Marketing is the act of promoting products and services in order to acquire new business. Marketing refers to various activities that a business undertakes to advertise the sale or purchasing of a particular product, service, or asset. In modern business and marketing literature, marketing is often regarded as an art form. In recent years, it has come to be known as one of the most important disciplines for business management professionals. In 2017, The New York Times classified it as “perhaps the one area of business that will be most impacted by technology in the coming decade”.
Marketing is also known as the promotion of products and services by the means of advertising. Marketing is one of the primary activities that are used to acquire new customers. However, one should not forget the importance of marketing when it comes to the promotion of the products or services of a business. This is why, in order to effectively understand, analyze, and forecast the effect of marketing efforts on business performance, there are four Ps.
First, marketing is a process, which takes time. The marketing efforts of any business will only bear fruit if they are managed properly and appropriately. In fact, effective marketing takes a lot of time. It can take anywhere from one to five years before a particular marketing campaign can begin to bear fruit. Second, marketing is not only about reaching out to potential consumers but also involves building relationships with consumers. Third, marketing is an interactive process that involves a variety of functions such as design conception, development, testing, and evaluation, market research, and promotion.
The next four Ps. Our marketing strategies. There are several marketing strategies that a business can use to reach out to a specific target audience and boost its earnings. When it comes to advertising, the first strategy is the creation of the advertising itself. Advertising is always created in a way to inform the general public about a certain product or service. Apart from creating the advertisement itself, there are other more advanced marketing strategies that may include the creation of print advertisements, electronic advertisements, radio or TV ads, or other media forms.
The third strategy is market penetration strategy. A market penetration strategy refers to the techniques used by a business to promote its product or service to a specific geographical area or demographic group. There are various ways to achieve market penetration including various advertising practices. The fourth strategy is sales and distribution strategy. This refers to the process wherein sales personnel and distribution professionals help boost a company’s income by either gaining access to customers or distributing goods to customers.
Finally, the fifth strategy is marketing timing. Marketing timing is all about the timing of a marketing campaign. It is all about knowing when and where to launch a certain marketing effort. Once a certain marketing campaign is launched, it should be continued regularly to ensure that the target audience becomes more familiar with the brand and services offered by the company.