Marketing describes a number of complex activities that a business undertakes in order to promote the sale or purchase of a particular product, service, or just about any other item. The marketing process is carried out through various channels such as advertising on radio, television, and even in print. However, one of the most effective methods of marketing is through the internet. The internet has become an integral part of all businesses across the world because it is largely free and gives you the opportunity to reach out to a global audience who can potentially convert into buyers.
Before getting deeper into the definition of marketing itself, it is important to lay down some ground rules. For example, marketing is not only about what you are selling but also about how you are marketing it. There are four Ps to marketing that you need to understand if you want your offerings to be successful. These four Ps are preparation, discovery, performance, and compensation. Let’s take a look at these four Ps and how they relate to your marketing mix.
Preparation is the act of creating and assessing a market need so that you can provide a solution to that need. In the case of advertising, preparation would involve coming up with a message that will resonate with consumers and making sure that the message is understood and acted upon. In this case, the message would revolve around the benefits of buying your products or services. In terms of recruiting marketing, preparation involves coming up with a profile of consumers that will be attracted to your company’s offerings. This could be in the form of a sales brochure or a website.
Discovery is the process of understanding what consumers need and acting on that need. In the case of marketing, the focus here would revolve around the needs of the prospective customers and then figuring out how to provide them with solutions. Performance is related to marketing professionals. The goal here would be to create and develop a positive image in the minds of consumers about your brand, product or service so that consumers will be encouraged to engage in future transactions with your company.
Monitoring and measuring are terms that refer to the ability to measure performance and make adjustments to that performance as necessary. For example, in the case of marketing, marketers have to ensure that the distribution of their marketing communications is effective so that it reaches target consumers. Similarly, marketers should also track the response rate and response rates of different marketing campaigns so that improvements can be made for future campaigns.
Lastly, defining marketing refers to drawing up a comprehensive plan of action in accordance with the objectives of the campaign. Defining marketing also involves coming up with a marketing mix that will include all the elements necessary for getting the message across to consumers. In essence, this means coming up with a complete strategy that will include everything from advertising to customer handling. As such, the definition of marketing actually encompasses a very wide range of activities that are conducted by marketers. In fact, the three components listed above are just some of the more common aspects that constitute marketing.