Marketing in Business

what is marketing?
Marketing refers to activities undertaken by a company to promote the purchase or sale of a product or service. Marketing includes advertising, selling and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of the company.

Professionals working in the marketing and promotion departments of an organization seek to attract a potential adult audience through advertising. Promotions are intended for specific audiences and may include celebrity endorsements, catchphrases or slogans, memorable packaging or graphic design, and general media awareness.

keys to carry
Marketing refers to all the activities a company undertakes to promote and sell products or services to consumers.
Marketing uses the "marketing mix", also known as the four Ps—product, price, location and promotion.
Marketing relied on traditional marketing techniques which included television, radio, mail and word of mouth techniques.
While traditional marketing still exists, digital marketing now allows companies to engage in e-mail, social media, collaboration and content marketing strategies.
At its core, marketing seeks to adopt a product or service, identify its ideal customers, and attract customers to an existing product or service.
understanding marketing
Marketing as a discipline encompasses everything a company does to attract customers and maintain relationships with them. Interacting with potential or former clients is also part of the job, and may include writing thank-you emails, playing golf with potential clients, promptly returning phone calls and emails, and meeting clients for coffee or a meal.

At its most basic level, marketing seeks to associate a company’s products and services with customers who want to acquire those products. Matching products with customers ultimately ensures profitability.

4 P's of marketing
Product, price, place and promotion are the four Ps of marketing. The four Ps together make up the basic mix that a company needs to sell a product or service. Neil Borden popularized the idea of a marketing mix with the Four Ps concept in the 1950s.

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Photo by Sabrina Jiang © Investopedia
commodity
Product refers to the product or products that a business plans to offer to customers. A product must fill a void in the market, or satisfy consumer demand due to the high value of an already existing product. Before developing an appropriate campaign, marketers need to understand the product being sold, how it differs from its competitors, whether the product can also be combined with a secondary product or product line, and Are there substitute products in the market?

worth
Price refers to how much the company will sell the product for. When setting price, companies must consider unit price, selling price and distribution. Companies should also consider the pricing of competing products in the market and whether their proposed price point is high enough to represent a viable alternative for consumers.

Place
Location refers to the distribution of the product. Important considerations include whether the company will sell the product through a physical store, online or both distribution channels. What type of physical placement is being sold in the store? What type of digital installation is sold online?

promote
Promotion, the fourth P, is an integrated marketing communications campaign. Promotion includes various activities such as advertising, marketing, sales promotion, public relations, direct marketing, sponsorship and guerrilla marketing.

Promotions vary depending on what stage of the product life cycle it is in. Marketers realize that consumers associate a product’s price with its delivery and quality, and they take this into account when designing the overall marketing strategy.

Marketing refers to any activity undertaken by a company to promote the purchase or sale of a service. If there is a low price for a product, the company may sell itself in an effort to better position itself as one of the minority buyers.

types of marketing strategies
Marketing encompasses an incredibly broad and diverse set of strategies. The industry continues to evolve, and the tips below may be more appropriate for some companies than others.