WHAT IS MARKETING
What is Marketing
The action or business of promoting and selling products or services, including market research and advertising.
The Concept of Marketing
The marketing concept proposes in order to satisfy the organizational objectives. The organization should anticipate the needs and wants from the potential customers and try to satisfy them more effective than their competitor. Given the centrality of the customer needs and wants in marketing, the rich understanding of this concept is essential :
Needs : Something that people necessary needs such as live heatlhy, stable and safe life. When the needs unfulfilled, there were clear adverse of outcome, even a dysfunction or death
Wants : something is desired, wished or aspired to
Demands : When the needs and wants are backed with the ability to pay.
The Marketing Mix
The traditional marketing consist of 4 broad levels of marketing decisions which consists of Product, Price, Promotion and Place or we mention as a “4P”
- Product
The product aspects of marketing deals with the specification of the goods or services and how these goods and services related to the customer’s wants and needs. The product elements are consist of product design, new product innovation, branding, packaging and labelling.
- Price
This refers to the action about setting the price for the goods or services *include giving the discounts. The price don’t need to be monetary, simply said what is exchanged for the goods or services like time, energy, money or any sacrifice from the customers to get the goods or services.
- Promotion
This includes the aspect of the marketing communication, sales promotion like personal selling, educational promotion, public relations, etc.
- Place
This explains how to deliver the goods to the customers. The distribution channels are wholesaler or retailer which enable customers to access their goods or services in a small number.
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This post was made by Four hat, a marketing company based in Singapore.
