What is Marketing?

Marketing definition

Marketing is the process of teaching consumers why they should choose their product or service from their competitors, and is a motivational form of communication. It includes all the processes involved in carrying a product or service from your business to the consumer.

What is Marketing?
What is Marketing?

 

Marketing involves conceptualizing a product or service, identifying who is likely to buy it, promoting it, and advancing it through appropriate sales channels. There are three main objectives of marketing:

1.Getting the attention of your target market.
2.Persuade a consumer to buy your product.
3.Provide the customer with a specific low-risk action that is easy to take.

If the goal of your business is to sell more products or services, then marketing is what helps you achieve that goal. Anything you use to communicate with your customers, convincing them to buy your products or services, including advertisements, social networks, coupons, sales and even how the products are displayed is.

The importance of marketing can be studied as follows:

(1) Marketing assistance in transfer, exchange and movement of goods:

It is very useful in the transfer, exchange and circulation of goods. Goods and services are made available to customers through various intermediaries, namely wholesalers and retailers, etc. Marketing is useful for both producers and consumers.

(2) Marketing allows to influence a movement, sales generation and culture:

Is it a non-governmental organization that strives to raise awareness about an epidemic or humanitarian crisis, or an organization that offers a stellar product that helps rid people of monotonous work, marketing them to the right people And allow them to function.

Marketing is an evolving field and the exciting part is that it is helping inform and shape our culture today. Our clients typically face a difficult challenge when they work to define the right balance between corporate performance and citizenship.

We believe that marketing can help companies better reflect the direction of their organization, while allowing them to find excellent ways to reach the people they need. Whether it is choice, purchase or context, marketing allows companies to go beyond what they have never done before.

(3) More Customers:

A consumer who knows that their business exists and becomes a customer, without any form of online medium, be it a website, a review site, a social media platform or a search engine, are few. In other words, online platforms are now ineffective from the customer journey, regardless of business.

That said, you can ensure that marketing your online business will allow you to reach and gain more customers.

(4) Product Status and Prices:

This strategy should be clear about the status of the product. What are the main features of the product? What kind of customers are you targeting? What is a niche market? What is your unique selling proposition that sets it apart in a crowded market? How is it perceived by customers?

For a new company, it is important to arrive at the right product price. “How much to charge?” This is a disconnecting question. Often, entrepreneurs ignore hidden and indirect costs (administrative expenses, goods and transportation, advertising) and sell at a loss!

The pricing strategy, an important component of the marketing strategy, should be based on all your costs, profit margins, and what the competitors should charge. You must know the “reasonable” price that the customer will be prepared to pay. Price should be competitive but still provide a good return on investment. Many companies initially charge low prices to gain market share.

(5) Boosts company reputation:

The main marketing activities are purchasing, selling, financing, transportation, storage, risk taking and building the reputation of the company. The success of a company is often based on a solid reputation. Company image is very important! It is the soul of business.

And only marketing strategy can help any company to identify the best opportunities to pursue, as well as build a strong reputation for avoiding threats.

About the Author: goanworld11

Indian blogger

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