What Is Marketing?
Marketing is the process of identifying, creating and delivering value to satisfy customers’ needs and desires at a profit. It also identifies and defines segments of the market, designs and promotes appropriate products and services.
Product: The product a company offers is its core business and an essential part of marketing. It should meet customer demands and have a unique selling proposition, which is why good marketing teams conduct research before they launch new products or services.
Price: The price of a product is the most significant factor in whether consumers purchase it or not. Good marketing teams rely on industry research to determine an appropriate price point and boost their market share.
Place: The location where a product is sold is also a key factor in determining how well a company does with its marketing campaigns. Good companies make it a priority to find a physical location that will allow them to reach more potential customers and maximize their sales opportunities.
Promotion: A marketing strategy may include the use of social media, paid advertising, search engine optimization and email marketing to increase awareness of a brand and its offerings. In order to maximize the effectiveness of these strategies, a business must carefully define its target audience.
Communicating: A company’s communication with its customers should be both informative and interactive. This means communicating the value of the offering to potential and current customers, as well as involving customers in the conversation by letting them know where they can find a product or how to ask questions about it.