What Is Marketing?
- 9 Comment
Many people think of marketing as advertising. This is a huge mistake and not understanding the fundamentals of marketing and its components can lead to a tremendous waste of time, effort and resources (ie. Money).
Let’s start with the components, the “Four P’s of Marketing”
1.Price
- Price impacts revenue, Price*Quantity
- Price Level impacts demand, Higher prices=Lower demand, Relative prices with competitors effects demand.
2. Product
- Physical features of the product, specifications, and the intangible aspects of the service (warranty)
- Things you do to make the product more attractive to buy (ie. packaging)
- Value: What is the ratio of benefit to cost for the consumer?
- Differentiation: Are the things that make your product unique real or psychological?
3. Place
- Where will you sell the product?
- Where are the customers and how do you reach them?
- Channels of Distribution: All the middle-men used to deliver your product.
4. Promotion
- Delivering your message to consumers.
- What most people think of as “Marketing”
- 3 purposes: Inform, Persuade, Remind
- Identify target audience
- Determine communication objective
- Design message
- Select communication channel
- Manage implementation
- Mass Selling, Advertising: which you pay for and Publicity: which is free
- Sales Promotion: In store effoerts to get the customer to try the product (ie. contests, coupons, free samples…etc)
- Personal Selling: Direct contact with a potential customer.
Once again I leave this as sort of a “Bare-Bones” post becuase I want you to think about this stuff and how it all works together. If there are any areas you would like me to describe in detail, let me know and I will post a follow-up on this subject.
9 Comments on this post
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fitness lady said:
I know I should start with Mom and Pop shops, Website and Facebook, but what else can I do to set me apart from everyone else? I know I can do something else but the idea just is not getting through!!
January 30th, 2010 at 6:44 am -
romantic gifts said:
Marketing is the art and science of meeting a consumer’s want, need or desire at the right time and place by offering a desirable good/service in exchange for compensation.
January 30th, 2010 at 6:47 am -
romantic gifts said:
If your product requires a more targeted approach, it’s best to know what kind of businesses surround the particular kiosk your ads will show in. You will want to try and come as close to your niche as possible.
February 1st, 2010 at 4:31 am -
promotional merchandise said:
You can do a job search on the web Singapore Jobs Online, Naukri.com, MonsterIndia.com, JobsDB where you can find huge knowledge about Singapore job market.
February 1st, 2010 at 4:33 am -
Teeth Whitener said:
I am most proud of my record for helping average people - people who have never reached any level of serious success in the business - to finally reach that success.
February 3rd, 2010 at 12:28 am -
fitness lady said:
I wanted to know, How can I promote Products and services.So that I can present my Services to the big User group of FaceBook. If anybody have any idea, please help me with your valuable suggestion.Thanks
February 3rd, 2010 at 5:03 am -
Teeth Whitener said:
Thank you for this useful information. I just started my blog a week ago and I have very few visitors. Thank you for your post, now I know what to do to gain traffic.
March 1st, 2010 at 10:15 pm -
romantic gifts said:
I think I would need a good definition of “awesome”. I think it’s a good idea to decide whether you’re leaving the comment as an official representative of your company or as yourself. Dropping a business card at the end can often seem, for lack of a better word, icky.
March 2nd, 2010 at 3:02 am -
fitness lady said:
Affiliate marketing is a program which you sell other people product for commission. This program is very common in internet marketing business…
March 4th, 2010 at 2:43 am
