Marketing

Marketing: A process which is associated to promote products/services for sale. Marketing analysis is a term used to find out what groups of customers you prefer to serve (target markets), what groups of potential customers (or markets) exist, what are their need, what services you might be developed to meet their needs, what your competitors are doing, how the customers might prefer to use the products and services, what pricing you should use and how you should distribute products and services to your target markets. The target of this process is looking at the market to make sure that you meet the need of the customer and also get value in return of this. There are various techniques that are used to fetch the information about target market, customers need, to know about their competitors etc. Marketing process also includes ongoing promotions like advertising, sales and customer service. There are two ways through which marketing can be done effectively.

These are:

 

Inbound Marketing
Outbound Marketing


Inbound Marketing:
Marketing Research
Competitive Analysis
Pricing
Positioning (including writing your positioning statement)
Naming and Branding


Outbound Marketing:
Advertising and Promotions
Public and Media Relations
Sales
Customer Service
Customer Satisfaction
Social Networking


Five P’s of Marketing: Earlier all the marketers referred 4 P’s of the marketing, but recently one more P has been added. These 5 P’s are:

 

Product: It includes the physical appearance of the product, what they do and how are they different from your competitor.


Price: Pricing strategies are included to target profit margin. Set the price accordingly that they remain competitive and allow you to make good profit.


Place: To analyze the perfect location for selling the products/services in your target market.


Promotion: What methods of promotions are used to communicate the features of the products? Different promotion strategies include advertisement, public relations etc.


People: Man power is very important as this is the only power that may convince the customer to buy the product/service. To motivate them company may plan to give incentives to their customer service representatives.

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