What is Marketing?

Marketing

          Marketing is the process by which a corporation promotes the purchase or sale of a product or service. Advertising, selling, and delivering things to consumers or other businesses are all examples of marketing.

         Professionals in a company's marketing and promotion departments use advertising to attract the attention of key potential audiences. Celebrity endorsements, attractive phrases or slogans, distinctive packaging or graphic designs, and total media exposure are all examples of targeted promotions.

          Marketing is the process of “creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large,” according to the American Marketing Association. This process is done in a number of different ways; marketing professionals use one or more of the five concepts of marketing in order to earn consumer confidence and create profitable, long-term relationships with consumers. But not all the concepts are equally effective.

The 4 Ps of Marketing:

          The Four Ps of marketing are product, pricing, location, and promotion. The Four Ps make up the key marketing mix that a firm requires to advertise a product or service. In the 1950s, Neil Borden popularized the marketing mix and the concept of the Four Ps.

Product:

          A product is an item or set of things that a company intends to sell to clients. The product should aim to fill a gap in the market or satisfy consumer demand for more of a product that is already offered. Marketers must first determine what product is being offered, how it differs from its competitors, whether the product may be coupled with a secondary product or product line, and whether there are alternative products on the market before they can develop an effective campaign.

Price:

          The price of a product relates to how much it will cost the company to sell it. Companies must consider the unit cost pricing, marketing costs, and distribution costs when determining a price. Companies must also examine the prices of competing products in the marketplace, as well as whether their projected price point is sufficient to constitute a viable alternative for consumers.

Place:

          The location of a product's distribution is referred to as its location. Whether the goods will be sold in a physical store, online, or through both distribution channels is an important decision. What kind of physical product placement does it get when it's sold in a store? What kind of digital product placement does it get when it's sold online?

Promotion:

          The integrated marketing communications campaign is the fourth P, or promotion. Advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerilla marketing are all examples of promotion.
Promotions are different based on where the product is in its life cycle. Marketers recognize that consumers identify a product's price and distribution with its quality, and they account for this when developing a marketing strategy.