Guide to Marketing World
Marketing is the art and science of strategically positioning products or services, branding them, and communicating their value to customers.
Marketing is the art and science of strategically positioning products or services, branding them, and communicating their value to customers.
Marketing is an important field in the business world. It is through marketing that customers are told about new products, services, needs and desires. Marketing not only provides information to the customer but also influences people’s attitudes.
There are many different types of marketing strategies that companies may use in order to promote their product or service. There are three main types which are: push, pull and word-of-mouth marketing strategy. Push marketing is when companies advertise their product or service on various media outlets such as TV commercials or print ads in magazines with the intention of directly influencing consumers into buying what they offer. Pull advertising is when a company advertises their product or service online.
Understanding Marketing
Marketing as a discipline involves all the actions a company undertakes to draw in customers and maintain relationships with them. Networking with potential or past clients is part of the work too, and may include writing thank you emails, playing golf with prospective clients, returning calls and emails quickly, and meeting with clients for coffee or a meal.
At its most basic level, marketing seeks to match a company's products and services to customers who want access to those products. Matching products to customers ultimately ensures profitability.
Product, price, place, and promotion are the Four Ps of marketing. The Four Ps collectively make up the essential mix a company needs to market a product or service. Neil Borden popularized the idea of the marketing mix and the concept of the Four Ps in the 1950s.
Price
Price refers to how much the company will sell the product for. When establishing a price, companies must consider the unit cost price, marketing costs, and distribution expenses. Companies must also consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.
Place
Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online, or through both distribution channels. When it's sold in a storefront, what kind of physical product placement does it get? When it's sold online, what kind of digital product placement does it get?
Promotion
Promotion, the fourth P, is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing.
Promotions vary depending on what stage of the product life cycle the product is in. Marketers understand that consumer’s associate a product’s price and distribution with its quality, and they take this into account when devising the overall marketing strategy.
Special Considerations
As of 2017, approximately 62% of consumers buy items online each month. Experts expect online sales in the U.S. to increase from $587 billion in 2019 to over $735 billion by 2023.
Taking these statistics into consideration, online marketing is a critical element of a complete marketing strategy. It is vital for marketers to use online tools such as social media and digital advertising, both on website and mobile device applications, and internet forums. Considering an appropriate distribution channel for products purchased online is also an important step.
