Marketing refers to various acts a business undertakes in order to promote the sale or purchase of a particular product or service. It is one of the most important elements of business. Marking and advertising are the backbone of marketing. In today’s world, marketing has become an essential aspect of business. In 2021, The New York Times classified it as “The Art of Telling Stories So Enthralling That People Lose Track Of Their wallets.”
Marketing is usually defined as the use of existing resources to create, communicate, deliver, and exchange information with potential customers. This process should be done in such a way that the customer does not have to spend any extra time or money on acquiring the information. In addition, marketers try to make sure that the process creates value for both parties. This value can be a clear or subtle one such as the quality of the product or service or the assurance that the service will be available when needed.
In order for a business to create the right marketing mix, it is important to consider four factors. First, the target market or consumers, which means the age, gender, social status, and other characteristics of the target market, should be identified. Second, the message needs to be clearly communicated. Third, customers need to know what they should expect from the product or service, and what they should do after receiving it.
Next, the marketing mix should be determined. Depending on the nature of the business, the specific needs of the market, and the preferences of the consumers, the mix should be designed. There are four Ps. to consider in marketing. These Ps. are: offering, communicating, delivering, and exchanging.
Offering is how the product or service is presented to consumers. A marketing strategy should always include offering. For example, if a business has a website, then the owners can offer articles and free information in exchange for the website users’ email addresses. The more people who receive and read the articles, the more likely they will become regular readers, and in turn, increase the company’s overall visibility in the eyes of its consumers. On the other hand, if the company only advertises through social media platforms, then the marketers will have to improve their marketing skills.
Communication is how consumers can get hold of the information they need, whether it’s about a new product or how to use existing products better. In addition, marketers should always communicate with current and former customers. A company can also make use of feedback and surveys when formulating its marketing strategy. Finally, delivering is the process in which consumers get their product on time. For this, marketers should consider any special features that may be important to the consumer’s satisfaction.