CSAT) etc. Organizations can analyze customer feedback to measure customer
experience, satisfaction, expectations etc.
To get the best out of each survey research type, consider what you can invest in terms of:
Time, money, knowledge of analytics, research enterprise, technology capability, audience
response, slow responses. The different types of survey methods are:
Online surveys
Online surveys are accessible to any participant across the globe, providing they have an
internet connection. You can create online surveys using survey platforms and distribute
them via email using a link, or respondents can go directly to the online survey and complete
it.
Paper surveys
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Paper surveys (or written surveys) are printed surveys filled in by hand. This method works
well if respondents have enough time (and incentive) to complete the survey, and the
researcher is happy to manually collect the data before collating and interpreting the answers.
Mail surveys
Mail surveys provide exceptional geographical coverage as they can be printed off and sent
via the post. However, as recipients need to return the surveys for counting, it’s
recommended that you include a pre-paid returns envelope in the original envelope,
otherwise you’ll have lower response rates.
Telephone surveys
Telephone surveys involve asking respondents a series of questions over the phone. It’s a
popular survey method as it’s convenient for researchers and doesn’t require a lot of capital
to do. However, researchers may need to invest time to set up interviews with participants
and take notes during the process.
Panel surveys
Panel surveys use a pre-selected group of people as the sample, so that the research can be
carried out quickly. It presents a happy medium between the speed and quality of research
data.
MARKETING INTELLIGENCE
Marketing intelligence refers to the process of gathering analyzing and interpreting data to
make informed decisions in the dynamic business landscape.it helps a business understand
their targeted audience, monitor competitors and identify marketing trend. It involves
collecting data from various sources like customer survey social media and marketing
research reports. By analyzing this data companies can develop effective marketing strategies
and make better business decisions . competitive intelligence is another vital component
focusing on understanding competitors strategies strength and weaknesses. Through this
market players can anticipate industrial shift identify opportunities and formulate strategies to
gain a competitive advantage. Furthermore, it aids in accessing effectiveness of marketing
campaigns. Metrics such as return on investments (ROI) customer acquisition cost and
conversion rate helps in evaluating their marketing strategies success rate and adjust for
continuous improvement.
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The main purpose of marketing intelligence is to provide business with valuable insights and
information that can effectively guide decision making in the realm of marketing . it serves a
crucial role in emphasizing the importance of integrating intelligence practice into business
operations. With marketing intelligence business can identify new opportunities understand
customer needs tailor their products or services accordingly. Some of the importance include
Strategic Decision-Making: Marketing intelligence helps businesses make informed
decisions by providing a comprehensive understanding of market trends, consumer
behaviour, and competitive landscapes. This insight is essential for formulating effective
marketing strategies that align with organizational goals.
Identifying Opportunities and Threats: By constantly monitoring and analysing data,
marketing intelligence enables businesses to identify emerging opportunities and potential
threats in the market. This initiative-taking approach allows companies to capitalize on trends
or mitigate risks before they become significant challenges. Customer Understanding:
Marketing intelligence aids in understanding customer preferences, needs, and behaviour.
This knowledge allows businesses to tailor their products, services, and marketing messages
to meet customer expectations, enhancing customer satisfaction and loyalty.
Competitive Advantage: Keeping a close eye on competitors through competitive
intelligence allows businesses to gain a competitive advantage. By understanding rivals'
strategies, strengths, and weaknesses, companies can position themselves more effectively in
the market and differentiate their offerings.
Optimizing Marketing Campaigns: Marketing intelligence provides metrics and analytics
that help evaluate the effectiveness of marketing campaigns. This data-driven approach
allows businesses to optimize their marketing efforts, allocate resources efficiently, and
achieve better return on investment (ROI).
Adapting to Market Changes: Markets are dynamic and subject to constant change.
Marketing intelligence equips businesses with the agility to adapt quickly to shifts in
consumer behaviour, industry trends, and competitive landscapes, ensuring sustained
relevance and success.
