Marketing me

• Marketing is the process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return. It influences consumer decisions by communicating the benefits of a product, creating and maintaining brand awareness and loyalty, and shaping consumer perceptions through targeted advertising and promotional campaigns
• A market is a group of buyers and sellers of a particular good or service. The characteristics that define a market include the presence of multiple buyers and sellers, the inclusion of transaction mechanisms, and the free exchange of information. Markets are typically characterized by the area they serve, whether local, regional, national, or international
• Understanding customer needs is essential as it guides the development of products and services that offer genuine solutions to those needs, enhances customer satisfaction, promotes loyalty, and increases competitive advantage. Marketers use various research methods to gather accurate information on customer needs and preferences, which then informs product development, pricing, distribution, and promotion strategies
• The marketing mix, often referred to as the four Ps, is a foundational concept in marketing that describes the strategic position of a product in the marketplace. Its main components are Product (what to sell), Price (at what price), Place (where to sell), and Promotion (how to sell and inform the market)
• Social media is a crucial component of modern marketing strategies due to its vast reach and the ability to engage with a large audience at a relatively low cost. It enables brands to build relationships with customers, gather insights through direct feedback, launch targeted ads, and measure the effectiveness of different marketing campaigns in real-time
• Compared to ten years ago, technology today has drastically reshaped marketing strategies through the advent of big data analytics, artificial intelligence, and machine learning which allow for more personalized marketing. Digital platforms have become dominant in the advertising space, and mobile marketing is increasingly important due to the ubiquity of smartphones
• Economic conditions such as inflation, recession, and consumer confidence dictate purchasing power and spending behavior, which in turn influences marketing strategies. During economic downturns, marketers might emphasize value and reliability in their offerings, whereas in a flourishing economy, more premium products might be highlighted
• Environmental forces in marketing include socio-cultural, technological, economic, environmental, and political/legal factors. For example, changes in privacy laws might affect how companies collect and use customer data, leading to changes in marketing tactics