Principles of marketing

• Value in marketing


  The perceived benefits - perceived costs
• Value takes into account the perceived costs in acquiring, using and disposing the product
• Whatever are considered to be benefits or costs are very much based on the subjective evaluation of the individuals
• What may be of value to you may not be value to others
• Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit
• A lot of students make the mistake of associating the value as merely the benefits that can be derived in buying and consuming the product
• In marketing, it is about delivering value to make a profit and not about merely creating and selling a product
• There is a failure to perform market validation
• Market validation


  The process of determining if there's a need for your product in your target market
• Without looking from the perspective of the customers or clients to see whether the products they introduce will address a problem, this is likely to result in marketing failure
• Functional value


  The solution an offer provides to the customer
• Hedonic value


  The value a customer receives based on the subject experience of fun and playfulness
• The degree to which a product/service arouses emotions and creates pleasant experiences is hedonic value
• Do not get obsessed with making the perfect product. Go and introduce the MVP (Minimum Viable Product)
• MVP stands for Minimum Viable Product, which means creating a product that is adequate enough to satisfy the needs of the market and capture their attention
• Gaining feedback from the market and exercising effective engagement strategy can help facilitate the building of better relationships with the customers
• It is a wrong assumption that whenever a person wants to start a business, they have to introduce something that is significantly new to the market
• An easier path to establishing a business is to observe other industrial players and see what they have done well instead of thinking of something from scratch
• Purple cow


  Something extraordinary and remarkable that can encourage people to give remarks on it
• Being different does not necessarily mean a product is remarkable
• Good enough means a product is average and being average will not likely get people to talk about the product
• Money goes where the eyeballs go, which implies the need to understand the characteristics of market segments and their behaviours
• A business cannot satisfy the needs of every segment in the market due to scarcity of resources
• Customers are not always right, and a business needs to be able to reject losing customers
• Pain is often a more powerful motivator that will compel a person to take action compared to pleasure
• Marketing can be understood as a process of getting people to do what you want them to do, which may not relate to any profit making objective
• Selling feelings can have a greater impact on the audience compared to just describing product benefits and specifications
• s very costly. Perhaps a new mobile phone but you have limited cash in hand. Don't you think you need to market the idea of purchasing a new mobile phone to your parents so they will give you the money?
• You are a politician and are preparing for an election. Don't you think you need to market yourself to the people so they will vote for you?
• Through the above given contexts, we can see marketing can be applied to areas which do not concern business and the objective of making profit.
• DON'T JUST SELL PRODUCT. SELL FEELINGS

  Selling just the products can be boring when a business merely describes the product benefits and specifications. To have a greater impact on the audience, one needs to be able to sell feelings
• Coca-Cola


  • Carbonated beverages with sugar, caffeine and coloring
  • Coca-Cola sells feelings through their marketing campaigns, often developing narratives around the theme of giving happiness
• Selling yourself is to develop a personal brand and make an effort to foster positive relationships with the customers even before any sales pitch is made.
• People who come to sell just for their own financial self-enrichment are often not genuine in helping and customers are likely to feel a sense of disgust.
• Selling yourself


  Making yourself known, trustworthy and credible by frequently exposing yourself to people, showing your expertise and helping people by providing value with your knowledge and skills
• Selling yourself can get customers to follow the person rather than the product because the product has a shorter life cycle.
• Selling yourself enables one to build their personal brand which then allows them to be able to extend themselves to sell different products creating greater flexibility in selling.
• Selling yourself can help promote sustainability in sales as people feel good about the person selling and will engage in repeated purchase from the same seller.
• Selling yourself enables customers to be more open up where they will be willing to work together with the sellers to give ideas and thereby creating better opportunities for customer engagement.
• When you are loved by your customers, they will be very willing to support you when you introduce them to a new product. This creates a great deal of flexibility and you can extend your brand to sales of other products.