What is marketing?
Marketing is about determining the value of your product or service and communicating that information to customers.
Who is your customer?
- Before you begin selling something, you need to know who you are selling to.
- Once you have defined your target customers, you must learn about their needs and preferences.
- To develop a profile of your customers and understand their needs, you will have to do some market research.
The Importance of the Four P's
Will anyone buy what you're selling?
Marketing experts say that there are four factors that influence purchasing decisions. These four factors are known as the marketing mix or the four Ps:
- Product: What are you going to sell?
- Price: How much can you charge for your product?
- Place: Where will people buy your product?
- Promotion: How will people find out about your product?
How successful you are at these four elements will strongly influence your business' revenues.
How does marketing interact with the rest of your business?
Marketing is not a stand-alone activity. It is integrated with all other functions of your business.
- Your research and development needs to be focused on developing products that meet the needs of clients.
- Your production team has to be able to keep up with the demand that you create for your product and live up to promises you make about the quality of your product.
- Your human resources strategy has to be focused on hiring and training people to sell your product and create a strong image for the business.
- Your financial experts need to provide input into discussions around pricing your product.
- Your legal team needs to assess the privacy implications of various marketing techniques that you are considering.
- Your environmental team will want to look at the packaging of your product and ensure that, while still being attractive, it has a low impact on the environment.
As you can see, marketing is far from an isolated business activity. It needs to be a key consideration in all types of business decisions.
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