Do you know what is Marketing? Marketing presents in all stages of the business: from zero to hero. That is why knowing everything about marketing is necessary. It delivers your products and services to your target audience effectively if it is used well.
What is Marketing
Marketing can be defined as the management process through which goods and services move from mere concept to an essential need for consumers. In other words, marketing is the process of getting people interested in a business’s product or service. This happens through market research, analysis, and understanding of the ideal customer’s interests for the product. Additionally, marketing pertains to all aspects of a business, including product development, distribution methods, sales, and advertising. Furthermore, marketing divided into many elements and different types.
Marketing Mix 4P’s
Marketing includes the coordination of four elements called marketing mix 4P’s of marketing. In the 1960’s, E Jerome McCarthy came up with the 4Ps of marketing: product, price, place, promotion. Essentially, these 4Ps explain how marketing interacts with each stage of the business.
Product
Identification, selection and development of the product.
What do you offer? What is your product or service? The product offered should be the result of a desire to meet the specific needs of your target customers. And you must determine the position of the product in the market… Is it a new product? Or a product is currently available but you are developing this product?
Price
Determining and choosing of its price.
What is your pricing strategy? Is the price suitable for the market and competitors? When it comes to talking about prices, you must mention compatibility and proportionality, meaning that they are determined according to a combination of elements such as market need, customer segments, competitor prices in the same market.
Place
Selection of a distribution channel to reach the customer’s presence.
What are the distribution channels? How do you reach your target customers? In order to do this, you must divide the market into segments, and each segment has a specific distribution and reach method.
Promotion
Development and implementation of a promotional strategy.
How does the promotion work? What are the methods used to boost this? The business promotion strategy includes everything that the audience should know about you, your brand image and marketing plan to the sales and after-sales phase.
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle ( 7 Ps Principle). Nowadays, it is more commonly accepted that a more developed 7 Ps adds a much-needed additional layer of depth to the Marketing Mix (Marketing Elements).
The extended 7Ps
People
Having the right professionals in the right position in your company from front line Sales staff to the Managing Director.
Processes / Packaging
How the product or the service have been packed and delivered to consumers?
Positioning / Physical Evidence
How do people think and say about your product, your brand and your customer care?
Types of Marketing
Every product has a different targeted audience. Thus, to market a product, it is important to know where the targeted audience spend their time to direct correctly marketing campaigns. Here are several types of marketing that are relevant today, some of which have stood the test of time:
- Internet marketing: having a presence on the internet for business reasons.
- Search engine optimization: Abbreviated ” SEO” this is the process of optimizing the content on a website so that it appears in search engine results.
III. Blog marketing: writing about the nature of the company for those consumers who browse on the internet for information
- Video marketing: like YouTubers
- E-mail and messaging: Send awareness massages for the customers to know more about the product.
Conclusion
Marketing has an essential job to develop a demand for that product and fulfill the customer’s needs. Accordingly, it is the right tool for all kinds of businesses. It is no longer limited to the sales funnel, but has become a creative process that transforms consumers’ need to services and products by satisfying their desire or increasing luxury but in a profitable way.
Muzawed offers brand-new marketing services in all of its types, as it supplies any company or product with fresh ideas to guarantee audience engagement in any field.