Marketing Overview

 Types of Business Models :

There are some types of business models :

• Business-to-Business (B2B): This involves businesses selling products or services to other businesses.

(E.g., a software company selling licenses to other businesses).

• Business-to-Consumer (B2C): This is where businesses sell directly to end-users or consumers.

(E.g., an online retailer selling clothes to individuals) 

• Consumer - to - Business (C2B): This involves consumers offering goods and services to businesses.

(E.g., consumers selling handmade craft products to businesses).

• Consumer-to-Consumer (C2C): This model facilitates transactions between consumers, often through online marketplaces.

(E.g., social media platforms where individuals buy and sell the products.).

• Direct-to-Consumer (D2C): This model involves businesses selling directly to consumers, bypassing traditional retail channels.

(E.g., a clothing brand selling directly to its consumers through its website).

Marketing Overview

 Types of Business Categories?

Businesses can be categorised based on ownership ( like sole proprietorship, partnership, corporation ), size, industry and other factors, with common types including sole proprietorship, partnership, corporation, franchise and cooperative.

Sole Proprietorship : A business owned and operated by one person.

Partnership :  A business owned and operated by two or more individuals who agree to share in the profit and losses of the business.

Corporation :  A legal entity separate from its owners, offering limited liability to its shareholders. 

       It is of two types : 1. C Corporation 

                                   2. S Corporation

1. Limited Liability Company( LLC) :  A hybrid business structure that combines the benefits of a partnership and sole proprietorship with the limited liability of a corporation.
2. Non - Profit :  A business that is tax - exempt and operates to benefit society than generate profits.
3. Joint Venture: A temporary partnership between two or more companies to achieve a specific goal or project.
4. Limited Liability Partnership(LLP) :  A partnership where all or some partners have limited liability.
5. Benefit Corporation( B Corp) :  A for - profit corporation that aims to have a positive impact on society, workers, the community and the environment.

Marketing Overview

 

What is USP?

USP stands for Unique Selling Proposition and Unique Selling Point. It is the essence of what makes your product and service better than competitors.

1.  Knowing your business value : Consider why your company was created.

1.  Identify your strengths : Brainstorm to identify your company’s strength.

1.  Position yourself against competitors : Consider how your product or service is different from your competitors.

1. Conduct market research : Gather and analyze data about the market, your competitors, and your customer.

Marketing Overview

Explain SWOT analysis with a company example.

The SWOT analysis is a strategic planning tool that evaluates a company’s internal strength and weaknesses, as well as external opportunities and threats.

Strength : Internal factors that give you an advantage over competitors (eg., brand reputation and strong distribution network).

Weaknesses : Internal weakness that hinder your performance ( eg., limited product range, weak online presence).

Opportunities : External factors that present potential for growth (eg., emerging markets, changing customer needs).

Threats : External factors that could negatively impact your business ( eg., new regulations, economic downturn, competitors innovations).

Marketing Overview

 What are the 4 P’s of Marketing ?

The 4 P’s of marketing are “ Product, Price, Place and Promotion”

Product :  The job of marketer is to define the product and its qualities. Product and service is the backbone of any business so its essential to work upon its product(services).

Price :  Price is the amount that customers will be willing to pay for a product. Marketers must link the price product to the product’s real and perceived value, while also considering supply costs, regular sales, seasonal discounts, and competitor’s price and retail markup.

Place :  Place is the consideration and of where the product should be available - in brick and mortar stores and online - and how it will be displayed. Place is very important to reach through potential of any business. 

Promotion :  The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.

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Marketing Overview

 What is the Marketing process?

The marketing process is the series of steps, businesses follow to promote their product and services to potential customer and to achieve their financial goals.
It involves identifying the needs of the market, developing products and services to meet those wants the needs, implementing the marketing tactics, creating marketing plans to adapt in changing market.
Analyzing the feedbacks from customers and profits is too essential for any business to grow and stand valuably in market.

Marketing Overview

What is Marketing?

Marketing refers to the activities of understanding the needs of customers and providing the essential products and services to customers. It includes advertising and allows businesses to sell products and services to customers. Celebrity endorsements, catchy phrases and slogans, relating techniques, etc., make more interest in the targeted audience, which a business needs. Marketing is of two types: traditional marketing and digital marketing. Traditional marketing involves old methods like pamphlet distribution, conducting seminars, etc., and digital marketing involves digital techniques like advertising on social media, blogging, affiliate marketing, etc.