According to the marketing genius, Philip Kotler, “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with each other”.
In its essence, it is simplified as creating and exchanging value between people who want to sell and those who want to buy something they need. Marketing has always been an integral part of any business organization as well as the establishment. It is the driving force behind a profitable business and it helps in not only building trust between the customer and seller but also helps the customer identify and fulfill his/her needs.
Marketing can be done on any level: whether B2B (business to business), B2C (business to customer), or C2C (customer to customer). Although in terms of marketing in business, the former two are of more importance and relevance.
In this article, you would learn about the various core aspects of marketing and also which of the following is a core aspect of marketing. As a customer, it will help you understand general customer behavior and its effects on a business and as a business organization or individual, it would help you ascertain the key areas to focus on while running marketing campaigns or finding customers easily.
Core Aspects of Marketing:
Price:
Price is one factor that has a direct impact on the amount of profit that a business generates. The determination of the price of any product or service must be well researched and backed by the study of customer behavior and market trends. Break-even analysis should also be conducted to calculate the amount required to reach a no-profit – no loss situation. This also plays a psychological role, as many customers who look for affordable goods/services, do not focus on the product’s quality much, but tend to find the price. Hence, price is one of the most important aspects of marketing.
Product:
A product does not only mean a tangible product but includes services as well in terms of marketing. This is what a business sells to the customer. Extensive research is required here as well so that a particular niche can be picked out and used to build a business. The influence of competitors on market is also an important consideration, thus it is always good to build a good product first, then move on to the part of selling it or looking for customers. The demographic conditions, scalability, market trends, customer behavior should also be analyzed.
Customer:
Let’s move on to the most crucial core aspect of marketing: customers. The importance of customers cannot be overridden by any other factor. Without them, an integral part of the business would be missing. In all the other factors, the analysis of customer behavior and trends is compulsorily included. This is because while business is one end of the process, customers form the other (receiving end), without which business cannot be done. Each former task or step is carried out with keeping the target customers in mind and whether they would be interested in buying or not.
Therefore, customers are the soul of business and indeed the most important core aspect. The aim of a good marketing strategy should always be to think about what the customer needs, build such a product/service, and make them realize they need it so that they can approach or be approached to buy.
