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The basics of marketing

by on March 9, 2018 in featured item, Latest News, Lead Article, Marketing, News you can use, Nuggets

The basics of marketing

Many of us have most likely heard of the term marketing and think that we know exactly what it is.

It is a very basic term known by the general population, even if they are not business or economics experts.  But do we really know what it is, and how to successfully implement it?  In most cases, probably not quite.

To begin, the term marketing is defined as the activities of company which are related to both buying and selling either a service or a product. This can include advertising, selling and delivering products to customers, such as casumo bonus review successfully does. 

Those that work in marketing departments or specialize in marketing as their career are seeking to gain the attention of specific targeted audiences. Marketing experts exactly know how to use special slogans, language, terms, and packing designs, based on proven psychological research and on past campaign statistics. They also know how to properly incorporate media exposure and celebrity endorsements in order to ensure the most success in their marketing efforts.

Marketing, to break  down the term even more, is everything that a company does in order to gain customers, as well as to maintain a healthy relationship with them and have them as a lasting and happy customer.

Successful marketing means getting the customer not just for one sale, but having them become a loyal and regular customer that truly believes that the product they are purchasing is the best possible.

Marketing takes into account of all the small things that need to be done in order to ensure customer success, such as writing thank-you letters, or playing a Saturday morning golf game with a potential client. Something so small and simple, such as getting back to clients by phone or email in a timely fashion is even an important part of marketing. Even meeting a client for coffee can be understood as marketing.

Ultimately, the goal of marketing is to make the company’s services and products a perfect fit for the customers, and ensure that the company will be profitable while still providing a fair price and quality product to the customer.

In marketing, there are four main P’s. These concepts are product, place, price, and promotion.

When referring to a product, the intention is the items that a business would like to sell. Questions such as what product exactly is being sold needs to be asked, and what about it makes it unique in comparison of those of it’s competitors? It also needs to thought through about whether or not secondary products can be sold with it too, and if there are any substitute products on the market that can potentially replace it.

When talking about price, it refers to how much the product will cost.  Several aspects need to be taken into consideration when establishing the price, such as distribution expenses and marketing costs.

Place talks about the actual distribution of the product, such as whether the product will be sold in a physical store, online or perhaps even through both if it can be successful in both platforms.

Promotion, the final P refers to the marketing communications campaign used, such as sales promotions, personal selling, public relations and advertising.

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