Thursday, July 25, 2024

Which Are The 8 Main Components Of Marketing Marketers Must Be Aware Of

The marketing research starts with the needs and wants of the customers. There is no doubt that customers are on the driver’s seat. 

Needless to say, in today’s world the demand has been comparatively less with respect to the supply because of the intense competition and every marketer and business owner wants to retain and satisfy their customers to the fullest.

So let’s look into the core components of marketing one by one.

8 Components Of Marketing

1. Needs, Wants And Demands

Needs are the basic things that the customer needs. For example, needs can be drinking water, shelter, food, etc. In simple words needs are those which satisfy the basic requirements of the customer. 

Wants are something more than needs. For example, you want to buy a car but not any normal car, it must be a sports car. That’s called as a want. Needs can be minimum but wants are many.

Demand depends on your purchasing power or the quantity that you can consider buying at a particular amount. Demands are wants with purchasing power. 

The marketers must research in understanding not just how many people want their product but also how many people actually have the purchasing power.

2. Product 

In the process of manufacturing, a product is referred to as the end product or the final product. Product is something that is offered to your audience or customers to satisfy their needs and wants.

A product can either be tangible or intangible; it can be an object, place, idea, people, services, or anything which can be marketed.

3. Utility

The way in which a marketer communicates the value of a product or service is known as a utility in marketing. It is nothing but how a marketer convinces their customers to buy the product in exchange for the money.

There are 4 types of utilities.

a. Form Utility

Changing or altering the physical appearance of the product to make it appealing for the consumers and to increase the value of the product is known as form utility.

For example, if a consumer wants to buy a BMW car and what if there are only parts of a BMW car available and not the entire finished BMW car? The consumer won’t go there and get only the parts of the BMW car. Form utility is where the marketer has used all the parts to make a final product to satisfy the customer.

b. Place Utility

Place utility in marketing refers to the location or the easy accessibility of the products to the consumers.

Sometimes consumers decide whether to buy the product or not just by its location and availability. So make sure your products are available to your customer base in all major stores.

c. Time Utility

Time is the most important factor in this busy world. Time utility is nothing but your products must be available to your consumers at their preferred time. 

To give an example, Amazon deliveries their products to the customers on the date they have promised.

d. Possession Utility

When a product is made the consumer must be able to use it as it is or must have the ability to use it in different aspects. 

For example, nutella. People can use it between 2 slices of bread or topped on a cupcake.

4. Value

The value is nothing but the benefits that your products give to your customers when compared with other products.

It refers to the benefits consumers receive by paying a certain amount. Great value brings long term relationships with the organizations.

5. Satisfaction

Marketers must always thrive to satisfy and delight their customers. Customer satisfaction is the main ingredient to the success of any business. If the customer is satisfied, he is going to share his great experiences with others if not he will share bad reviews with others. 

6. Exchange And Transaction

Marketing happens when people like to satisfy their needs and wants through exchange. It is the process of getting something by offering something in return; it can be money.

Exchange is a societal concept. Exchange happens when the 2 parties completely agree to the terms and conditions of the exchange and when the exchange happens it is known as a transaction.

7. Markets

Market is a place where the exchange of goods and services takes place. For example, vegetable markets or fish markets which you see when you go out.

8. Marketers

Marketers are those who market the end products. Their duty is to identify the desired customers who are in need of particular goods or services and to market it to them. Marketers are working on behalf of the company to market the finished products to their end-users.

These are the main components of marketing and every components plays its own major role in the field of marketing.

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