Is Marketing a science or just Creativity? How is it related to Economics ? What is the importance of communication in the world of marketing?
Introduction-This article is about what marketing is? , Is Marketing a Science or just a Creativity tool and how it is related to economics.This article is also about the importance of communication skills.This article will enable the reader to understand the the concept of Mass Trust, importance of building a strong personal brand and how brands are made using the tools of marketing and communication. In this article I am also going to talk about the basics of Global economics,CATT Marketing Funnel and Framework (By Digital Deepak)
Is marketing a science or just Creativity ?
when nature and scope of marketing is considered according to the requirements of being science ; such results are determined: exchange that occurs between buyer and seller can be considered as the distinct subject and this subject is falsifiable. It is falsifiable since exchange concept in marketing is testable, in other words, since market exchange is testable it is falsifiable. Moreover, qualitative and quantitative methods that are used in marketing can be considered both puzzle solving and progressive methods. For example, when a theory is constructed depending on a qualitative or quantitative market research, this theory can be modified until reaching a result that is confirmed worldwide. Also knowledge obtained by different market researches and theories move forward cumulatively. That means nature of marketing meets requirements of being science that is presented in this study as ‘having falsifiable distinct subject and puzzle-solving progressive method’. Moreover, when different approaches like economics, societal, managerial and consumer’s approaches are considered, marketing discipline is also backing up with other social sciences like business administration, sociology, psychology, anthropology and economy. This also strengthens scientific side of marketing. (Source-Eren Koeyight, PhD)
Thus marketing is based on science and it is not just about creativity. Marketing starts before creating the product. It is all about understanding the customer and their needs. Once this is done a product is created that fits the need of the customer.
Marketing is all about sending the right message, to the right person ,at the right time. Marketing is about keeping an existing customer happy through the right communication.Marketing can help us win the customer for ever.
According to Peter Drucker “The aim of marketing is to know and understand the customers so well that the product or service fits him and sells itself. The aim of marketing is to make selling super superfluous”
Marketing is a game of perception.A great product converts the customers into brand ambassadors.This creates a channel of marketing called the Word of mouth and this channel is the best channel of marketing for ever.
Marketing also involves Advertising, Copy writing, sales, e.t.c.
A well designed marketing plan enables the customers discover good products and build good perception about the product.
How to build a strong brand ?
To emerge out as a strong brand try Not to be the No.1, Just be the only one. This can be done by choosing a category and becoming a leader in that category. Deciding where to compete is half the success. We can be a leader in some sub category if we cannot compete in the big categories.
Ex– If one wants to be a coach for weight loss, there is going to be a great competition in the field of coaches for weight loss, but, if we take a sub category like weight loss post pregnancy, then the person taking up this sub category can be a leader from the day one as he/she is the only player in that category.
It is important to be No.1 because people hardly remembers No.2 and No.3. It is ok to enter a competitive market but with some unique angle.
Why to Invest Time and energy in learning Marketing?
Marketing education has a large self life and the basic concepts of marketing is true for ever, only the channels of marketing keeps on updating.Marketing exists since the start of the civilization. Marketing gives direct returns to any business. Other components of business like production, Manufacturing, HR, Accounting, Administration etc are expenses that doesn’t give any direct ROI.
The Importance Of Communication Skills-
Knowing how to communicate with our employees and clients is a necessity. Communication simply means sending a message to a receiver and waiting for a response where necessary. The message must communicate a feeling, need or thought. There must be a convenient channel to connect the sender and the receiver.
Effective communication is necessary for the growth of every organization. It plays a significant role in all facets of business, including marketing. Our employees must have good communication skills, which will enable them to communicate with our potential clients when marketing. It is advisable to create an advert, either online or offline, that contains informative and interesting information. People like reading or seeing creative adverts when watching televisions or going through their social media accounts.
Effective communication builds and maintains Relationships. It helps overcome marketing obstacles. Good marketing is all about good communication.Good communication does not care about vocabulary or grammar. It only cares about whether the thoughts and ideas have been correctly and effectively transferred or not .
