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 & InformationBuyer 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)