Archive for the ‘Marketing101’ Category

You wouldn’t mention business without marketing from blue chip companies to the guy on the street hawking with no business degree nor a lifetimes worth of business experience.

So what is this marketing.

To put it simple marketing is the process of communicating the value of a product or service to customers.

From that we can see its a process that all those that run a business are ever doing as they are ever serving customers and talking to would be customers.

On a more complex level we can say that

Marketing is traditionally the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services.  However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory.

As which marketing includes the coordination of four elements called the 4 P’s of marketing:

(1) Identification, selection and development of a product.

(2) Determination of its price,

(3) Selection of a distribution channel to reach the customer’s place, and

(4) Development and implementation of a promotional strategy.

As from the above definitions we can see that marketing is a business process is a way of life for all business,to conclude:

”If the circus is coming to town and you paint a sign saying “Circus Coming to the Fairground Sunday”, that’s called advertising.

If you put the sign on the back of an elephant and walk it into town, that’s called promotion.

If the elephant walks through the mayor’s flower bed, that’s called publicity.

And if you get the mayor to laugh about it, that’s called public relations.

If the town’s citizens go the circus, you show them the many entertainment booths, explain how much fun they’ll have spending money at the booths, answer their questions and ultimately, they spend a lot at the circus, that’s called sales.

And, if you planned the whole thing, that’s Marketing!”

(source: Unknown)