What does marketing mean to you? Marketing is the act of coming up with ways to communicate with potential buyers. In recent years, marketing has come to replace advertising as a method of getting new customers.
According to The New York Times, marketing is “the art of
persuading people so that they purchase a product or service”. In essence, marketing is any activity that increases a business’s profitability by increasing the market penetration strategy. In recent years, the marketing activities of many businesses have come to include online marketing. This is because online marketing allows the businesses to reach a wider audience for a lower cost.
There are many different forms of marketing. Some of these include direct mail, TV commercials, radio advertisements, and publishing. In order to get the most out of these, marketers must first do market research. Market research determines the current market trends and where the market is headed. This allows marketers to formulate an effective strategy that will ensure success in sales.
When formulating a marketing strategy, there are 4 Ps that every marketing professional should address. These are price, promotion, location, and quality. Price includes the cost to produce or offer the product or service. Promotion includes public relations activities, as well as using media outlets such as radio and television to advertise the new product or service.
Location is very important to marketing. When potential customers are searching for a particular product or service, they will need to find a store that carries it. The location on the internet also affects the ability of a business to reach the market. Therefore, all marketing activities must take place in an area where it is convenient for the customer. There are many different types of marketing activities that should be developed for each type of company.
Quality is very important when developing a marketing strategy. For example, if a new product is being offered, the marketing department should be focusing on producing the best possible product. Other types of marketing activities could include performance marketing, which focuses on providing customer support after the purchase of the product.
On the other hand, performance marketing involves advertising a new product by providing customers with customer support after they purchase a product. The marketing team could use Instagram, Facebook, twitter, and YouTube. Each one has their own benefits. Therefore, a company needs to determine what works best for them. They could either choose to use Facebook and twitter or Instagram, or they could utilize all of the previously mentioned options. Once they have determined that marketing platform they will be using, the PPC Company can provide them with a marketing plan.
In conclusion, each marketing agency will have different methods of developing a marketing plan and creating the perfect marketing strategy. However, when developing a marketing strategy for an individual company, it is important to consider the four Ps of marketing. These four Ps are: quality, proximity, perceived value, and personal value. By taking into consideration the four Ps, marketers will be able to develop a strong plan of action for their company and effectively promote their products.
Quality – When considering a new product, it is important to
remember that this will be a long-term investment for any business. Therefore, quality is important. When someone is considering buying a new product, they want to be sure it is quality. Therefore, a marketing concept that includes quality is highly recommended. Therefore, if a company wants to sell their product, then they should begin to focus on the marketing concept that promotes quality.
Proximity – When a marketer focuses on proximity, they are promoting their product to potential customers within the immediate vicinity. For instance, if a marketer wanted to target teenagers, then they should focus on marketing that directly targets these individuals. This is because their demographic is generally individuals who are close to home or school. Therefore, these individuals tend to be interested in what the marketer is selling.
- Perceived Value – This definition defines marketing from a perspective of what people perceive a product to be.
- For example, it is commonly known that people will buy products based on perceived value.
- Therefore, when marketing for a small business, the marketer should begin to incorporate these concepts into their marketing strategy to promote products.
In conclusion, the definition of marketing should clearly define the elements that are crucial to an effective marketing strategy. These elements can include the development of target markets, proximity and perceived value. It should also focus on the creation of a marketing strategy based on these core elements. A marketing plan is only as good as the resources that are invested in it. Therefore, developing a marketing strategy based on the above core marketing elements is critical to the success of any small business.