Marketing 101 for rookie founders
Marketing is not just spending money on ads
Knowing the fundamentals of marketing will help businesses with the right strategy.
One, businesses markets one of the ten products such as goods, services, ideas, information, people, events, experiences,
Two, marketer markets to prospects.Marketer seeks response from prospects, which are attention, purchased vote and donation. Sellers send products and info. They receive money and information.
Three, need is necessity such as food. Want is a specific desire born out of food such as burger. Demand is the ability to pay for the want. Marketers aim to increase demand.
Four, target market is the best suited segment amongst the segments of buyers on the basis of behavior, demography and psychographics.
Five, value proposition is a combination of products, services, experiences and info., satisfying the key needs is an offering. An offering from a known source is a brand.
Six, three key marketing Channels are communication channels (deliver and receive messages from target buyers), distribution channels (display, sell or deliver the products, and service channels (to carry out transactions) . Marketers choose the Channel mix for the offerings
