23/04/2024
Understanding Marketing, Branding , Strategy and Advertising basic difference !!
Marketing:
✴ Overall process of promoting and selling products or services
✴ Involves understanding customer needs, creating products that meet those needs, determining pricing, promoting the products, and distributing them effectively
Example: Suppose you own a bakery. Your marketing efforts might include understanding what types of pastries your customers prefer, baking those pastries, setting prices that customers are willing to pay, promoting your bakery through social media or local ads, and ensuring your pastries are easily accessible to customers through your storefront or online ordering platform.
Branding:
✴ Creating a unique identity for your product, service, or company
✴ Involves establishing a consistent image, message, and reputation that resonates with your target audience
✴ Helps differentiate your offering from competitors and builds trust and loyalty with customers
Example: Think of popular brands like Nike or Apple. Their branding is evident in their logo, design aesthetics, messaging, and overall customer experience. When you see the Nike swoosh or the sleek Apple logo, you immediately associate them with quality, innovation, and a certain lifestyle
Advertising:
✴ Specific component of marketing that involves creating and delivering messages to promote your products or services
✴ Communicating your brand's value proposition to your target audience through various channels such as TV, radio, print, digital platforms, and social media
Example: Continuing with the bakery example, advertising might involve running Facebook ads showcasing your newest pastry creations, sponsoring a local event to promote your bakery, or distributing flyers with special offers to attract new customers
Strategy:
✴ Overall plan or approach you take to achieve your marketing and business goals
✴ Involves making decisions about how to allocate resources, which markets to target, what messages to convey, and how to position your brand effectively in the marketplace
Example: Let's say your bakery wants to expand its customer base. Your strategy might involve conducting market research to identify untapped customer segments, launching a loyalty program to retain existing customers, partnering with local cafes to sell your pastries wholesale, and investing in online delivery services to reach customers beyond your immediate area
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