Marketing – Definition, Goals, Strategies and Types of Marketing

In today’s world, a number of people are into marketing to enhance the growth of their business, product, or services which will, in turn enhance their economy and cash flow as well as their standard of living.

In this article, we will be exposing you to the definition of marketing, and the principles of marketing; although there are seven principles of marketing but we have four main marketing principle which includes: product, price, people, and place and these principles will be discussed as we proceed.

Furthermore, we will talk about the different strategies of marketing, their goals in every business, be it a small business or larger business as well as companies and the benefits of marketing.

Marketing is a process of getting potential clients or customers who are interested in your products or services.  The keyword in this definition is “process” marketing involves researching, promoting and distributing your product and services.

This discipline centers on the study of market and consumers behaviors and it analyzes the commercial management of companies in order to attract, acquire and retain customers by satisfying their wants and needs and instilling brand loyalty.

What is marketing?

Marketing refers to activities a company undertakes to promote buying and selling of a product or services. Marketing involves advertising, selling and delivering products to consumers or other businesses.

Some marketing are done by Affiliates on behalf of a company. Today, marketing is something that every company and organization must implement in it’s growth strategy. Many companies uses marketing strategy or techniques to achieve their goals without even realizing it,as they work to improve themselves and increase sales of their products or services. These days marketing is one of the key aspect of business.

Professionals who work in a corporation’s marketing and promotion departments seek to get the attention of the key potential audience through advertising.

Promotion are targeted to certain audiences and may include celebrity endorsement,catchy phrases or slogans, memorable packaging or graphics designs and overall media exposure.

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What are the principle of marketing?

The Ps of marketing are the simple formula for identifying and working with the essential element of your marketing strategy, this principle includes:

  • Product
  • Price
  • Promotion
  • Place
  • Packaging
  • Positioning
  • People

1) PRODUCT:

Product refers to the item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market or fulfill customers demand for a greater amount of products already available before they can prepare an appropriate campaign.

Marketers need to understand what product is being sold, how it stands out with its competitors and whether there are substitute product in the market.

2) PRICE:

Price refers to how much the company will sell the product for. When establishing a price, companies must consider the unit of cost price, marketing cost and distribution expenses. Companies must also consider the cost of competing products in the market place and whether their proposed price point is sufficient to represent a reasonable alternative for customers.

3) PLACE:

Place refers to the distribution of the product. Key considerations includes whether the company will sell the product through physical storefront, online or through both distribution channels.

4) PROMOTION:

Promotion, the fourth P,is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling ,sales promotion, public relations,direct marketing, and sponsorship. Promotion vary depending on what stage of product life cycle the product is in. Marketers understands that consumers associate a product’s price and distribution with it’s quality, and they take this into account when devising the overall marketing strategy.

5) PACKAGING:

The fifth Element in the marketing mix is the packaging. Develop the habit of standing back and looking at every visual elements in the packaging of your product or service through the eyes of a critical prospect. Remember, that people form their first impression about you within the first three seconds of seeing you or some element of your company.

Small improvement on the packaging or external appearance of your product or service can often lead to a completely different reactions from your customers. With regards to the packaging of your company’s product or services, you should think in terms of everything that the customers sees from the very first moment of contact with your company all the way through the purchasing process.

Packaging refers to the way your product or service appears from the outside. Packaging also refers to how your workers are dressed and groom.

6) POSITIONING:

The next P is positioning. You should develop a habit of thinking continually about how you are position in the heart and minds of your customers. How do people think and talk about you when you are not present?

How do people think and talk about your company? What position do you have in the market? In terms of the specific words people use when they describe you and your offering to others.

Develop a habit of how you could improve your positioning. Begin by determining the position you would like to have.

7) PEOPLE:

Develop a habit of thinking in terms of the people inside and outside of your business who are responsible for ever elements of your sales and marketing strategy and activities. It’s amazing how many entrepreneurs and business people will work extremely hard to think through ever elements of the marketing strategy and the marketing mix, and pay little attention to the fact that every single decision and policy has to be carried out by a specific person in a specific way.

Your ability to select, recruit,hire and retain the proper people with the skills and ability to do the job you need to have done,is very important.

What are the goals of marketing?

An important goal of marketing is propelling a company’s growth. This can be seen through attracting and retaining new customers.

Companies may apply a number of different strategies to achieve this goals. For instance, matching products with customers needs could involve personalization, prediction and essentially knowing the right problem to solve. Another strategy is creating value through the customers experience. This is demonstrated through efforts to elevate customers satisfaction and remove any difficulties with the product or service.

What are the different marketing strategies?

Marketing does not just have one strategy, but rather a combination of many different techniques and tactics. The different marketing strategies includes:

  • Digital marketing
  • Marketing plan
  • Viral marketing
  • Inbound marketing
  • Performance marketing
  • Email marketing

DIGITAL MARKETING:

Digital marketing is the discipline of marketing which focuses on developing a strategy solely within the digital environment.

MARKETING PLAN:

Marketing plan discover what a marketing plan is,why you need to design one and the keys to creating a strong marketing plan. Without a marketing plan,a company or brand can’t reach it’s goals.

VIRAL MARKETING:

Having something go viral is every company’s Dream. Viral marketing spreads from one person to the next and is capable of giving incredibly far and fast .

INBOUND MARKETING:

This method of marketing focuses on creating valuable content to attract qualified web traffic and work towards the final sale.

PERFORMANCE MARKETING:

Performance marketing applies various marketing methods and techniques and guarantee advertisers that they only have to pay for achieved results.

EMAIL MARKETING:

Email marketing is not anything new but it has resurfaced with a renewed efficacy. This type of campaign yields high conversions thanks to the many automation tools available, you can get highly profitable conversions. If you consider that getting a new clients is ten times more expensive than maintaining a current one, you can be sure that email marketing is the right choice.

What are the benefits of marketing?

  • Building trust in your brand
  • Tracking your metrics
  • Help  in raising brand awareness
  • Work best in generating traffic

To be successful in business, you must develop the habit of thinking in terms of exactly who is going to carry out each task and responsibilities. In many cases, it not possible to move forward until you can attract and put the right person into the right position.

Many of the best business plan ever Developed sits on shelves today because the people who created them could not find the key people who could execute those plans. Subscribe to this page for more updates on marketing tips

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