Resource Allocation: Efficient allocation of resources is critical for business success.
Marketing intelligence helps businesses allocate budgets, personnel, and other resources
effectively by identifying areas of high potential and optimizing investments based on data-
driven insights.
Long-Term Planning: Marketing intelligence contributes to long-term strategic planning by
providing a forward-looking perspective. Businesses can anticipate market developments and
plan, fostering sustainability and resilience in the face of evolving market conditions.
In summary, the purpose and importance of marketing intelligence lie in its ability to
empower businesses with relevant, timely, and actionable information. This intelligence is a
cornerstone for effective decision-making, sustainable growth, and maintaining a competitive
edge in today's dynamic business environment.
Types of marketing intelligence
Competitive Intelligence: Focuses on gathering information about competitors, their
strategies, strengths, weaknesses, and market positioning. Aims to identify competitive
threats and opportunities to gain a competitive advantage. This is done by swot analysis.
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Customer Intelligence: Involves collecting data about customers, their preferences,
behaviours, and buying patterns. Helps businesses understand customer needs and
expectations to improve products and service delivery to meet customer demands at
opportune time effectively.
Product Intelligence: Concentrates on monitoring and analysing information related to
products or services in the market. Includes product features, pricing, quality, and customer
reviews to enhance product development and positioning.
Market Trend Analysis: Examines trends and patterns within a specific market or industry.
Helps businesses anticipate changes and adapt strategies accordingly.
Regulatory Intelligence: Involves monitoring and understanding the regulatory environment
that impacts the industry. Ensures compliance with laws and regulations and helps anticipate
changes in the regulatory landscape.
Technology Intelligence: Focuses on understanding technological advancements and
innovations within the industry. Helps businesses stay competitive by adopting or adapting to
innovative technologies.
Financial intelligence: Involves analysing financial data related to the market, competitors,
and the overall industry. Helps businesses assess the financial health of competitors and make
strategic financial decisions.
Supply Chain Intelligence: Concentrates on understanding the supply chain dynamics,
including suppliers, coordination, and distribution channels. Aids in optimizing the supply
chain for efficiency and cost-effectiveness.
Risk intelligence: Involves identifying and assessing potential risks that may impact the
market or business operations. Helps organizations develop risk mitigation strategies.
Global Market Intelligence: Focuses on gathering information about international markets
and global economic trends. Helps businesses expand into new markets and adapt to global
economic conditions.
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offering related products or services. Solution: Analyse your competitors and identify what
sets your business apart. Emphasize your unique selling points in your marketing efforts.
Continuously monitor the market to stay ahead of trends and adjust your strategy accordingly.
Changing Consumer Behaviour: Rapid changes in consumer behaviour, influenced by
technology, trends, or external factors, require marketers to adapt quickly. Staying ahead of
shifts in consumer preferences can be a perpetual challenge.
Measuring ROI: Determining the return on investment (ROI) for marketing efforts is not
always straightforward. Measuring the impact of various marketing channels and campaigns
can be challenging, making it difficult to allocate resources effectively. Solution: Implement
tracking tools and analytics to measure the return on investment (ROI) of your marketing
campaigns. Set clear goals and key performance indicators (KPIs) to assess the effectiveness
of your efforts. Adjust your strategy based on the insights gained from the data.
Building Brand Awareness: Establishing and maintaining brand awareness is an ongoing
process. It takes time and consistent effort to build a strong brand presence in the minds of
consumers.
Adapting to Technology Changes: Technology evolves rapidly, and staying current with
digital marketing tools, social media platforms, and other technological advancements can be
demanding. Adapting to these changes is essential for effective marketing strategies.
Solution: Monitor industry trends and be prepared to adapt your marketing strategy
accordingly. Stay agile and flexible in your approach, embracing new technologies and
evolving consumer behaviors.
