Fundamentals of Marketing Basics (Part 2)

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Fundamentals of Marketing Basics (Part 2)

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We all know what a brand is here’s the textbook definition a brand is any name term sign symbol or design intended to differentiate the goods or services from one seller with those of another some of the top global brands are coca-cola sony mercedes-benz Disney Nestle Toyota McDonald’s Microsoft Pepsi Cola Sergey Oh Simon is the former chief marketing officer for the coca-cola company and he says the whole reason for creating a brand is to get consumers to identify a number of desirable qualities and traits with your specific product and what he’s saying is a branders goal is to create a relationship with your customer so their life feels more complete because you’re in it and I love this quote from a Chicago mutual fund manager he says harley-davidson is maybe the best brand name in the United States now coca-cola is a pretty good brand name but people don’t tattoo it on their bodies how many brands get permanently etched on people’s skin well here’s a good example of how brand value can be measured it’s the premium people are willing to pay to be associated with a specific brands products for example a Mickey Mouse ball will cost you three dollars and 95 cents whereas a jack-in-the-box ball will only cost you 99 cents and they’re often thrown in free as special promotions but we pay more for the Mickey Mouse ball not because it costs more to make or has a higher intrinsic value but because we are willing to pay extra to be associated with a brand we love more than another and just one final term to consider now I have a background in television news and we always talked about audience share back when there were just three big contenders among the national networks ABC CBS and NBC and how the pie was divided between those three was considered our market share and the concept applies to other competitors within a given product or service category and simply answers the question how big is your piece of the pie so here’s a quick summary of some key marketing concepts there’s the marketing mix including the facets of price product place and promotion and the four C’s of consumer side marketing which are cost customer value convenience a communication important to consider as you find your way in the 21st century marketplace and positioning and targeting answering the fundamental questions of what you have to offer and just who you’re offering it to and value proposition or the benefits of what you have to offer and product dimensions or the different aspects of your product or service and the demographic segments you may specify in your market campaign especially the three key segments of age gender and income and brand value or how affectionate people might feel towards your product or your service and market share or simply how big is your piece of the pie and there you go it’s hardly a comprehensive list or analysis of the terms and concepts but it’s a good launching point as you move ahead in your studies of marketing

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Posted by Ian

Ian has marketed for some of the world's best-known brands like Hewlett-Packard, Ryder, Force Factor, and CIT Bank. His content has been downloaded 50,000+ times and viewed by over 90% of the Fortune 500. His marketing has been featured in Forbes, Inc. Magazine, Adweek, Business Insider, Seeking Alpha, Tech Crunch, Y Combinator, and Lifehacker. With over 10 startups under his belt, Ian's been described as a serial entrepreneur— a badge he wears with pride. Ian's a published author and musician and when he's not obsessively testing the next marketing idea, he can be found hanging out with family and friends north of Boston.

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