I've taken three marketing courses already. One from my undergrad and two in grad school. So I'm pretty familiar with the basic marketing concepts. But for those who aren't, instead of iterating the concepts one by one, photos below will help one remember these concepts easier than reading them. After all, we all have a shorter attention span than that of a goldfish, right?
First, Vision vs Mission.
Vision is what you want to attain and Mission is how to get there. Simply put a mission puzzle piece that will fit perfectly inside a vision puzzle piece.
Second, even in Marketing, the Goal is to make sales and profit. But how?
Low Cost of Production or Good to have decent or high margins = PROFIT
Differentiate your Product or Service from your Competitors. Have a Unique Selling Point. Don't be in a Monopolistic Market = PROFIT
Cater to the needs and wants of your consumers, not what your company wants to sell. This is to gain market share = PROFIT
To further discuss what the customers need and want, we must understand the the hierarchy of needs. And ironically, this is what it looks like in the Digital Economy.
It is best to position your brand or company with a greater market share but ensure that you have a Unique Selling Point as your competitive advantage against other sellers in the market.
Once you have identified the product or service to be offered, Market Segmentation is crucial to target the right audience that needs or wants your brand.
And also, it is important to conduct a SWOT analysis in order to know if your product or service is feasible to bring into the market because if the weaknesses and threats weigh more than the Strengths and Opportunities, better rethink your product or service.
Then of course, don't forget the 4 basic P's of Marketing previously discussed here.
Pretty simple to remember, right?
Stay Tuned & Stay Hungry!
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