Marketing is a complex topic. Below is a brief explanation of its process.
Marketing is, like anything, a broad and complex topic. It is a craft that takes years to hone, and the possibilities in creating new strategies in the field are endless. Although this blog post is but a brief overview of marketing, it does intend to accurately capture its most significant points. For a simple yet succinct explanation of marketing, read on.
What Is Marketing?
Marketing is the act of connecting producers to consumers. It encompasses all the strategies and practices of optimizing consumers’ purchases of various products. While marketing experts can define marketing in many different ways, this field generally refers to that communication between producers and consumers about a good for sale.
The Steps of Marketing
Marketing is a segment in the whole process of production to sales. First, a company (or individual) has a business idea for a product or service. Then, they will research and see if this idea is viable. Next, they will undergo much labor to produce and release the product or service onto the market. This is when marketers need to come in and do their job: spread the word.
Hopefully by this stage, the company has a good idea for who their audience is. With this determined, marketers will figure out the best mode of communication, whether through direct mail, social media, email, etc. They will then determine the message: what steps do the consumers need to take in order to receive the good? With the message set in style and content, the marketers can then send out the message in specifically chosen modes and analyze the results.
The Four Ps of Marketing
Marketing in itself can be boiled down into four Ps: Product, Price, Promotion, and Place. With the product, the company must judge how best to present it to the public. How can the service or product best be used? How should it be packaged?
With Price, the company must analyze the market to see what a fair and competitive price would be. Price also covers the frequency of discounts and what payment options a consumer should have.
Promotion is generally what people think of when they think of marketing. This part contains the questions of what message the company should send through what channels. How can people get to know this product or service exists?
Lastly, Place determines where the product will be. Online or in a store? Contextually, where would people most need the product?
Components of Marketing
There are quite a few components to marketing. Content marketing builds the audience. Email, social media, and online video marketing are also effective for communication, as is advertising. Marketing also encompasses search engine optimization, public relations, and getting to know the audience. It is a relationship between a company and an audience striving for clear and persuasive communication of a good offered.
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