In the present world, marketing is an important and prominent aspect of business development. But have you ever wondered what is marketing and why it is essential?
According to the American Marketing Association, “marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”. This formal definition got approved in 2017.
In simple words, marketing is the process undertaken to introduce the company’s goods and services to the public. Market research aids in creating a buyer persona that enables the company to focus on the potential customers and their requirements. Thus, it makes the marketing process simpler.
Diving into the Marketing Notion
Marketing comprises all the activities from the start to the end of the company’s process. The marketing process entails everything from the beginning of product development to the extent of product distribution and customer satisfaction. It presents the firm with the direction to head based on research and analysis of the current market situation.
Marketers use the marketing mix to define what is marketing and determine the marketing strategies. One of the marketing mixes is the 4Ps introduced by E. Jerome McCarthy in his text Basic Marketing: A Managerial Approach.
The 4Ps are:
- Product: This represents the initial stage of building a brand or a company. The product that you develop needs to be a solution to the current problem faced by the public or service offered for the betterment of their lifestyle.
- Price: The product price should be determined based on market research and analysis. If the price is too high, you may lose the market before establishing a mark, and if the price is too low, it will result in a loss even though the sales are higher.
- Place: The place is decided based on the shopping habits of your target customers. The research aids in the selection of a place to market the goods, like online marketing or retail marketing.
- Promotion: Promotion is a prominent way of occupying the potential customer’s interest in the goods or services offered. Promotions are done through advertising, either in digital form or through print media.
These 4Ps making up the marketing mix explain what is marketing in brief. Here each part of the mix is essential to excel in terms of marketing the company’s goods and services.
Join the MBA in Marketing programme at Nagarjuna College of Engineering and Technology affiliated to VTU and accredited by NAAC A+ Grade, to learn more about this fascinating phenomenon of what is marketing and how is its impact.