Marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives.
4P’s of Marketing
Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user 's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.
Price: This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or services, e.g. time, energy, psychology or attention
Place: refers to how the product gets to the customer; for example, point of sale placement or retailing . This fourth P has also sometimes been called Place, referring to the channel by which a product or services is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc.
Promotion: This includes advertising , sales promotion , publicity , and personal selling , branding and refers to the various methods of promoting the product, brand , or company.
Branding Branding is a key step in marketing strategy it is done to create consumer awareness and brand recall at the point of making a decision for purchase Factors influencing branding are 1) Features 2) Price 3) Benefits 4) Usability 5) Durability 6) Availability
Consumer Behavior Consumer behavior is the study of how people buy, what they buy, when they buy and why they buy. It attempts to understand the buyer decision making process, both individually and in groups. Four major types of factors influence consumer buying behavior are 1) Cultural 2) Social 3) Personal 4) Psychological
Marketing Versus Selling
Marketing is what people do to get us interested in the “brand" of their product.
Marketing is the first step to a long-term relationship with any product, and the more products a person has to sell
Marketing is necessary to prove the existence of a company
Selling is something that we do to show people that the products we have to offer are of value to them
Selling usually comes in right at the point of purchase
Selling is necessary for the company to remain existent