We know that every business is
held for the sake of earning profit and for doing profitably business we need marketing
strategies. Marketing helps us to ensure our profitability According to most comprehensive
and precise marketing’s definition: marketing is process of creating value for
both buyer and seller profitably. Complete Marketing Blog (www.youthhelpers.blogspot.com)
In the above definition we have
some points to understand; Buyer & seller, Profitably, Value.
My main focus is how to create
value profitably for both buyer and seller.
At the very beginning I want to
let you know that marketing process is mixture of 4 P’s strategies; product,
price, place and promotion. So now we’ll learn how these 4 P’s create value for
both buyer and seller profitably. Complete Marketing Blog (www.youthhelpers.blogspot.com)
Value in term of Product & Solution
If buyer feels that the product
that seller is offering is the solution of his problem then he will be
satisfied. Value in term of solution is the actual performance and
functionality of the product that a buyer wants in that product. If he gets is
he gets value. Value in term of product for seller is sale of product and image
of that product in buyers mind. If product is satisfying the buyer’s need then
he is getting value in reward. Complete Marketing Blog (www.youthhelpers.blogspot.com)
Value in term of Price & Cost
Second P of marketing is price.
Seller fix the price that is reachable to buyers. It means cost of the buyers
that they can easily pay is the price of product that seller charge against the
product. Value for buyer in term of cost is his affordability match with
quality and performance of product. If buyer feels that the price he is paying
for particular product is matched with the quality and performance of that particular
product then he will be satisfied and he got value. Value for the seller in
term of price is profit, a justifiable and reasonable profit that buyer is
ready to pay. Profit create value for seller. Complete Marketing Blog (www.youthhelpers.blogspot.com)
Value in term of Place & Availability
Buyer needs product availability.
Buyer wants product in his door step. In the marketing third P: place, value
can create for buyers through easily availability of product. Place your
product where buyer easily access it. When buyer easily access any product it
is greater chance that buyer prefer your product above competitor’s product. Buyer’s
preference of your product on competitor’s product is image of your product in buyer’s
mind and this is value for seller. Complete Marketing Blog (www.youthhelpers.blogspot.com)
Value in term of Promotion & Information
Buyer need information about product. Easily
available information, best and accurate information helps buyer to select best
product for his problem. Value in a sense of promotion for both buyers and
seller is information. Information of buyers is about product and information
for seller is about buyer’s need and preference. Exchange of this two way
information create value for both parties. Complete Marketing Blog (www.youthhelpers.blogspot.com)