What is Marketing? Why Digital Marketing is Important?
Marketing is the process of intentionally stimulating demand and purchases of goods & services. Today, marketing is something that every company & organization must implement in its growth strategy. Many companies use marketing techniques to achieve their goals. These days, marketing is one of the important aspects of a business to achieve its goals.
The 4Ps of Marketing
According to E. Jerome McCarthy, the 4Ps of marketing are:-
- Product
- Price
- Place
- Promotion
1) Product in Marketing
The first step in marketing is the manufacturing of a product. Product in marketing refers to the goods or services produced to serve the consumers of a company. Every product goes through a certain lifecycle that has three stages:
- Growth Phase
- Maturity Phase
- Sales Decline Phase
Marketing has to take good care of fact that a product should not enter the last phase too quickly & even if it does, immediate action is sought to reinvent the product & stimulate more demand.
Companies come up with new products that have additional values as compared to the original product.
2) Price in Marketing
Price in marketing refers to the value customers pay in exchange for the product & services offered by the company. The pricing of a product plays an important role in determining the success of the product.
The price of goods is assessed after looking at the demand elasticity of the product. Even a little fluctuation in the price of a product can heavily impact its demand in the market.
3) Place in Marketing
Place in marketing refers to the geographical location in which the company sells its products and provides its services.
Location is one of the important parts of marketing strategy, where you sell your products is important because the location must have your target customer. There is no sense in selling products to people who are not interested in your product or service.
Nowadays, when everything is shifting towards digital platforms, it becomes necessary for firms to place them on those digital platforms and leverage digital marketing.
4) Promotion in Marketing
Promotion in marketing refers to the communication that aims at promoting a product, activity, or brand among the target customers; in order to drive sales, & involves both buyer & seller.
Promotional activities can involve spreading awareness about a product or the brand or also an activity.
There are different tools that are leveraged for the purpose of promotion. The seven tools of Integrated Marketing Communication (IMC) are:-
- Digital Marketing
- Advertising
- Direct Selling
- Sales Promotion
- Event Marketing
- Personal Selling
- Public Relations
Digital Marketing
Marketing has always been about connecting with your audience in the right place and at the right time. Today, that means you need to meet them where they are already spending time; on the internet.
What is Digital Marketing?
The act of selling products and services through multiple channels such as Social media, SEO, Email, & Mobile apps is called Digital Marketing. Basically, Digital Marketing is any form of marketing that involves electronic devices.
Why Digital Marketing?
Digital Marketing helps you reach a larger audience than you could through traditional methods & target the prospects who are most likely to buy your product or service.
And it’s often more cost-effective than traditional advertising, and enables you to measure success on a daily basis and pivot as you see fit.
Why Digital Marketing is Important ?
There are a few important/major benefits to digital marketing:-
- We can target only the prospects most likely to purchase your product or service.
- It’s more cost-effective than traditional marketing methods.
- Digital Marketing lets you outrank bigger players in your industry.
- Digital Marketing is measurable (digital marketing allows marketers to see accurate results in real-time).
Types of Digital Marketing
- Search Engine Optimization (SEO)
- Content Marketing
- Social Media Marketing
- Pay Per Click (PPC)
- Affiliate Marketing
- Native Advertising
- Marketing Automation
- Email Marketing
- Online PR
- Inbound Marketing
- Sponsored Content
Know more on how you can learn Digital Marketing from experts.