Effective communication Facilitates innovations in marketing and enhances transparency. It brings professionalism in marketing. Effective communication boosts the moral of the marketer.
Marketing And Global Economics–
What is a global economy? (Source-Edology.com)
The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. These economic activities can have either a positive or negative impact on the countries involved.
The global economy comprises several characteristics, such as:
- Globalisation: Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration, and transportation. These developments led to the advent of the global economy. Due to the global economy and globalisation, domestic economies have become cohesive, leading to an improvement in their performances.
- International trade: International trade is considered to be an impact of globalisation. It refers to the exchange of goods and services between different countries, and it has also helped countries to specialise in products which they have a comparative advantage in. This is an economic theory that refers to an economy’s ability to produce goods and services at a lower opportunity cost than its trade partners.
- International finance: Money can be transferred at a faster rate between countries compared to goods, services, and people; making international finance one of the primary features of a global economy. International finance consists of topics like currency exchange rates and monetary policy.
- Global investment: This refers to an investment strategy that is not constrained by geographical boundaries. Global investment mainly takes place via foreign direct investment (FDI).
Why is the global economy important?
We can understand the importance of the global economy by looking at it in relation to emerging markets:
- Economic importance at a micro and macro level: The increase in the world’s population has led to emerging markets growing economically, making them one of the primary engines of world economic growth. The growth and resilience shown by emerging markets is a good sign for the world economy. Before delving into the next point, we should to understand the concept of microeconomics. It refers to the study of the behavior of households, individuals, and firms with respect to the allocation of resources and decision-making. In simpler terms, this branch of economics studies how people make decisions, what factors affect their decisions, and how these decisions affect the price, demand, and supply of goods in the market. Therefore, from the perspective of microeconomics, some of the largest firms with high market value and a few of the richest individuals in the world hail from these emerging markets, which has helped in the higher distribution of income in these countries. However, many of these emerging countries are still plagued by poverty, and work still needs to be done to work towards eradicating it.
Who controls the global economy?
Many people think that the global economy is controlled by governments of the largest economies in the world, but this a common misconception. Although governments do hold power over countries’ economies, it is the big banks and large corporations that control and essentially fund these governments. This means that the global economy is dominated by large financial institutions. According to world economic news, US banks participate in many traditional government businesses like power production, oil refining and distribution, and also the operating of public assets such as airports and train stations.
How does the global economy work?
The functioning of the global economy can be explained through one word —transactions. International transactions taking place between top economies in the world help in the continuance of the global economy. These transactions mainly comprise trade taking place between different countries. International trade includes the exchange of a variety of products between countries. It ranges all the way from fruits and foods, to natural oil and weapons. Such transactions have a number of benefits including:
- Providing a foundation for worldwide economic growth,
- Encouraging competitiveness between countries in various markets;
- Raising productivity and efficiency across countries;
- Helping in the development of underdeveloped countries by allowing them to import capital goods (machinery and industrial raw materials) and export primary goods (natural resources and raw materials).
What are the benefits of global economy?
There are numerous benefits of a global economy, which include:
- Free trade: Free trade is an excellent method for countries to exchange goods and services. It also allows countries to specialise in the production of those goods in which they have a comparative advantage.
- Movement of labour: Increased migration of the labour force is advantageous for the recipient country as well as for the workers. If a country is going through a phase of high unemployment, workers can look for jobs in other countries. This also helps in reducing geographical inequality.
- Increased economies of scale: The specialisation of goods production in most countries has led to advantageous economic factors such as lower average costs and lower prices for customers.
- Increased investment: Due to the presence of global economy, it has become easier for countries to attract short-term and long-term investment. Investments in developing countries go a long way in improving their economies.
Factors affecting global economy
According to the latest economic news, here are some of the key factors that influence and affect how well the global economy works:
- Natural resources;
- Human capital;
Digital Vs Traditional Marketing–
The main difference between digital and traditional marketing is the medium through which an audience receives and consumes a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websites.
Traditional marketing doesn’t mean it’s old fashioned. Traditional marketing still plays an important role in people’s lives with the ever growing need to step out of the digital world.
