People generally get confused about what marketing is exactly. Is it selling or promoting? How to pursue it? These are the questions that generally arise in my mind when thinking about what marketing is.
In general, marketing refers to promoting a particular product or a business. Well, there is more to the definition and meaning of marketing. People can enroll themselves in sales and marketing certification courses to learn more in detail about it.
This article will discuss what is marketing and what purpose it holds. Read the article further for a better understanding.
What is marketing?
If we state in general, marketing is any activity a corporation takes to attract an audience to its goods or services through high-quality communications. Marketing’s long-term goal is to demonstrate product value, establish brand loyalty, and eventually increase sales by delivering standalone value to prospects and customers through content.
What is the purpose of marketing?
Marketing’s goal is constantly researching and evaluating your customers, holding focus groups, sending out surveys, and investigating internet buying behaviors.
As mentioned above, marketing is the process of attracting customers to your company’s product or service. This is accomplished by market research, analysis, and comprehension of your potential customer’s interests. Marketing encompasses all areas of a company’s operations, including product creation, distribution techniques, sales, and promotion.
4 Ps of marketing
E Jerome McCarthy developed the four Ps of marketing in the 1960s: product, pricing, place, and promotion. These four Ps essentially illustrate how marketing connects to each phase of the company. All the 4Ps of marketing are described here further.
1. Product
Assume you have a concept for a product that you want your company to market. What comes next? You’re unlikely to be effective if you simply actually sell it. Alternatively, you’ll need your marketing staff to do a market survey and answer the following questions:
- Who is your intended audience?
- Is this product a good fit for the market?
- Is this product a good fit for the market?
- Is there any way in which the product can be improved further?
- What is the customer feedback on the product?
2. Price
To determine how much the ideal consumer is willing to spend, your marketing team may look at rivals’ product prices or conduct focus groups and surveys. If you overprice it, you will lose a loyal consumer base. If you price it too cheap, you may lose more money than you earn. Marketers, thankfully, may utilize industry data and customer analysis to determine a reasonable pricing range.
3. Place
It’s vital that the marketing staff utilize their knowledge and research of your company’s customers to make recommendations on how and where to promote your goods. Perhaps they feel an eCommerce site is more effective than a physical store. Alternatively, they may be able to provide insight into where places would be most feasible for selling your goods, both domestically and worldwide.
4. Promotion
This P is probably the one you were expecting from the start: promotion refers to any digital or printed ad, function, or discount that your marketing team generates to raise curiosity and awareness of your product and, eventually, increase sales. Public relations efforts, commercials, and social media promotions are likely to be used at this point.
Conclusion
In general, marketing is about promoting the developed product and market research before and after its development. The 4Ps mentioned above describe how marketing is vital to sales and the company’s revenue perceptive. You can refer to the sales and marketing certification courses for more in-depth information.