What is SWOT Analysis?

 

• S stands for strength

• W stands for weakness

• O stands for opportunities

• T stands for threats

• STRENGTH: What can you do well? What unique resources can you use? What do other competitors see as your strengths? 

• WEAKNESS: What can you improve? Where do you have less resources than others? What weaknesses are others likely to see? That we can fix.

• OPPORTUNITIES: What opportunities are open to you and what trends can you take advantage of and how can you turn your strengths into opportunities?

• THREATS: What threats can hurt you and what your competitor is doing and what are your weaknesses and what are the threats you face and how to eliminate threats.

4p's of Marketing

Product: Product is an item or service that is being created for a target audience. Before making any product, we should think that which product we want to make and how much demand is there for our product in the market.

Price: To sell an item, it is necessary to determine the price of that item or service. While setting the price, we must keep in mind how much our goods or services cost in comparison to our competitors. We should take special care of the cost at which the consumer can buy our product or service.

Place: It is necessary to have a place to sell any product and we need a place to sell the product. If we produce our goods in a place where the target customer will not go, then we will not be able to achieve our goal.

Promotion: The easiest way to make customers aware of your product is by promoting your product. Promotion can be done in different ways:-television broadcasts, radio broadcasts, newspaper broadcasts. Before promoting, we should take this information that what is the right time to promote, so that can target the right audience.

What are different types of Business Models?

                             B2B [Business to Business]

• It is the type of business in which exchange of product or services between business rather than business and customer.

• Wholesalers are selling to retailers.

                             B2C [Business to Consumer]

• In this type of business exchange of product or services between business and consumer and business is selling  product to consumer.

• Amazon, Walmart, etc.

                             C2B [Consumer to Business]

• In this type of business in which exchange of product or service between consumer and business and consumer is selling service to business.

• Customer reviews and Google Ad sense.

                             C2C [Consumer to Consumer]

• In this type of business exchange of product or services between consumer and no exchange between consumer and business.

• OLX and EBAYS.

What is Marketing?

Marketing refers to all activities of a company or firm to promote the products and services. In marketing, we advertise our product or service to grow our business. Our aim in marketing is to increase brand loyalty and sales of the company.

Define Marketing Process?

Marketing process is a process in which we promote our business products and services to the customers and we try to strengthen our business relationship with our customers.

Steps of Marketing Process:-

1. Understanding the needs or wants of market

2. Creating a Plan That Delivers Good Value

3. Build good and profitable relationships

4. Getting value from customers