The engaging experience of great TV commercial and a copy of Rolling Stone magazine are as important today as they were 20 years ago because of their lasting effects on our memory.
In the same token, digital marketing is just as important as traditional if not even more so. Digital marketing uses every touch point of your daily use of the internet to reach you.
If we google holiday ideas , the chances are that soon after we will see a tailored sponsored ad from Sky Scanner.This can help us remain focused to our plan and gives us more options to choose from.
Using the internet for several hours each day is a normal part of most people’s day to day life. Digital marketing just uses this to its advantage by cleverly weaving in marketing communications into every digital channel.
CATT Marketing Funnel and Framework- by Deepak Kanakraju
C- Content, A- Attention, T-Trust, T-Transaction
Wealth= n power CATT, n= Niche-The success and wealth of a business depends on the Niche choosen.
C- content- Useful content attracts people from the Blog, posts, videos, lead magnets and live webinars.
A- Attention- Attention needs to be drawn to the content using SEO, social Media,Paid aids and referrals.
T- Trust- We should Build trust with our audience with the help of trip wires,marketing automation and retargetting
T- Transaction- Finally the leads should be converted into customers with the natural sales methods.
Concept of Integrated Digital marketing–
The Content is the King and it is the power of content that can integrate all the different channels of digital marketing.
The Power Of Personal branding –
There is a vast competition in the market . Everybody wants to be the best , but, the best known will always beat the best. We can be the best known in the market by building our personal brand .
Personal branding in this digital era is the only tool by which we can beat the best of the competition. People always wants to hear from people and not from the brands.
Digital marketing is the one way to build our personal brand and this can be achieved by following the Mass Trust Bluprint.
Concept of Mass Trust blueprint-Marketing is a means to an end with a purpose to build a brand and capture position in the minds of the consumers. This is mass Trust.
As per Mr.Deepak Kanakraju– The No.1 Digital Marketing Mentor in India ,Concept of Mass Trust Blue print includes learning a concept or Idea, then working with it to gain the practical knowledge, blogging to reach the target customer, then working as a consultant to establish the concept and finally mentoring the concept to master it.All these steps makes one prepared for the startup and hence the concept or idea can be now brought in the market in form of a Startup.
The evolution of a Personal brand in Digital Era–
Learn– We can learn a new skill through concepts,facts and procedures .We need to understand the concepts, remember the facts and practice the procedures.
Work- The newly found skills should be put to work. we should go for implementing the skills learnt in the real world.This will give us a real and better understanding. Work can be a job/freelancing/or own project.
Blog- We can write about what we have learnt and experienced through our work. When we write, we understand it better and we just start making our personal brand.
Consult– Now as the personal brand has been established through the blog, and work experience have been gained with the fundamentals very clear, now we can start consulting other business instead of working for them.
Mentor– Now we can Mentor others who want to become like us . Mentoring helps us to scale our understanding to a whole new level.
Start-UP– Now we are ready to start our own product or service business with the understanding that we have developed about the market,the problem and our own learnt skills.
Benefits of a personal Brand– A personal brand can give rise to many brands from his/her own influence and ultimately it becomes an influancer and brand ambassador of all other companies it runs.
Drawbacks of Personal Branding– A personal brand can not be invested in and it can not be sold out. So a personal brand always remains ones own.
In this article we have seen how marketing is more of a science then just a creativity tool.Marketing is based on research, facts, figures ,trends and evidences.
Effective Communication is a very important tool for marketing and it decides the make or break in marketing.
Traditional marketing and the new age digital Marketing are both important , the difference lies in the type of project and the reach we want to have in the market. both the modes of marketing have their own importance and relevance.
Every marketer needs to have the fundamental knowledge of economics both Indian and global economics.
The new concept of marketing CATT by Mr.Deepak Kanakraju has its own significance in both the traditional as well as Disital Marketing Space.
Personal branding is very important in this era of digital Marketing.Today Marketing should be integrated and all the channels of marketing should be brought together to get the best out of marketing campaigns.
Further readings- Integrated Digital Marketing
Books to Refer-Economics 101 by ALFRED MILL, Scientific Advertising by-Claude C.Hopkins.
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