What is Marketing?
Marketing is defined as every action from product research to after-sales service and everything that goes on between these two. It is an important aspect in the lifecycle of commodity/service production and sale.
Many people think marketing is only about selling and promoting the goods and services. However, marketing is a broader concept. It includes various classifications, types and techniques.
Research, advertising, customer relationships and promotion, all come under the umbrella of marketing. Marketers create a perception about the brand, which satisfies customer's needs and wants. All in all, marketing includes brand awareness and building strong customer relationship, resulting in brand loyalty.
It is a process that turns the target market (the customer you envisioned using your product when designing it) into actual bona fide buyers of your product.
What are the 4 P’s of Marketing?
4P's of marketing or Marketing Mix are fundamental pillars and objectives that summarizes the entire traditional marketing process. These include:
Marketing is the balance and coordination of these four main areas. There are a lot of other aspects related to these areas, which are all centered around the target consumer. If the marketers get all four of these "P" s in the right balance, they are deemed to enjoy loyal and life-long customers.
Notably, marketing today has widened its goals and is not just limited to the 4Ps. Marketers want to build customer relationships and weed out competitors. Creating value requires gaining new customers, caring for existing ones and growing customer base, while keeping it all strategic.
What is the Purpose of Marketing?
The era of modern marketing started somewhere in the 1950s. Over a period of time, businesses began to use different mediums than the print media to endorse their products and services. Soon after the spread of television, the internet reached every household. Marketers found this as an excellent opportunity to attract and influence consumers via different online portals.
Apart from advertising, promotional activities were being undertaken via public relations, events and collaboration. All helped them to convert consumers into leads and leads into the customers.
From inception to the ending, a product's complete life cycle is correlated to marketing. From identifying the audience to communicating with them, increasing the market share and ultimately building brand loyalty; marketers work with an aim to put forward a product or service successfully in the hands of consumers.
What are the Basic Types of Marketing?
There are a hundred different ways businesses can market the product or services. One successful marketing strategy may not particularly suit the other company. Hence an ideal marketer would come up with a customised marketing plan for its brand and not just depend on what is trending in the market.
Marketing is mostly related to humane tendencies, and as we grow and everything around us grows, marketing evolves as well. For any business, the consumer is the king. As marketing revolves around the needs of the consumer, it has to change and adapt as well, to be relevant and impactful. Below are some forms of marketing that can be utilized by managers:
Have you ever wondered why a product you searched online follows you everywhere on the internet? It is because of retargeting strategies. Because of being less expensive than traditional marketing, many small businesses have benefited from digital and social media marketing.
ALSO READ DETAILS ABOUT RELATED MARKETING CONCEPT: Multi-Level Marketing
Famous brands which are embedded in our minds, even if we use them or not, is all because of the successful marketing. With thousands of brands bombarding the market space to seek consumers attention, only a few of them are able to achieve what they set out to. Crafting a 360-degree marketing campaign is the key to success.