Marketing is defined in many terms. But the most accepted definition is marketing is the process by which a product or a service is introduced to the market that suits the consumers, needs and or wants.
Marketing and Its Four P s
There are four basic P s that comprises marketing that is known as the marketing mix.
First is the product. It is very important in marketing as this is what is being sold or introduced to the market.
Second is the price of the product. All products need to have a price. Pricing an object is not limited to the cost of the materials used to produce that product, but it should also take into consideration the time and effort the producer put into developing the product.
Third is promotion of the product. For a product to be known in the market, it needs to be promoted. Promotion could be done in a lot of ways including advertising and personal selling. Publicity, which is also very important for product launching, can be obtained through proper advertising. In conjunction with the product, the company who created it is also advertised, making their brand (if they have one) known.
Fourth is placement of the product. Every product has a target customer. Promotion of the product should also focus on this. It should think about whether the product is to be sold through wholesales or retails and in brick-and-mortar building or online. It should also take into consideration the geographical aspect of where the product is to be sold and to what segment; gender, generation, social class, and civil status of the target customers, suiting the product to their needs.
Effective Marketing Method
For an effective marketing method, you not only have to know the four P s but how to incorporate that in your business. To make this easier for you, there are a lot of marketing services that do just that.
What they basically do is they get to know you and your company first and what your product is about. Then, they research about the market condition and give you advices about product trends and projections that can ultimately affect your business. Once they have studied the market, they then make plans on how to best market your product and create strategies to put these into motion and give you the goal that you wanted to achieve. Once your marketing campaign is under way, your marketing team,s assistance does not stop there. They still monitor the market trends for you for product and or service improvement.
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