Marketing is the process of creating, delivering and exchanging value for goods or services. It aims to meet the needs of customers while increasing profitability, which is the key to sustaining a business.
The marketing process begins with understanding a company’s target audience, which is then followed by designing and executing marketing strategies to attract and maintain customers. These strategies often include market research, advertising, sales and marketing communications.
Defining the Purposes of Marketing
The purposes of marketing are to attract new customers, retain existing ones and improve customer loyalty. These goals are achieved through a variety of different marketing tactics, such as matching products to customers’ needs and ensuring that the product experience is positive for the consumer.
Traditionally, marketers have been responsible for establishing the company’s brand image, influencing customers’ reactions to the product or service and shaping the company’s reputation. However, the role of marketing has evolved beyond just shaping a brand’s image and is increasingly focused on educating consumers about its products and services.
This shift from traditional marketing has led to a broader definition of what marketers do, which includes the creation of content and promoting it through various channels. This is also known as inbound marketing, and it helps to build customer relationships and foster trust.
Inbound marketing focuses on the customer’s desire to learn more about a product or service and engage with it. This can be done through the use of online content, social media marketing and email campaigns.
It can also include the retargeting of people who have previously visited a website or engaged with the company through other channels, such as email or mobile apps. These methods allow companies to get in front of potential customers with tailored messages and a more personalized approach than traditional advertising.
Another important aspect of inbound marketing is the creation and distribution of relevant, helpful, interesting and valuable content. These messages help to establish a company’s brand and create lasting relationships with customers.
The Four Ps of Marketing
Originally, the Four Ps of marketing were introduced by Harvard Business School professor Neil Borden in the 1950s. These four Ps are product, price, place and promotion. These are the essential components of any effective marketing strategy, and they represent a common foundation for most marketing campaigns.
The Four Ps are used by all types of businesses and are a crucial part of a successful marketing plan. They are often referred to as the “marketing mix” and can be used to guide and optimize a marketing plan.
According to the ANA, the Four Ps of marketing are:
Product
A product is a bundle of attributes (features, functions and benefits) that are capable of exchange or use. It may be a physical object or an intangible thing, such as a service or a software program.
Price
Pricing is a crucial element of any successful marketing campaign. It is a vital component of the marketing mix because it can either drive revenue or limit profit margins. It is important to pick a price that is both accessible and attainable by the targeted market, but at the same time is high enough to meet the company’s goals.