Marketing is the process of getting consumers interested in your company’s product or service. This happens through market research, analysis, and a solid understanding of your ideal consumer’s wants and needs. Marketing intersects with all areas of a business, including product development, distribution methods, sales, and advertising.
What’s the Difference Between Advertising and Marketing?
Marketing entails product development, market research, product distribution, sales strategy, public relations, and customer support. Marketing is necessary in all stages of a business’s selling journey.
On the other hand, advertising is just one component of marketing. It’s a paid strategic effort to spread awareness of a product or service.
4 Ps of marketing stands for product, price, place, promotion. Essentially, these 4 Ps explain how marketing interacts with each stage of the business.
1. Product
Marketing team needs to do market research and answer some critical questions: Who’s your target audience? Is there market fit for this product? What messaging will increase product sales, and on which platforms? How should your product developers modify the product to increase likelihood of success? What do focus groups think of the product, and what questions or hesitations do they have?
Marketers use the answers to these questions to help businesses understand the demand for the product and increase product quality by mentioning concerns stemming from focus group or survey participants.
2. Price
Marketing team will check out competitors’ product prices, or use focus groups and surveys, to estimate how much your ideal customer is willing to pay. Price it too high, and you’ll lose out on a solid customer base. Price it too low, and you might lose more money than you gain. Fortunately, marketers can use industry research and consumer analysis to gauge a good price range.
3. Place
It’s critical that marketing department uses their understanding and analysis of your business’s consumers to offer suggestions for how and where to sell your product. Perhaps they believe an e-commerce site works better than a retail location, or vice versa. Or, maybe they can offer insights into which locations would be most viable to sell your product, either nationally and internationally.
4. Promotion
Promotion entails any online or print advertisement, event, or discount that marketing team creates to increase awareness and interest in your product, and, ultimately, lead to more sales. During this stage, you’ll likely see methods like public relations campaigns, advertisements, or social media promotions.
Edited by: 浪子
Bibliography
Caroline Forsey. (2018). What is Marketing? FAQ. Retrieved from
https://blog.hubspot.com/marketing/what-is-marketing
What's Marketing ?
Reviewed by 浪子
on
September 10, 2018
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Reviewed by 浪子
on
September 10, 2018
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