Effective Communication: Clearly conveying the value proposition and messages to the
target audience is crucial. Miscommunication or inconsistent messaging can lead to confusion
and a lack of consumer trust.
Regulatory Compliance: Marketers need to be aware of and adhere to various regulations
and laws related to advertising and consumer protection. Failure to comply can lead to legal
issues and damage the reputation of the business.
Globalization Challenges: For businesses operating in multiple countries, adapting
marketing strategies to diverse cultures, languages, and regulatory environments can be
complex. Localizing campaigns is essential for global success.
Data Privacy Concerns: With increasing concerns about data privacy, marketers need to
navigate the landscape carefully. Obtaining and using customer data ethically and in
compliance with regulations is a critical aspect of modern marketing. Solution: Stay
compliant with data protection regulations and clearly communicate your privacy policies to
customers. Build trust by securing customer data and being transparent about how it is used.
This can enhance your reputation and customer relationships.
CONCLUSION
Basic Marketing:
Basic marketing involves fundamental principles and strategies that businesses use to
promote and sell their products or services. It encompasses the four Ps: product, price, place,
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and promotion. A successful marketing strategy requires a deep understanding of the target
audience, market trends, and competition. Through effective marketing, businesses can create
brand awareness, attract customers, and drive sales. However, the landscape of marketing is
dynamic, and staying updated with emerging trends is crucial for long-term success.
Marketing Survey:
Marketing surveys play a pivotal role in gathering valuable information about customers,
market preferences, and industry trends. By conducting surveys, businesses can gain insights
into consumer behavior, preferences, and satisfaction levels. The collected data helps in
making informed decisions, refining marketing strategies, and adapting products or services
to meet customer needs. The survey results provide a foundation for market research,
enabling companies to stay competitive, anticipate changes, and enhance overall customer
experience.
Marketing Intelligence:
Marketing intelligence involves the systematic collection, analysis, and interpretation of
information related to the market environment. It includes monitoring competitors, tracking
consumer behavior, and assessing industry trends. Marketing intelligence equips businesses
with the knowledge needed to make strategic decisions, identify opportunities, and mitigate
risks. In the digital age, technology plays a crucial role in gathering and processing data for
marketing intelligence. Continuous monitoring and adaptation to the evolving market
landscape are essential for businesses to stay ahead and remain competitive.
In summary, basic marketing principles lay the foundation for effective promotional efforts,
marketing surveys provide valuable insights into consumer preferences, and marketing
intelligence enables businesses to make informed strategic decisions based on comprehensive
market analysis. Combining these elements contributes to a holistic and dynamic approach to
marketing in today's competitive business environment.
REFERENCES
1. Kotler, P., Armstrong, G., Cunningham, P., & Trifts, V. (2019). Principles of
Marketing. Pearson.
2. McCarthy, J. E., & Perreault, W. D. (2005). Basic Marketing: A Global Managerial
Approach. McGraw-Hill Education.
3. Malhotra, N. K., Birks, D. F., & Wills, P. (2013). Marketing Research: An Applied
Approach. Pearson.
4. Churchill, G. A., Brown, T. J., & Suter, T. A. (2018). Basic Marketing Research.
Cengage Learning.
5. Farris, P. W., Bendle, N. T., Pfeifer, P. E., & Reibstein, D. J. (2010). Marketing
Metrics: The Definitive Guide to Measuring Marketing Performance. Pearson.
6. Malhotra, N. K. (2005). Marketing Research: An Applied Orientation. Pearson.
7. American Marketing Association (AMA): https://www.ama.org/b. Chartered Institute
of Marketing (CIM): https://www.cim.co.uk/
8. Journal of Marketing: https://www.ama.org/journal-of-marketing/
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9. Journal of Marketing Research: https://www.ama.org/journal-of-marketing-research/
10. Google Digital Garage: https://learndigital.withgoogle.com/digitalgarage
11. HubSpot Academy: https://academy.hubspot.com/
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