LESSON 1: INTRODUCTION
Marketing is the process of identifying, anticipating, and satisfying customer needs and desires through the creation, promotion, and distribution of products or services. It involves understanding the target audience, developing a strategic approach to reach and engage potential customers, and utilizing various tools and channels to communicate value. Marketing aims to build strong customer relationships, enhance brand awareness, and drive sales by effectively positioning a product or service in the marketplace. It encompasses a wide range of activities, including market research, advertising, public relations, sales, and customer service.
Imagine marketing in Nigeria as running a popular jollof rice stand at a bustling Lagos market. To attract customers, you first understand their tastes and preferences, perhaps by sampling and getting feedback. You then create the best jollof rice, making sure it stands out with a unique flavor. Next, you promote your stand through vibrant signs, mouth-watering photos on social media, and by offering samples to passersby. You also engage with customers, remembering their favorite orders and occasionally throwing in a free side dish to build loyalty. Just as the jollof rice stand thrives by understanding and delighting customers, effective marketing involves identifying customer needs, creating appealing products, and using various methods to communicate and build strong relationships.
Today, the evolution of marketing reflects broader changes in society, technology, and consumer behavior. From focusing solely on production efficiency to building meaningful customer relationships and leveraging digital technologies, marketing has continually adapted to meet the needs and expectations of the market. Understanding this evolution helps businesses develop more effective and relevant marketing strategies in today’s dynamic environment. Consequently, Marketing is broadly divided into Digital Marketing & Traditional marketing. Let’s take a brief look at this concept with the intention to understand their differences and operation frame work.
Digital marketing is the strategic use of online platforms and digital technologies to promote products, services, or brands to a targeted audience. It encompasses a range of techniques such as search engine optimization (SEO), content marketing, social media marketing, email marketing, pay-per-click (PPC) advertising, and more, aimed at engaging customers and driving sales. Unlike traditional marketing, digital marketing allows for precise audience targeting, real-time interaction, measurable results, and cost-effective campaigns, making it a vital component for businesses looking to thrive in the digital age.
On the other hand, Traditional marketing refers to the conventional methods of advertising and promotion that businesses have used for decades to reach and engage their target audiences. These methods include print media (such as newspapers, magazines, and brochures), broadcast media (like television and radio commercials), direct mail (catalogs, postcards, and flyers), outdoor advertising (billboards and posters), and in-person events or sponsorships. Traditional marketing relies on these physical and tangible channels to create brand awareness, generate leads, and drive sales, often focusing on reaching a broad audience through one-way communication methods. While it can be effective in building brand credibility and reaching local audiences, traditional marketing often involves higher costs and less precise targeting compared to digital marketing.