Marketing are undertakings activities of a company related with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure.
Marketing is everything a company does to acquire customers and maintain a relationship with them. Even the small tasks like writing thank-you letters, playing golf with a prospective client, returning calls promptly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensuring profitability.
Marketing is a longer term concept than sales and relates to forward looking strategies to understand customer needs, influence customer perceptions, and identify how a company can capitalize on that. The end result of the marketing process, and what it directly supports, is making sales easier. Marketing techniques and strategies are really based on what it takes to identify the right product mix, the prices for those products, and what needs to be communicated to target customers (via advertisement) in order to ensure successful sales. One of the key aspects of marketing strategies is building a brand identity for what a company is selling and this varies from company to company. McDonalds obviously brands their food and advertising far differently than a luxury steakhouse would do. While sales is really the 'push' to buy the product once the customer is there, marketing is the 'pull' that gets the customer to you in the first place. When marketing is done effectively it can also make sales a far easier job for a company, as the customer can already be convinced and ready to buy by the time they actually enter your store (or website). Sales can still succeed without very effective marketing but it certainly makes the job more difficult.
This is how the marketing concept helps the marketer to deals with the customer. More over the company try to convince the customer to make them realize the benefit and the use of the product or service. The more the best marketing of the product the more the customer get followed by the product.
Dr. Philip Kotler defines marketing as 'the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.'
According to the American Marketing Association (AMA) Board of Directors, 'Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.'
The four P's of marketing: -
3. Price and,
Product: Product refers to an item or items a business intends to sell. When examining a product, questions should be asked such as, what product is being sold? What differentiates the product from its competitors? Can the product be marketed with a secondary product? And are there substitute products in the market?
Price: Price refers to how much the product is likely to cost. When establishing price, considerations needs to be given to cost the unit cost price, marketing costs and distribution expenses.
Place: Place refers to distribution of the product. Key considerations include whether the product is going to be sold through a physical store front, online or made available through both distribution channels?
Promotion: Promotion refers to the integrated marketing communications campaign. Promotional activities may include advertising, personal selling, sales promotions, public relations, direct marketing, sponsorship and guerrilla marketing. Promotions are likely to vary being dependent on what stage of product life cycle the product is currently in. Marketers must be aware that consumers associate a product's price and distribution with its quality, and would be prudent to take this into account when devising the overall marketing strategy.
As of 2015, approximately 70% of U.S. adults shop online at least monthly and 33% is thought to shop online every week. Online sales in the United States are expected to increase from $335 billion in 2015 to $523 billion in 2020, a staggering rise of 56%. Taking these statistics into consideration, it is vital for marketers to utilize online tools such as social media and digital advertising, both on website and mobile device applications, as well as internet forums. Considering an appropriate distribution channel for products purchased online is also an important step in the process. Online marketing is a critical element of a complete marketing strategy.
The broad online marketing spectrum varies according to business requirements. Effective online marketing programs leverage consumer data and customer relationship management (CRM) systems. Online marketing connects organizations with qualified potential customers and takes business development to a much higher level than traditional marketing.
Online marketing synergistically combines the internet's creative and technical tools, including design, development, sales and advertising, while focusing on the following primary business models:
' Lead-based websites
' Affiliate marketing
' Local search
Online marketing has several advantages, including:
Low costs: Large audiences are reachable at a fraction of traditional advertising budgets, allowing businesses to create appealing consumer ads.
Flexibility and convenience: Consumers may research and purchase products and services at their leisure.
Analytics: Efficient statistical results are facilitated without extra costs.
Multiple options: Advertising tools include pay-per-click advertising, email marketing and local search integration (like Google Maps).
Demographic targeting: Consumers can be demographically targeted much more effectively in an online rather than an offline process.
The main limitation of online marketing is the lack of tangibility, which means that consumers are unable to try out, or try on items they might wish to purchase. Generous return policies are the main way to circumvent such buyer apprehension. Online marketing has outsold traditional advertising in recent years and continues to be a high-growth industry.
' Comparative study of Amazon and flipkart with respect to its marketing growth and sustainability strategy on online company Through, this comparative study we will be able to know the requirement of online company.
' Since, we know the importance of marketing in each and every product. We will also be aware of the importance of marketing in online Company.
' Marketing plays a crucial role in the selling of paints because it provides awareness about the product to its customers.
' To know the success of the product is mostly depending upon how the product is preforming in the market and it is done through the marketing and promotion of the product.
' To know the potential of the competitors through analyzing the gather information from different respondent.
Statement of the problem:
Marketing plays an important role in promoting to the customers in making decisions with respect to the particular product of any company. It is very important on the part of the company to have effective marketing strategies in case if it has more than one brand. Creation of awareness and product differentiation can be done through marketing and advertisement which enable them to select the products easily among various brands. Marketing is one such strategy that helps company to attract the customer. Since, 'customer is the king of the market' it is required by the company to retain the customers through effective marketing.
However this study is mainly intended to known how online company is different from other online company by adopting various types of marketing strategy.
Objective of the problem:
To understand the preference and choice of the customer in respect to its competitor marketing strategy.
To study the marketing strategy adopted by the flipkart
To know the impact of marketing in respect to its competitors.
Scope of the study:
' The aim of this study is to study the marketing of Amazon with respect to its competitors like Flipkart.
' It offers us records approximately the percentage of eager Amazon online clients.
' It indicates the market percentage of Amazon with recognize to its commercial.
' It gives the records concerning the preference and alternatives of the one-of- a-kind clients.
' It gives us facts that how a lot powerful the commercials Amazon as a marketing strategy with recognize to its competitors.
' Its gives the idea for implementing of the marketing strategy.
Limitation of the Study:
' Only 65 males and 35 females have been interested to provide information, which comprise a very small sample.
' Survey area was confined to Bangalore.
' Survey was totally taken on hard copies rather than soft copies.
' Time span was limited to 1 month. Question was mostly open ended.
Methodology of the study:
Sample technique is used for the study. A sample size of 100 is randomly selected among the employees, consumer and client of the company. During the sampling for client a care has been taken so that the respondent shall be of all the industry wherein the company has been rendering the services.
2.1 Tools for data collection:
1. Questionnaire: - A set of mixed blends of question based on the objective of the study was framed and provided to the respondent and were requested to provide their responses without any biasness or ambiguity.
2. Interview: - A set of questions as drafted based on the marketing strategy adopted by the company and the question were asked to the client who are already using the service of the company. The interview was done through telephone and via personal meeting where in feasible. Few perspective clients were even interviewed via telephonic conversation to understand their perception about the company.
3. Observation: - This is a very old technique of data collecting and evaluation which helps in finding all human activities. Observation can be participant and non-participant toad observes the data or information collected from the different observation. It also allows to have directed laboratory. The tool of observation is the observation checklist.
Primary Source: -
Data observed or collected from first-hand experience. Primary data is information that you collect specifically for project and in this project structured questionnaire will be used and market survey will be carried out.
' Telephone enquiries
' Mail questionnaire
' Personal interviewing
' Panel research
The data is collected by other in the past and use by several other people. It may be either being publish or unpublished data. It includes following:
' Various publications of central, state and local governments.
' Technical and Trade journals
' Books, magazines, and newspaper.
A Standard sample size of minimum 70 shall be selected to carry the research and the simple random sampling techniques shall be used to identify the sample.
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