What do you mean by USP (Unique Selling Point)?

USP stands for the Unique Selling Point (USP),and it is also called a Unique Selling Proposition, is the essence of what makes your product or service better than competitors. In online marketing, communicating your USP clearly and quickly is one of the keys to getting potential customers to convert on your site.

                                               

Example:- USP of Zomato :-

Zomato's unique selling proposition (USP) is its extensive restaurant database, coupled with user-generated reviews, ratings, and real-time updates, creating a comprehensive and informative platform for food discovery and dining. This allows users to easily find and make informed decisions about restaurants, enhancing their overall dining experience. 

What is SWOT Analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths and Weaknesses are internal to your company  - things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.

                                                  

Example:- SWOT Analysis of Spotify

Strength:- 

•  User base:-

Spotify has over 480 million subscribers, which puts them in a strong position to earn money from subscriptions and advertisements. They are currently leading the market.

• Huge content library:-

Spotify is a highly favoured and dependable platform among music lovers all around the world, providing access to an impressive collection of 82 million-plus songs, podcasts, and other audio content. Its one-stop-shop feature offers a diverse array of choices, which explains why it remains a popular choice over time.

• Early Mover Advantage:-

By entering the music streaming market early, Spotify has gained a significant advantage. They continue to expanding their library and reaching different parts of the world. This allows them to stay ahead of the constantly evolving industry.

Weakness:-

• High royalty costs:-

Spotify must pay substantial royalties to its artists & record labels. 

Competition from other streaming services:-

With the booming streaming service industry, Spotify is feeling the pressure of cut-throat competition. The competitive streaming music market has players like Apple Music, Amazon Music, and YouTube Music. Hence, Spotify must stay innovative and up-to-date to remain at the top.

Opportunity:-

• Ever-expanding music industry:-

Spotify has a lot of potential to be successful in the music industry, taking advantage of its current popularity. If they focus on coming up with smart & creative strategies, they could easily achieve success in the future.

•  Video streaming:-

Spotify has already demonstrated that it can succeed in the video streaming realm.

 

What is the Marketing Process?

The Marketing Process is a five - steps process marketers use to create customers value and build long - lasting customers relationships . 

Steps of Marketing Process are:-

• Conduct Market Research

• Developing a Marketing Strategy

• Make a Marketing Plans 

• Implement Automation

• Feedback  and Controls

  • Conduct Market Research :-

  Market Research is any set of techniques used to gather information and better understand a company’s target market. 

  • Developing  a Market Strategy :-

  A Marketing Strategy is a  plan by a company or organisation to reach prospective customers and persuade them to buy its products . As part of its Marketing Strategy ,a Business will identify its target customers , determine what those customers want those customers want , and engage with those customers through advertisements and promotions . 

  • Make a Marketing Plans:-

  The Marketing Plans outlines how the organisation or brand will generate customer value through different mediums .

  •  Implement Automation:- 

  Implementing automation means putting into practice the use of technology to perform tasks with reduced or no human intervention. It involves identifying repetitive, rule-based tasks and creating systems or software to execute them efficiently and accurately.

  • Feedback and Control :-

    Feedback refers to the process of using the output of a system to influence its input, allowing for adjustments to be made to achieve a desired state. Control is the process of using feedback to regulate the behavior of a system towards a specific goal. 

    
    
    
    

  
  

Explain 4 piece of Marketing in Hindi?

• 4 Piece of Marketing are:-

  

  Product:-

  The product is the good or services being marketed to the target audience. For example:-The original I-phone filled a need in the market for a simplified device that paired a phone with an I-pad.

                                        

Price:-

Price is the cost of a product or service . Itb is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals . For example :- If you price your product too high for your targeted audience , very few will likely purchase it .

                      

Place:-

Place is where you sell your product and the distribution channels you use to get it to your customer. For Example :- Imagine you are selling an athletic shoe . your target market is athletes in their early twenties to late thirties , so you decide to market your product in sports publications and sell it at specialty athletics stores .

Promotion:

Promotion is how you advertise your product or service . through promotion  , you will get the word out about your product with an effective marketing campaign that resonates with your target audience . In the digital age, though, there are even more marketing channels that you can use to promote your product, such as content marketing, email marketing, and social media marketing.  

 

What is Marketing?

Marketing is the Process of creating, communicating, and delivering value to customers in a way that helps them understand a product or service and be motivated to buy it .Marketing is the Process of creating, communicating, and delivering value to customers in a way that helps them understand a product or service and be motivated to buy it.