Marketing in the 21st century is the process of performing various activities to make a product or service popular among customers. It involves advertising products in a smart way and highlighting their best qualities to stand out in the market.
Importance of Marketing
Even high-quality products need marketing because it provides several essential benefits:
- Education: It helps customers learn about the unique qualities of a product or service.
- Comparison: It allows customers to compare similar offerings in the market.
- Accessibility: It informs customers where a product is available, whether in a physical shop, an app, or a website.
- Key Information: It communicates vital details such as price, availability, and special discounts.
The 7Ps of Marketing
A complete marketing plan in the modern era follows the 7Ps framework, which covers the entire process from production to sales:
- Product: Explaining the specific features or qualities of what is being sold.
- Price: Determining the price level based on production costs and competitor rates.
- Place: Selecting locations or platforms where potential customers hang out (e.g., opening a stationery shop near a college).
- Promotion: Deciding how to inform customers, such as through social media (WhatsApp, Instagram), radio, or newspaper ads.
- People: The individuals selling the product; their training and appearance (like uniforms) can impact sales.
- Packaging: Using unique materials or colours to make the product's physical appearance attractive.
- Physical Evidence: Showing the product or service to customers so they can touch, feel, or use it before purchasing.
Modern Advertising Strategies
To attract 21st-century customers, businesses use various "tricks" and formats:
- Highlighting Uniqueness: Advertisements should clearly state the Unique Selling Proposition (USP) of the business.
- Incentives: Using price discounts (e.g., 20% off), festival offers, or free samples to make products more appealing.
- Logos: Creating a recognizable company logo to build brand identity on packaging and nameplates.
- Service Guarantees: Offering unique benefits like 24x7 service or guaranteed quick delivery (e.g., stitching in 2 days) to build trust.