What is marketing?
Marketing is the process of creating and delivering products to customers. It influences the potential market to purchase your products rather than your competitors’. Marketing is much more than just a one-time process. It comprises of a series of events that brings a product from the producers to the consumers.
Why marketing is important?
According to Evan Carmichael, a renowned business consultant, marketing is important for three major reasons:
- Capturing the attentions of your targeted consumer market
- Facilitation of the purchasing decision of the prospects
- Provision of easy and low risk actions to your consumers
Marketing is the foundation stone which an entire business lies upon, its main aim is selling more services or products.
How a business or entrepreneur can benefit from marketing?
Marketing may benefit a business or an entrepreneur in a number of ways:
- Marketing serves a business as a North Star that leads them towards success. It provides a clear path comprising of plans, goals and outcomes associated with your campaign.
- Marketing plan put forward by a company provides a shared path to the entire workforce. This helps them in making a coordinated effort in pursuit of their common goal.
- Having an effective marketing plan enables every team member to learn about their exact goals and what is required of them to meet the ultimate goal.
- Marketing allows a company to see the bigger picture of a business venture. Having a marketing strategy enables you to make all the major decisions without having any setbacks.
What are the 4 P’s in marketing?
The 4 P’s of marketing define marketing in the most meaningful way. Product, Price, Place and Promotion have notable impacts upon a marketing strategy.
Before you market it, making sure that your product is ready to sell comes in handy. The first phase of marketing is to conduct different analyses and surveys to make sure the product has clear chances for selling in the consumer market.
Before going public with the product, it is also important to figure out the right price which may be tested using surveys and focus groups. Deciding the right price for a product is a serious task that must be taken care of with a high degree of accuracy.
Promotional strategies must be carried out by making use of ads and brochures. The idea is to create interest with the consumers about your product or service.
Place refers to the potential areas among which you are willing to distribute your product. You also need to figure out if you are willing to target the wholesalers or go directly to the retail market.
How to choose a marketer or marketing company?
Before choosing a marketing company to market your product or service, it is important to look for the following traits in your potential pick.
Expertise and knowledge
Your potential marketer must possess relevant expertise and knowledge in the product or service you are planning on selling. Going through their portfolio gives you a good idea about their capabilities.
Vision for the company
The potential marketer must be able to come up with a vision for your company before you hire them. They must be able to comprehend your ongoing marketing strategies and must come up with opportunities to facilitate you in achieving your targets.
Resources and tools
Learning about the resources and tools your potential marketers have access to is another essential consideration. It gives you a generalized idea on what they are capable of.
Companies that succeed in deploying the right marketing techniques are usually able to grasp the whole market’s attention. It is safe to say that marketing is one of the most vital keys to achieving long term success in a business. Companies that market their products right end up making lots of profits while those who fail, fall eventually.