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Marketing

            What is marketing? Marketing refers to the process of management which goods and services move through to the customer from being a concept to actual goods.

What is marketing?

 Marketing involves successful coordination of four items referred to as 4 P’s of marketing (Heaton, 2016).

        i.            Product (P) – The product aspect of marketing ensure there are some specifications of the products (goods) or the service and ways in which the products or services relate to the needs and wants of the consumer. Among the scope of the product is the inclusion of the supporting elements like guarantees, warranties, and support.

      ii.            Pricing (P) – Pricing element of marketing refers setting the price which the product will cost which also includes discounts. The price does not necessary need to be monetary. Price can simply be what is obtained after exchanging the product or service. Price could include attention, time, or energy. There are specific methods of setting the price of products which is in the domain of pricing science.

    iii.            Placement (Distribution) – Placement refers to the ways in which the customer will get product or service. Examples of this are retailing or the point of sale placement. Placement could also be replaced by Place which in this case could refer to the channel through which the product or service will reach the consumer (online or retail), geographic industry or region, the segment (business people, families, or young people). Additionally, it refers to the ways the environment within which the product is sold affects the sales.    

    iv.            Promotion (P) – Promotion includes sales promotion and advertising which includes publicity, personal selling, and promotional education. Branding refers to various ways through which product, company or brand is promoted.

  P's of Marketing

For instance, new Microsoft products are developed, and in their development, it includes improvements on their applications and systems. These products will be set at various products based on the desires of the capabilities of the final customer. The products will also be sold in places where the rest of the Microsoft products are sold. So as to promote the device, Microsoft will feature its debut at technology events and will be highly advertised on television and the web (Hair & Lukas, 2014).

            The main component of marketing is always thinking about business especially regarding the needs of the customer and whether they will be satisfied. It should be noted that there is a contrasting difference between marketing and selling. Selling is more about techniques and tricks of getting consumers to exchange their money for the product being sold. Note carefully that selling does not concern the values bestowed on the exchange. The main difference, however, is that selling does not view the whole business process as comprising of integrated efforts of discovering, creating, arousing, and satisfying the needs of the customers. This means that marketing does not have much to do with convincing customers to pay the goods or service as it makes a certain developing demand for the good or service and ensuring that customer’s needs are satisfied (Etemad, 2014).

            There is an environment over which marketing is done and which relates to various factors (direct, indirect, internal, or external) affecting a company’s marketing planning. There are three primary areas making up a company’s marketing environment which are:

        i.            Macro environment – The company has very little control over this type of marketing environment

      ii.            Microenvironment – A company holds great control over this type of marketing environment.

References

Etemad, H. (2014). Is Marketing the Catalyst in the Economic Development Process?. Marketing             in Developing Countries (RLE Marketing), 29.

Hair Jr, J. F., & Lukas, B. (2014). Marketing research. McGraw-Hill Education Australia.

Heaton, J. (2016). What is marketing strategy? Tronvig Group.

Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in online nursing papers if you need a similar paper you can place your order from medical essay writing service online.