Marketing is the process of matching a person or business with a product. It touches all aspects of product development including product design, demand analysis, price allocation, and product distribution. It also touches all aspects of product promotion including branding, lead generation, customer acquisition, and customer service.
What Is The Main Purpose Of Marketing?
The main purpose is to grow your business. In the 1960s, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion. These 4 Ps explain how marketing interacts with each stage of the product development process. It also explains how these interactions can contribute to your overall business growth.
1 – Product
Let’s say you have an idea for a new product. The first thing you need to do is ask your marketing consultants to carry out some market research. This will help you understand if there is a need for your product, and who is most likely to buy it. The other thing you need to do is research marketing messages and sales channels. This will help you find the best ways to promote your product and increase your sales.
2 – Price
After your initial market research, it’s time to start thinking about pricing. You can start by determining your overall production costs and what kind of profits you hope to make. You can ask your marketing consultants to start researching competitors’ product prices. You can also ask them to create focus groups and to figure out how much your ideal customer is willing to pay.
3 – Place
Let’s say you’re now feeling confident about your product and product price. The third thing you need to do is decide where to sell your product. You can use your market research to guide your decision. You can also use your competitor research to see where similar products are already being sold.
4 – Promotion
After you’ve figured out your key sales channels, it’s time to start thinking about your marketing strategy. You need to do is to decide how to promote your product. This is where you start to research and plan your marketing activities. It’s also where you start to think about your marketing budget and what kind of return on investment you hope to see. Depending on your product, you can try both online and offline marketing channels.
What Are The Two Main Types Of Marketing?
Marketing can target either businesses or consumers. Business to business (B2B) marketing involves marketing to other businesses. For example, B2B marketers at a consulting firm may advertise and sell primarily to other companies, rather than to individuals. Business to consumer marketing (B2C), on the other hand, involves marketing to consumers. For example, B2C marketers at a luxury retail company may advertise and sell primarily high net worth individuals.
What Kind Of Marketing Strategies Can You Use?
There are lots of different types of marketing activities. Most businesses use both online and offline marketing strategies. The most common examples of offline marketing activities are print marketing (flyers, brochures, mailings, billboards) and event marketing. The most common examples of online marketing activities are online advertising, email marketing, sms marketing, and social media marketing.
Final Thoughts
Marketing can help you find the ideal customers for a particular product. It can also help you promote your product in a way that captures their interest. When done well, marketing can help increase sales, improve customer loyalty, and support long-term business growth. For more free educational resources, check out the rest of the content on the blog.
