What is Marketing
marketing can be defined as the process of identifying and satisfying
customers' needs and wants through the creation, promotion, and
distribution of products or services. It involves understanding the target
market, developing a marketing strategy, and utilizing various marketing
tools and techniques to e ectively communicate with and persuade potential
customers.
Marketing also involves conducting market research to gain insights into
consumer behaviour and preferences, which can be used to inform product
development, pricing strategies, and promotional activities. Ultimately,
marketing is a crucial aspect of business success as it enables companies to
connect with their target audience and generate sales.
Aims of marketing
1. Understanding customer needs and wants: One of the main aims of
marketing is to identify and understand the needs and wants of customers.
This involves researching consumer behavior, preferences, and trends to
develop products and services that meet their specific needs.
2. Creating customer value: Marketing aims to create customer value by
o ering products and services that provide benefits and solve customer
problems. This includes designing products with desirable features, o ering
competitive pricing, and providing exceptional customer service.
3. Building customer relationships: Marketing aims to build long-term
relationships with customers by engaging with them on a personal level,
providing excellent customer service, and developing loyalty programs and
other incentives.
,4. Increasing brand awareness and reputation: Marketing aims to promote
brand awareness and build a positive brand reputation by e ectively
communicating the value of products and services to customers through
advertising, public relations, and other promotional activities.
5. Achieving business goals: Ultimately, the aim of marketing is to help
businesses achieve their goals, such as increasing sales, improving
profitability, and expanding their customer base. By creating e ective
marketing strategies and executing them successfully, businesses can achieve
these objectives and achieve long-term success.
, 7 Ps of marketing
Addressing a couple of key issues…
● What are we likely to produce
● What are we likely to charge (opportunity cost)
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● How do we plan to deliver these goods and services to the marketplace
● Who is likely to purchase these goods and services (target market)
● How will we go about informing the consumer about our products and
services
Traditionally companies only looked at the marketing mex being the 4 Ps of
marketing, however the other 3 Ps of marketing were added…
1. Product: Product is the physical or tangible goods or services that a
business o ers to its customers. It includes the features, design, quality,
packaging, and branding of the product. In order to create an e ective
product strategy, businesses must first understand their target market and
their needs and preferences. This involves conducting market research and
analyzing consumer behavior. Businesses must then use this information to
develop products that meet the needs of their target market.
2. Price: Price refers to the amount of money that customers pay for a
product or service. It is an important element of the marketing mix as it has a
direct impact on sales and revenue. In order to determine the optimal price
for a product, businesses must consider various factors such as production
costs, competition, target market, and perceived value. A business must also
decide whether to use a skimming or penetration pricing strategy.
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In other words, opportunity cost is the potential benefit or return that could have
been obtained from choosing an alternative option.
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