What is Marketing?

Marketing is the promotion of products for sale.

Marketing is the study and management of value exchanges.

Marketing is the way an organisation connects with its customers to convey the value of its products and ultimately sell them.

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.

The difference between Marketing and Sales is that Marketing is everything you do to reach and persuade prospects, and Sales is everything you do to close the sale. The sales process involves interpersonal interaction, and is anything that engages you with the customer on a personal level rather than at a distance.

Steps in Marketing

Identifying something that people want and are prepared to pay for, or a problem that they need to be solved. This involves market research to understand the customer.

Developing a product or service that meets the need.

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

Explaining the benefits of your product.

Explaining to consumers why they should choose your product over your competitors' products.

Working out the correct pricing.

Establishing which marketing techniques are effective.

Defining the correct marketing message.

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.

Marketing is about understanding what people want and what drives them.

Useful Links

What is Marketing Strategy? article by the Tronvig Group

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