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What is Marketing?

Marketing is the promotion of products for sale.

Marketing is undertaking the activities intended to help sell product.

Marketing is putting the right product in the right place, at the right price, at the right time.

Selling is concerned with the techniques of getting people to exchange their cash for your product. Marketing is about communicating to the customer, creating a demand for your product and fulfilling the customer's needs.

A critical aspect of marketing is considering the needs and desires of the customer.

Steps in Marketing

Identifying something that people want and are prepared to pay for, or a problem that they need to be solved.

Developing a product or service the meets the need.

Promoting the product so that the target audience is aware of its existence.

Working out the correct pricing.

The 4 P's of Marketing

The 4 P's of Marketing are Price, Product, Promotion and Place.

Product - The item or service a business itends to sell.

Price - The price at which to sell an item. This needs to be judged carefully. Too low and you won't make enough money, too high and you may not sell enough product.

Place - Where the product is going to be sold.

Promotion - The integrated marketing communications campaign. Promotional activities may include advertising, sales promotions, public relations, personal selling, sponsorship and guerilla marketing.

Additional Notes

Customers do not buy what you sell, they buy what has value to them. Peter Drucker.

Who is Your Customer? Identify who your customer is.

What Do They Value? Find out what your customer cares about and how this relates to your offer.

Useful Links

What is Marketing Strategy? article by the Tronvig Group







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