What Exactly Is Marketing?
Marketing is the process by which a company promotes the purchase or sale of a product or service. Advertising, selling, and delivering products to consumers or other businesses are all examples of marketing. Affiliates perform some marketing on behalf of a company.
Professionals in a company’s marketing and promotion departments use advertising to attract the attention of key potential audiences. Celebrity endorsements, catchy phrases or slogans, memorable packaging or graphic designs, and overall media exposure are all examples of targeted promotions.
All of a company’s activities aimed at promoting and selling products or services to customers are referred to as marketing.
The “marketing mix,” also known as the four Ps—product, price, place, and promotion—is used in marketing.
At its most basic level, marketing aims to take a product or service, identify its ideal customers, and attract their attention to the available product or service.
Getting to Know Marketing
As a discipline, marketing encompasses all of a company’s efforts to attract customers and maintain relationships with them.
Writing thank you emails, playing golf with prospective clients, returning calls and emails quickly, and meeting with clients for coffee or a meal are all examples of networking with potential or past clients.
Marketing, at its most basic level, aims to match a company’s products and services to customers who want to use them. Profitability is ensured when products are matched to customers.
The Four Ps of marketing are product, price, location, and promotion. The Four Ps make up the essential marketing mix that a company requires to market a product or service. In the 1950s, Neil Borden popularized the marketing mix and the concept of the Four Ps.
A product is an item or set of items that a company intends to sell to customers. The product should aim to fill a gap in the market or satisfy consumer demand for more of a product that is already available. Marketers must first understand what product is being sold, how it differs from its competitors, whether the product can be paired with a secondary product or product line, and whether there are substitute products on the market before they can prepare an appropriate campaign.
The price refers to how much the company plans to charge for the product. Companies must consider the unit cost price, marketing costs, and distribution expenses when determining a price. Companies must also consider the prices of competing products in the marketplace, as well as whether their proposed price point is sufficient to represent a reasonable alternative for customers.
The product’s distribution is referred to as place. The company must decide whether to sell the product in a physical store, online, or through both distribution channels.
What kind of physical product placement does it get when it’s sold in a store? What kind of digital product placement does it get when it’s sold online?
The integrated marketing communications campaign is the fourth P, or promotion. Advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing are all examples of promotion.
Promotions are different depending on where the product is in its life cycle. Marketers recognize that consumers associate a product’s price and distribution with its quality, and they account for this when developing a marketing strategy.
Important: Any activity carried out by a company to promote the purchase or sale of a service is referred to as marketing.
Special Points to Consider
In 2017, about 62 percent of consumers made monthly purchases on the internet. Experts predict that by 2023, online sales in the United States will have risen from $587 billion in 2019 to over $735 billion.
Considering these figures, online marketing is an important part of a comprehensive marketing strategy. It is critical for marketers to use online tools such as social media and digital advertising, as well as internet forums, on both websites and mobile device applications. It’s also crucial to consider an appropriate distribution channel for products purchased online.