Introduction to Marketing:
Marketing, in simple terms, alludes to exercises embraced by an organization to promote the purchasing or selling of products, services, or goods. Nonetheless, the definition and idea of marketing has evolved over the years. Today, it is not just about buying and selling products, but also distribution, pricing, brand activation and licensing, promotion, co-creation, and so on.
The concept of marketing:
The success of a product depends on three things:
1)Does your customer need it? This is the primary question that you simply got to answer. If the product is not a necessity for the consumer, lesser are the chances of it being sold on a large scale.
2)Does your customer want it? Even if the commodity or service is necessary for the buyers, it is important to remain competitive amongst the other sellers in the market.
3)Will your customer demand it? The quality of the product or the service will determine if there will be more demand from the same buyers.
Once these questions have been answered, you can finally decide if modifications need to be made to the product or if it’s ready to be launched.
The marketing mix:
the 4 Ps of Marketing, as defined by E. J. McCarthy, are key elements of marketing, and are as follows:
1. Product – A product may simply be an idea, a physical entity (goods), or a service, or a combination of the three. The choice of your product depending upon its need and demand in the market. Before a product reached the customers, it undergoes several processes like designing, branding, packaging, distributing, etc.
2. Place – Customers should be able to avail the desired services conveniently. Thus, the location should be accessible for maintaining an uninterrupted flow of goods and services through various distribution channels.
3. Price – Pricing science is a field that specializes in setting prices for commodities. Price is the cost that a customer pays to avail goods or services. It may or may not be monetary. For example, it can also be in-exchange for another commodity.
4. Promotion – Communication is a vital element of marketing. Promotion aims to persuade the customers to buy the product. This can be done via different methods like advertising, sales promotion, exhibition, etc.
Note:
Although these 4Ps form a framework for execution, they are entities that tend to overlap. Therefore, modifications and extensions can be done to them based on the product you want to sell.
Marketing: Refreshed
There is no doubt that the traditional analysis and reporting model of marketing is quite efficient. Nonetheless, it is suggested that new methodologies be given a shot to see better outcomes in these modern times. One such technique is taking guidance from culture consultancy. They are a community of autonomous consultants. They have abundant knowledge on how services can be delivered to satisfy the requirements and demands of their community in the most ideal ways. They also have a wide range of other professional services to offer.
Corp roots enables offers you guidance to set up a business, register your company, procure ISO certifications, etc.
