The make-up of marketing
For my latest article, I thought I would go back to basics and talk about what marketing is and the important role it plays in business.
The words ‘advertising’, ‘sales’ ‘awareness’ get bounded around so much these days that the true meaning of the term ‘marketing’ has become skewed.
Practitioners will tell you that marketing is “all the processes involved in getting a product or service from the manufacturer or seller to the ultimate consumer.” The Balance.
Ultimately marketing is about letting the right people know how your product or service can make their life easier, solve a problem or fulfil a need.
As simple as 4 p’s
The marketing process is often broken down into 4 segments: Product, Price, Place and Promotion.
Product – can be a physical product or a service that your business provides
Price – is deciding what price you can charge that will give you the best return without pricing yourself out of the market
Place – knowing where your target audience looks for information and where they do their shopping
Promotion – how you will deliver your message to your target audience and what the message will contain
Is marketing worth the effort?
Marketing your product or service is a fundamental part of running a business. There are very few businesses who have become successful without using some sort of marketing tactics.
So, in answer to the question – Yes, marketing is worth the effort.
Where people often go wrong with marketing is not knowing who they are selling their product or service and not understanding what people need from their product or service. They embark on a marketing campaign with the hope they will see immediate positive results. But, without understanding your audience this will never happen.