What Do You Know About Services
September 12, 2018
Marketing is defined as the promotion, distribution and selling of a product in the market and includes market research and advertising. The relationships between the company and business is made and maintained by the marketing department that every company is supposed to have. Marketing’s main goal is to link the goods and services to the market that is willing to procure while making profit in the process.
There are the four p’s of marketing and they include the product, price, promotion and place that are what the whole marketing is all about. Product refers to the items that a business is selling and that should include its difference to the competitor’s product. Price is the second p and refers to how much the business will sell the product for and still make a profit considering the marketing and distribution costs.
Place is the third p and that means the physical point that the business uses to sell its product and it may be a store or a distribution channel. The final p is the promotion and that involves the means of marketing campaign for the product and may involve advertising, personal selling and public relations that may improve the sales.
The different strategies of marketing include advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing, transactional marketing and diversity marketing and they are applied to acquire the market that is needed for the commodities.
the use of print media and pay per click is one of the methods of paid advertising and are one of the traditional and well known approaches. In order for the business to grow and sell commodities to the consumer they need to create a client base and that means to enhance customer loyalty in an attempt to maintain existing relationships and that is the relationship marketing.
The next form links the cause or a social issue to the product in order to secure customers and is called cause marketing. The word of mouth marketing is the most traditional of them all and it involves the direct talking to customers and create impression on them to buy the product and this means creating trust to the market.
Undercover marketing also stealth marketing is the type of marketing that the market does not know is happening. Transactional marketing is where retailers encourage sales by the use of coupons and vouchers or even discounts.
When many strategies of marketing are used together, it is referred to as diversity marketing and they are used interchangeably to lure the market to buy the commodity. Internet marketing has become a trend and that has caused products to be advertised over the internet.