For any company, marketing is the backbone because it gives the identity to their Firm so that people can easily identify the brand name. Marketing is the key that connects the customer, consumer, and public. In this, all the activities for the company are for buying and selling of a product or service. It also includes promoting the products by advertisement and many other activities
What Are The 4 Types Of P’s?
In marketing, there are 4P’s
Product is the items in every Business plan to offer to the customers. It is for the consumer to fulfill consumer demand. Before entering the product into the market, marketers need to understand what kind of a product needs to be sold in the market. How it stands out is different from other competitors’ products that are already in the market. A good marketer has to make their product always unique and easily available for the consumer so that they can easily buy that product.
When a company is establishing its product they have to set a price for the items. Companies must consider all the pricing e.g. marketing cost, cost price unit, and distribution expenses. Companies also consider the price of competing products in the market. The price is always about profit for the company and is easily affordable by the consumer.
The place is the distribution of the product. This company will sell its products in different places like online, and offline thru both distribution channels. So that consumers can have the products easily and can buy that product. This is easily suitable for the customers because today many consumers don’t have time to go and buy the product physically so the company starts targeting both the place in the market(online and Offline).
This is the 4th P, it includes various types of activities such as advertisement, sales promotion, direct and indirect marketing, branding, sponsors, public relation,s, etc. So that they c, can promote their product in the market and make that product friendly for the customers. Promotion plays important role in the market.
What Are The Goals Of Marketing?
an important goal market is growing for the companies. This can be seen through attracting the customers and retaining the new customers.
The company can apply many different activities, different strategies, different planning, and many other things. So that they can achieve their goals.
All of these help company to understand the market what actual customers need’s and what they can change in the products so that people will never lose interest in the products. It helps them to hold their position in the market.
Marketing is an important field for business to build their identity, enhance their reputation, and create goodwill for the customers. This will help the business in selling the product and making a profit from it. The company can brand their products as per their need and interest which can help them to have a good name on their product. The customer will trust the products that are branded by any company. Marketing for the company is most important, as it reflects its ability to sell all kinds of products or services with different features, prices, quality, and design.
Thanks to Ankit Sharma for sharing this informative blog with us 🙂