MARKETING
1.What Is Marketing?
::: Marketing refers to the activities a company undertakes to promote the buying
or selling of its products or services. Marketing includes advertising and allows
businesses to sell products and services to consumers, other businesses, and
organizations.
Professionals who work in a corporation's marketing and promotion departments
seek to get the attention of key potential audiences through advertising.
Promotions are targeted to certain audiences and may involve celebrity
endorsements, catchy phrases or slogans, memorable packaging or graphic designs,
and overall media exposure.
KEY TAKEWAYS
1.Marketing refers to all activities a company does to promote and sell products or
services to consumers.
2.Marketing makes use of the "marketing mix," also known as the four Ps—product,
price, place, and promotion.
3.Marketing used to be centered around traditional marketing techniques including
television, radio, mail, and word-of-mouth strategies.
4.Though traditional marketing is still prevalent, digital marketing now allows
companies to engage in newsletter, social media, affiliate, and content marketing
strategies.
5.At its core, marketing seeks to take a product or service, identify its ideal
customers, and draw the customers' attention to the product or service aailable.
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.
Formal definition:"Marketing is the activity, set of
institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. "
—Official definition from the American Marketing Association, approved 2017.
What Are the 4 P's of Marketing?
:::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.
PRODUCT
: Product refers to an item or items the business plans to offer to customers. The
product should seek to fulfill an absence in the market or fulfill consumer demand
for a greater amount of a product already available. Before they can prepare an
appropriate campaign, marketers need to understand what product is being sold,
how it stands out from its competitors, whether the product can also be paired with
a secondary product or product line, and whether there are substitute products in
the markets.
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
1.What Is Marketing?
::: Marketing refers to the activities a company undertakes to promote the buying
or selling of its products or services. Marketing includes advertising and allows
businesses to sell products and services to consumers, other businesses, and
organizations.
Professionals who work in a corporation's marketing and promotion departments
seek to get the attention of key potential audiences through advertising.
Promotions are targeted to certain audiences and may involve celebrity
endorsements, catchy phrases or slogans, memorable packaging or graphic designs,
and overall media exposure.
KEY TAKEWAYS
1.Marketing refers to all activities a company does to promote and sell products or
services to consumers.
2.Marketing makes use of the "marketing mix," also known as the four Ps—product,
price, place, and promotion.
3.Marketing used to be centered around traditional marketing techniques including
television, radio, mail, and word-of-mouth strategies.
4.Though traditional marketing is still prevalent, digital marketing now allows
companies to engage in newsletter, social media, affiliate, and content marketing
strategies.
5.At its core, marketing seeks to take a product or service, identify its ideal
customers, and draw the customers' attention to the product or service aailable.
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.
Formal definition:"Marketing is the activity, set of
institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. "
—Official definition from the American Marketing Association, approved 2017.
What Are the 4 P's of Marketing?
:::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.
PRODUCT
: Product refers to an item or items the business plans to offer to customers. The
product should seek to fulfill an absence in the market or fulfill consumer demand
for a greater amount of a product already available. Before they can prepare an
appropriate campaign, marketers need to understand what product is being sold,
how it stands out from its competitors, whether the product can also be paired with
a secondary product or product line, and whether there are substitute products in
the markets.
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
