Marketing provides quality service or products to your target audience by conducting activities that help people identify and reach your services or products. To sum it all, Marketing is finding your target audiences and knowing their needs to offer them the products and services accordingly through the planned activities.
In Dr. Philip Kotler’s opinion, Marketing is “ The science and art of creating, exploring, and satisfying the need of Target Market's profit through its delivering values. Marketing identifies unfulfilled desires and needs. It measures, defines, and identifies the profit potential by quantifying the size of the identified market. It identifies which segments the company is capable of serving best, and it designs and promotes the appropriate products and services.”
The Board of Directors of AMA (American Marketing Association) defines it as “Marketing is the activity, set of instructions, and processes for creating, delivering, communicating, and exchanging offerings that have value for clients, customers, partners, and society at large.”
Four crucial P’s of Marketing, which is also known as Marketing Mix, solely focuses on:
- Product
- Price
- Place
- Promotions
The perfect blend of these four elements of the Marketing Mix helps put up the right Marketing Strategies. To get the right combination of all four elements, you can adjust them accordingly as they influence one another. It is good to understand the importance of Marketing research and understanding to create a compelling Marketing Mix.
Companies draw a written business document containing all the necessary actions that need to be undertaken to reach the specific goal determined by them. This written business document is a Marketing Plan, which helps launch a new product or service to increase market share. The Marketing plan is helpful in the heuristic utilization of resources and time. In order to achieve this goal, there are seven essential components to follow to draw an ideal Marketing plan:
- Market Research: Without proper information regarding the market and its product, nothing can be as successful. Thus, the first step in a Marketing plan is Market research. It is essential to have logs regarding the Marketing status of the current selling of the product or service and estimating the Market raise for the newly launching products or services.
- Target Market: In order to sell your product or service in a better way, it is good to understand the Target Market. You can note the preferences and plan the marketing strategy accordingly. With the help of Target Market, you can reach the right audience with their preferred service or product, which is much more profitable.
- Competitor Analysis: It is good to analyze the competition level for your product as there will be many more businesses that may have already offered a similar product. Through competitor analysis, you can conclude how to make your product or service more successful than others with a similar product or service.
- Marketing Strategy: Marketing strategy is similar to the Marketing mix, which includes product, place, price, and promotions. It helps in the proper planning of the correct usage of the resources and time and defines the features of your products or services and their benefits. It also helps in your promotions, pricing strategies, and distribution plan.
- Marketing Budget: Analyzing the Marketing budget is also an essential step that you must follow. It helps you find the cost of advertising, public relations, website development, the salary of employees, and more. This method allows determining the marketing efforts that are more effective with less budget.
- Marketing Goals: Companies always set goals to reach for the launched product or newly launching product. Marketing goals are responsible for analyzing the product’s marketing growth and improving their methods to see their changes.
- Monitoring Market Response: Companies continually monitor and evaluate the response given by the audience regarding their product or service. It helps them improve the product or service wherever needed and design an effective marketing plan.
There are more exciting concepts in marketing that you should be aware of. To learn Marketing courses online, you can enroll in Great Learning’s Marketing Free Courses and learn Free Marketing Courses with Certificates.
