Marketing
Marketing is the process of teaching consumers why they should choose your product or service over those of your competitors, and is a form of persuasive communication. It is made up of every process involved in moving a product or service from your business to the consumer. Marketing includes creating the product or service concept, identifying who is likely to purchase it, promoting it, and moving it through the appropriate selling channels. There are three primary purposes of marketing:
Capturing the attention of your target market
Persuading a consumer to purchase your product
Providing the customer with a specific, low-risk action that is easy to take
This discipline centers on the study of market and consumer behaviors and it analyzes the commercial management of companies in order to attract, acquire, and retain customers by satisfying their wants and needs and instilling brand loyalty.
The definition of marketing is the action or business of promoting and selling products or services, including market research and advertising. Today, marketing is something that every company and organization must implement in its growth strategy. Many companies use marketing techniques to achieve their goals without even realizing it, as they work to promote themselves and increase sales of their product or service. These days, marketing is one of the key aspects of business.
People often do not know exactly what marketing is and, when asked, they define it as selling or advertising. While these answers are not wrong, they are only a part of marketing. There are many other aspects to marketing like product distribution, promotion, designing and creating materials like landing pages and social media content, improving customer experience, doing market research, establishing market segments, and much more.
Marketing is very broad and encompasses all the strategies that help a company, brand, or individual achieve their objectives.If the objective of your business is to sell more products or services, then marketing is what helps you achieve that goal. Anything that you use to communicate with your customers in a way that persuades them to buy your products or services is marketing, including advertising, social media, coupons, sales, and even how products are displayed.
Marketing is not confined to any particular type of economy, because goods must be exchanged and therefore marketed in all economies and societies except perhaps in the most primitive. Furthermore, marketing is not a function that is limited to profit-oriented business; even such public institutions as hospitals, schools, and museums engage in some forms of marketing. Within the broad scope of marketing, merchandising is concerned more specifically with promoting the sale of goods and services to consumers (i.e., retailing) and hence is more characteristic of free-market economies.
5 Successful Marketing Techniques :
Keep Adding Something New
Become a Valuable Resource
Separate Yourself from Your Competition
Promote the End Result
Anticipate Change
Four Stages of Marketing :
Ideation
Research and testing
Advertising
Selling
4Ps Model of Marketing :
Product
Promotion
Price
Place