Exchanging goods and services
There are Two parties in exchange . They can offers something that the other party would find valuable. Besides, each party can communicate and deliver; each party can accept or reject the offer; each party believes it is proper or desirable to engage with the other party.
What is the purpose of exchanging goods and services?
Financial instruments such as equities, commodities, and derivatives can be traded on an exchange. However, Exchanges are fundamentally designed to provide orderly and transparent trading and efficient price information for all securities traded on that exchange.
There is considerable controversy about whether or not the exchange notion is genuinely present in many social marketing domains. If not, is it social marketing?
This concept, known as the exchange concept, tells social marketers that they must:
- Offer something perceived to be of value to their target audiences.
- Recognize that consumers must put forth resources such as time, money, and physical comfort to receive their promised benefits.
- Acknowledge that all intermediaries hired to support a campaign also require something of value in return for their efforts.
When it comes to influencing public opinion, ‘the social marketer’s job is to maximize perceived benefits while minimizing perceived costs.’ Learn why digital marketing important for business.
CONCEPT OF MARKETING MIXTURE: CUSTOMER VALUE
The marketing mix, which includes all four of the so-called ‘4Ps,’ provides value to customers in addition to the actual product or service. Among the four Ps are-
- product (such as a well-known brand name and a wide variety of packaging options),
- price (such as the amount of money it costs, the terms of payment, and so on),
- promotion (such as advertising and sales incentives), and
- distribution (such as personal selling and strategic product placement) (number and type of outlets, opening hours, the atmosphere in outlets, accessibility by car, availability of public transport, availability and ease of parking, etc.).
Services marketing generally includes a fifth P that is people. Because the service provider and the actual service are often intertwined. People are critical in social marketing, such as in the case of counseling services. Kotler’s concept of the core product, the augmented product, and the tangible product connects the two components of customer benefits and the 4Ps. A computer, for instance, may serve as a practical illustration. However, The upgraded product includes after-sales service, training, warranties, accompanying software, and a vast consumer user network. Therefore, Better management decisions are at the heart of what we do. Although it may seem counterintuitive, many companies now compete more with augmented products than actual products. Learn more about – Pre approach Marketing in Sales
BASED ON THE PRINCIPLE OF SELECTION AND CONCENTRATION, MARKET SEGMENTATION
In the segmentation process, you can divided the market into segments, and profiles are developed for each segment; the segments are evaluated, one or more segments are selected as target markets, and a thorough marketing mix (the 4Ps) is created for each segment.
Competition and the Principle of Differential Advantage
If you compare your firm’s resources with those of your competitors, you can see where your company has an advantage over your rivals. In regions with a distinct advantage, businesses are more likely to succeed. Besides, it is common practice for commercial firms to do SWOT analyses on themselves and their rivals – an audit of the organization’s strengths and weaknesses and an assessment of existing and future possibilities or threats in the market. However, Social marketers should do the same, understanding that strengths and limitations include financial, human, and technological resources. Therefore, many youth-targeted social marketing programs fail due to a lack of understanding of young culture by the professionals running them.
Increasing one’s physical activity is not going to be competitive.
- MARKET RESEARCH
It should be clear that effective marketing is a research-based process, with ongoing research in various areas: testing new products; surveys to identify consumer dissatisfaction with current offerings and opportunities for improvement; pre-testing advertising and promotions; surveys of attitudes to competitors’ offerings; pricing and packaging research; feedback from distributors and intermediaries, and so on.
To date, the most common use of research in social marketing campaigns has been to understand better target audiences’ beliefs and attitudes, the development and testing of communication materials (advertising, posters, brochures, PSAs), and to measure exposure to campaign materials and assess changes in attitudes, beliefs, and behavior over time. Learn something important about inbound marketing.
- INTERACTIVE TECHNOLOGY
It’s important to remember that marketing is a multi-faceted process that involves many different aspects. All of which must work together to maximize the value of a company’s services to customers and its bottom line.
Many social welfare initiatives result in overburdened services due to underestimating demand, failing to plan ahead of time appropriately, or a lack of resources due to the CEO’s need to act swiftly to appear active.
There is a systematic strategic planning process that includes clearly defined goals, plans, and tactics to achieve them and management and feedback systems to guarantee that the program is implemented as desired and avert or deal with any difficulties that may develop. Egger, Spark, and Donovan have introduced the SOPIE approach to campaign planning: Situational analysis, goal setting, planning, implementation, and evaluation.
CONDITIONS OF THE ENVIRONMENT
- Politico-legal factors (e.g., emission requirements, anti-monopoly laws; food labeling regulations; rulings on the use of words like “natural,” “fresh,” etc.) and
- Economic factors (such as the introduction of low-priced alternatives during recession periods, changes in spending patterns such as reduced petrol consumption; and
- Technological factors (e.g., the introduction of low-cost options during recession periods, changes in spending habits such as reduced petrol consumption; and, consequently, fewer accidents)
- Demographic factors (e.g., increase in a single person and single-parent households, changes in ethnic composition due to different birth rates, aging of the population). Explore more on – Marketing Automation Strategies for Sustaining Success