Marketing
MICRO & MACRO CONSIDERATIONS IN
Essence Of Marketing
The key purpose of marketing is to make people aware of the existence product or services and how the specific products and services help them get their jobs done and meet their intended goals.
Marketing has two aspects:
Explicit marketing where you as a venture spend resources to create awareness and communicate value.
Then there is implicit marketing where the quality of your products and services, the support system that you create to resolve any issues with usage or frictions in meeting goals, helps people come back to you when they want purchase products and services again in future. This form of marketing where your credibility is built through your actions at every touchpoint of your venture is slow but more powerful in long term.
Awareness
• About the existence of your product or service.
• About where people can access these products and services.
• In what ways people can identify your these products and services in a crowded ecosystem.
Value Communication
• How will you add value to the life of the customer?
• What do they gain if they choose you?
• How do these products and services help people achieve their goals?
• How does achieving those goals helps make people move further in life?
• Economic value
• Emotional and Sentimental value
Marketing is connected to the concept of Brand
Every entrepreneurial venture becomes a long term sustainable business by building an identity that has widespread recognitions and a trust in the minds of people (or groups) that the products and services originating from this particular venture help them achieve their desired goals repeatedly and consistently with ease.
Marketing helps build a brand in terms of recognition but long term equity of brand gets built through actions taken by each element (people, machines, end products) of the entrepreneurial venture's system.
Marketing helps engage all the primary senses of human beings namely sight (eyes), sound (ear), smell (nose), touch (skin), and taste (tongue) combined with the information synthesising ability of the brain and memory functions of human brain (information retention and retrieval) across time to help people make decisions about their purchases over time.
In short - Marketing helps build memory paths about the products and the driving force behind them in the minds of people.