Marketing has seen a revolution over the years. With the recent evolution of the internet market and social media, marketing has now expanded to include the techniques of digital marketing. In fact, brands can now also engage with their consumers directly and not merely connecting with them on a mass scale.The communication, connect and engagement happens through different media and platforms. It’s now easy for us to get in touch with brands to show appreciation, make a request or escalate an issue.
But one thing that hasn’t changed is the set of basics. The elements that provide you direction on how to market, rather than what to market. And here they are:
This is where you figure out what exactly you’re selling. It could be a product or service. You need to decide what features and attributes will be essential to marketing.
Here, you need to decide where you’re selling this product or service. This decison is primarily based on who needs this the most. It has got to be a calculated move.
Based on the above two factors (and assessing the competition), you come up with the most suitable pricing for the market.
How are you going to place your product or service in the market? That’s what positioning decides. You also need to work hand-in-hand with the branding team here.
Got anything more to add? Let us know in the comments’ section below.