What is marketing? | How does marketing work?
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What is marketing? | How does marketing work?

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What is marketing? | How does marketing work?
What is marketing?


What is marketing?

Marketing is the perusal and management of commutation relationships. Marketing is the business process of building relationships with and satisfying customers. Customer-focused marketing is a key component of running a business.

Marketing is what a company does to promote the purchase or sale of its products or services. Marketing included Advertisement, sales and Division products to consumers or another businesses.

Professionals working in the marketing and promotion department of a company work hard to attract the attention of key potential customers through advertisements. Promotions are targeted at a specific audience and may include celebrity endorsement, a compelling statement or slogan, memorable packaging or graphic design, and public exposure to the media.

How does marketing work?

Product, price, place and promotion are the four factors of marketing. Together the four elements form the essential combination for marketing a company, product or service. The concept of the marketing mix and the 4Ps were popularized by Neil Borden in the 1950s.

Project

Products are the items a company plans to offer to customers. The product must fill a gap in the market or meet consumer demand in a higher volume than the existing product. Before designing an appropriate marketing campaign, marketers need to understand what product is being sold, how it differs from competing products, whether the product can be combined with sub-products or product lines, and Are there alternatives in the market? ,

Worth

Price represents the amount for which the company will sell the product. Firms should consider unit price, marketing cost, distribution cost, etc. while pricing. Companies should also consider the prices of competing products in the market and whether the proposed price range is high enough to represent a reasonable alternative for consumers.

Location

The site indicates the delivery of products. Key considerations include whether the company will sell its products in stores, online, or through both distribution channels. What types of products will I receive when selling in my store? What types of digital products do you get to sell online?

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The fourth P, Promotion, refers to integrated marketing communication activities. Promotion includes activities such as advertising, promotion, publicity, public relations, direct marketing, sponsorship, and guerrilla marketing.

Marketing concept

There are 5 different concepts in marketing, and each concept deals with a different function. For example, production concept is production oriented and sales concept is sales oriented. Each concept is developed according to the needs of the market. As the market changes, so does the marketing philosophy. Today we have the opportunity to learn about all the five marketing concepts and what they mean.

  • production concept
  • product idea
  • sales philosophy
  • marketing concept
  • concept of social marketing


1) Concept of production

Consumers prefer Concept of production that are easily Present and easy affordable. The production concept is more operationally focused than any other.


2) Product concept

Consumers prefer products that offer the best quality, performance or innovative features. The product idea believes in consumers, saying that consumers will be more loyal if they have more product choices or receive more benefits from a company's products.

3) Sales philosophy

Consumers will only buy a product if the company is actively promoting or selling that product. Of course, in this age of marketing, we know that upselling is not the only strategy for selling a product. You should also focus on marketing.

4) Marketing concept

We focus on what our target market wants/needs and provide better value than our competitors. Marketing concept believes in pull strategy and says that you should make your brand strong enough that customers prefer your brand over all other competitors. This can be achieved through marketing.

5) Concept of Social Marketing

Focusing on the needs of the target market and providing better value than competitors while preserving the welfare of consumers and society.

Importance of Marketing to Business

Marketing is very important in any business. It is the basic process of researching, promoting and selling a product or service to a target market. gain is the option line of any business. gain mainly comes from well-turned selling. Marketing is an important business process that informs, attracts and convinces people about the value of a product or service.

Many businesses would not exist without marketing. You can have the most amazing product or service, but if no one understands its existence or value, you won't make any sales. It is important to use marketing to promote your business, brand and products. How would you sell without it?


Marketing Advantage (Marketing Advantage)

Raising Awareness - Most of us see advertisements or get recommendations, but we don't always buy a product or use a service directly. By raising awareness through marketing, you build an audience of potential customers who know who you are, what you offer, and where they can find you when they're ready to buy your product or service. .

Increase sales - When people know that your business exists, they are more likely to become your customers. If your marketing campaign is working properly, you will see an increase in sales as soon as it is launched.

Build trust – People want to buy from reputable companies. They want to know if they can trust the business they're buying from. Build trust takes time to a reputation for yours business. When companies are able to build this trust with their customers, customer loyalty is created. If your customers are satisfied with your product or service, they will spread the word about your business. Word of mouth is the very most dominant form of marketing, and it's free of cost.

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