What is Marketing?
The term marketing – which derives from the English verb “to market”, or to enter and make suitable for the market – has historically been used to indicate the activity of the company aimed at managing relations with the market and facilitating the marketing of goods and services. Marketing typically concerns decisions relating to the product: characteristics and image, sales price, distribution channels, promotional and advertising actions, and sales network.
“Don’t push people to where you want to be; meet them where they are.” — Meghan Keaney Anderson
according to the new orientation, concerns all decisions by which the company develops, communicates, and makes its value offer available to customers.
Marketing management is the process that makes your potential customer choose you and not your competitor. Very often the term Marketing is associated or rather confused with the term advertising, but this is not correct.
In fact, advertising is nothing more than a tool, or a means of communication that allows us to amplify our message to a large number of people with the aim of making us known and then allowing them, remembering us, to buy our products and services.
Types of Marketing
Some of the most common types of Marketing are:
1- Traditional Marketing:
Traditional marketing is the oldest form of marketing, it has no online presence, for example, print media.
2- Digital Marketing:
It is just the opposite of traditional marketing, where we are using digital technology to market our products or services.
3- Content Marketing:
It is a type of marketing where we create and share content in the shape of blog posts, videos, and articles to develop the interest of the reader in our product or service
4- Social Media Marketing:
This is the most used medium now a day for marketing. It is all about promoting your product or service on any social media platform, like Facebook, Instagram, youtube, etc. Finding the right media mix to accomplish the clients’ objectives is the aim of social media planning in advertising.
5- Email Marketing:
Email marketing is a type of marketing where we can send a crafted commercial email to our customers to develop interest and awareness about the product or service.
6- Brand Marketing:
Branding is very important, it is a strategy where we create a brand name, and logo for our company that will distinguish us from others.
7- Affiliate Marketing:
It is simply to promote other products or services by an affiliate to earn a commission in return.
8- Word of Mouth Marketing:
It is just referral marketing when someone refers to some product or service on the basis of his experience
9- International Marketing:
If you promote your product or service across the globe then it will be called international marketing.
Importance of Marketing in Business
Here we are discussing some important points about marketing, after reading all the points you will be well aware of the importance of a marketing plan in your business. The marketing plan will help in identifying the target market, the best way to reach them, the price point at which the good or service should be offered, and the means by which the business will evaluate its performance.
1- Building a relationship with the customers:
Marketing is the best tool to stay connected to your target audience; it helps you to interact with your customers with your product while creating content or videos.
2- Marketing is a way of communication:
With the help of marketing, you can tell your customers about your product or service.
3- Marketing increases your sales:
Marketing is the only tool to increase your sales. When your marketing strategy is good, it will generate sales more, so you get more profit margin.
4- It helps in branding:
Marketing helps you to make a brand name. while adopting good marketing strategies you will come up with a brand name in the market.
5- It generates revenues:
As marketing help in increasing your sales, your revenue also increases with your sales.
6- It helps in decision making:
Marketing is all about promoting your product or service. As market research is necessary for marketing. When you did a lot of research then you will come to know many facts about your competitors and then you are in a good position to make excellent decisions on the basis of this marketing research.
4 Ps of Marketing (Marketing Mix)
4Ps of marketing are basically the four very important factors to market your product or service. This concept is also known as Marketing Mix. These are as under:
1- Price:
Price is the most important factor for your service or product, it should be the rationale, and according to the market. It should not be too low or too high if you want to take a position in the market. It should be competitive.
2- Product:
is the process of bringing a product to market. The product is what you are selling to your customers in the market. It can be a physical product or any service. Your product should be unique; it should be a need of your customers. Your product should have some specific qualities which satisfy the need of your customers.
3- Place:
Place means the location of your business, where you are. For marketing your location matters the most. Your location should be an easy approach for your customers. It should be in a location where your customers can come easily.
4- Promotion:
Promotion is just another important factor in marketing, to boost your sales and generate revenues more you should offer something in the promotion.
Frequently Asked Questions
What is marketing and example?
Marketing is the process of selling your product or service to others. Example: You have a marketing strategy for your business and it includes advertising on TV, radio, billboards, etc.
What are the 5 marketing concepts?
1. Branding: creating a unique identity for a product or service that distinguishes it from its competitors.
2. Promotion: creating awareness of your brand and getting people to know about your business.
3. Positioning: defining where you want to be in the marketplace so that you can compete effectively.
4. Pricing: making sure that the price you charge for your product or service is competitive and profitable.
5. Segmentation: dividing the marketplace into groups
What are the 7 principles of marketing?
1. A good product must be in demand.
2. The demand must be created by advertising.
3. Advertising must be directed at the right customers.
4. The price must be right.
5. The advertising must be creative.
6. There must be a supply of quality goods.
7. And it must be sustained.
What are the functions of marketing?
Marketing is the practice of communicating information about a product to the public. In other words, it’s telling people what you have and how you can use it. The most common forms of marketing are advertising and sales. Advertisements are messages put out in the media. Sales are the exchange of a product for money..
What is the importance of marketing?
Marketing is about communicating the benefits of a product or service, as well as the ways it can improve one’s life. It’s about selling ideas that can help you achieve your goals and make your dreams come true.
A marketing concept is a way to get the message across about your product, service, or company. It helps you explain your product, service, and/or company to others in a way that they can understand.
What is marketing in simple word?
Marketing is the art of getting someone to buy a product by making it seem more desirable than the competition.
Marketing is a process of selling products to consumers through a variety of methods. Some of those methods are television advertising, radio advertising, direct mail, billboards, and word of mouth. Marketing is essential to companies because it can make or break their success.
What kind of marketing is most successful?
Direct marketing (direct mail) and word-of-mouth are the most successful forms of marketing.
