What is Law of Marketing?
What is Law of Marketing?
Introduction
Marketing is a Science of reaching out and getting
potential customers who buy your products and services. Marketing
involves in researching, promoting, selling and distributing the products and
services.
It is a study of market, consumer behavior. It
analyzes the commercial management of companies in order to attract, acquire
and retain customers by satisfying their aspirations and demands.
Marketing starts even before the product and it's emphasis
is to convey right message, to right person and at right time.
Marketing does not end with just sales. It is a
continuous process whereby offering better services, better understanding of
customers need will definitely result in crossing selling and up-selling.
A satisfied client always recommends you to new
prospects.
There is a very famous quote by Peter Drucker
The 4 Ps of Marketing
According to E. J. McCarthy, the 4 Ps of Marketing is a
simple formula for identifying and working with the essential elements of
your marketing strategy.
·
Product - Having a product is key and the root
of every thing is marketing. In this sense, a product would be
anything that a company could offer consumers which might satisfy a need. The
best thing to do is to decide on your product or service based both on the
needs and motivations of consumers and how the product would benefit the
consumer.
·
Place. Strategic merchandising locations can
be anything from an online store to a channel of physical stores across
multiple towns and countries. The goal of the distribution strategy is to
enable potential clients to have easy access to products/services, and also as
well as should offer a good company experience throughout the purchasing
process.
·
Price. How we price our products and
services is an extremely important decision within the marketing strategy;
this factor affects other factors such as:
o
The margin
we hope to obtain.
o
What
target market do we want to present ourselves to? What purchasing power do our
consumers have? Do we want to enter into the luxury market or bet on the mass
market?
o
A
company's financial goals.
o
How does
the competition price their products and what possible product substitutes are
there?
o
Trends and
fads.
o
Increased
price in order to give a better perception of quality.
·
Promotion. This refers to all the marketing and
communication actions we carry out in order to diffuse the benefits and
characteristics of our product or service within the market. This is how we
increase sales.
In order to have successful Marketing
plan, you should follow some basic tried and tested marketing principles
1) Law
to leadership- It is better to be First than it is to be better. You have
select your niche where you can be leader. Everybody remembers the number one
only.
2) Law
of Category - If you can't be First in your category then create a new
category where you can be first.
3) Law
of Mind - It's better to be first in mind than to be first in the
market place.
4) Law
of Perception - Marketing is not a battle of products, it's battle of
perceptions.
5) Law
of Focus - The most powerful concept in marketing is owning a word in
prospect's mind.
6) Law
of Exclusivity - Two companies can not own the same words in the prospect's
mind.
7) The
Law of Ladder - The strategy to use depends on which rung you occupy on a
ladder.
8) Law
of Duality - In the long run every market becomes a two- horse race.
9) Law
of Opposite - If you are shooting for second place, your strategy is
determined by the leader.
10) Law
of Division - Over a time a category will divide and become two or more
categories.
11) Law
of Perspective - Marketing effects take place over extended period of time.
12) Law
of Line Extension - There is an
irresistible pressure to extend the equity of the brand.
13 Law
of Sacrifice - You have to give up something in order to get something.
14) Law
of Attributes- For every attribute, there is opposite and effective
attribute.
15) Law
of Candor - When you admit a negative, the prospective will give you
positive.
16) Law
of Singularity - In each situation only one move will produce substantial
result.
17) Law
of unpredictability - Unless you write your competitor's plan you cannot
predict the future.
18) Law
of Success - Success often leads to arrogance and arrogance to failure.
19) Law
of Failure - Failure is to be expected and accepted.
20) Law
of Hype - The situation is often opposite of the way it appear in the
press.
21) Law
of Acceleration - Successful programs are not build on fads, they are build
on trends.
22) Law
of Resources - Without adequate funding, an idea wouldn't get off the
ground.
Digital Marketing Vs Traditional Marketing
Marketing Plan is very crucial component of a
business. A good marketing plan need a good design for implementing your
business goals. Without a marketing
plan, a company or brand can’t reach its goals.
Digital Marketing - is the discipline of marketing which
focuses on developing a strategy solely within the digital environment. Today,
this has been the best available option when everybody is locked in their
houses and only having easy access to their digital devices.
So using Digital medium for
advertising is a win-win situation. also the reach and penetration of Digital
platform is just unlimited. We can use
E-mail marketing, Mobile marketing, Social Media Marketing, blogging and Affiliate Marketing to carry out
Digital marketing and deep marketing.
It is quite easy to target and address your audience also the conversion rate
is quite high and response time is quite
low.
Traditional Marketing - For traditional marketing you need
to move out, suppose you wish to put a hoarding, banner, stick some bills, cold
calls then physical movement to required. The level of efforts you need to put
to cover certain geographical area would be huge.
The amount of efforts to be put
in traditional marketing is much more as compare to its outcome. When the
shopping pattern has changed and public has moved from showroom shopping to
online shopping, so more and more engagements are moving towards digital marketing.
CATT
Funnels
 |
| What is Law of Marketing |
wealth=n^CATT
where
n stands for Niche - It should be selected after due research.
C
stands for Content- quality content will always lead to more wealth.
A
Stands for Attention - You should be able to draw attention of potential
audience
T
Stands for Trust - Trust building is really crucial aspect, tripwire, marketing
automation and re-targeting are used here.
T
Stands for Transactions - you should be able to convert your sales just a
natural sales.
This was a brief description about Law of Marketing and it is an assignment of my Internship program by mentor DigitalDeepak. You may also join his internship program Batch5 by visiting the link https://deepak.me/internapply .
As further reading you may also read
22 Immutable Laws Of Marketing Books -by Al Ries and Jack Trout
Comments
Post a Comment