Authored By: Lee Myung
Director of Business Services
What is Marketing?
Marketing is how you sit when you want to explain how great and awesome your product is and why people should buy it.
Marketing is an ad, a brochure, a press release, and now has become a facebook page or a twitter account.
Marketing to many business professionals, is simply selling at a larger scale. The reality is that marketing sits at the intersection of the business and the customer. The greater arbiter of the self interests of the business and the greater needs of the buyer. As the global economy settles into a new normal of consistent doubt, marketing has several setbacks, such as identity problems, a brand perception gap, and maybe even a crisis of confidence.
Marketing is not about who can talk faster, or close better. It’s about deep psychological understanding of customer needs. Every innovation in the history of the world combined an uncanny understanding of human needs and the innovative vision to deliver ~Forbes Magazine
There are four elements of marketing and defined as such in the 4 P’s.
1. Identification, selection and development of a product
2. determination of its price
3. Selection of a distribution channel to reach the customers place
4. Development and implementation of a promotional strategy
Marketing is our way of strategy for allocating resources (time and money) in order to achieve our objective. (A fair profit for supplying a good product or service).
How Marketing Helps Businesses?
Marketing is the lifeblood and the backbone of any organization. Without this, a business is as good as nothing. Marketing conceives the product, prices it, distributes it among all the logistically feasible areas and promotes it the best way it should (Going back to the 4 P’s). More so it also formulates the most effective stategy/ies in order for the business to cope up and meet the ever-changing and fast-paced trends and demands of the business environment. It conducts, research, creates short, mid and long term plans and develops feasibility studies on whether a certain venture would become a click or match in the market.
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