Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use

in sales, communications and business development.[1] It generates the strategy that underlies sales techniques, business communication, and business developments.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.[1] Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the customer as the focus of its activities, marketing management is one of the major components of business management. The management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (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. There are numerous advantages you can extract from the marketplace if you know how. And the marketing plan is an excellent tool for identifying and developing strategies for extracting these advantages.

Business Advantages

identifies needs and wants of consumers determines demand for product aids in design of products that fulfill consumers needs outlines measures for generating the cash for daily operation, to repay debts and to turn a profit identifies competitors and analyzes your product's or firm's competitive advantage identifies new product areas identifies new and/or potential customers allows for test to see if strategies are giving the desired results

Business Disadvantages

identifies weaknesses in your business skills leads to faulty marketing decisions based on improperly analyzed data creates unrealistic financial projections if information is interpreted incorrectly identifies weaknesses in your overall business plan

Product: It is the tangible object or an intangible service that is getting marketed through the program. Tangible products may be items like consumer goods (Toothpaste, Soaps, Shampoos) or consumer durables (Watches, IPods). Intangible products are service based like the tourism industry and information technology based services or codes-based products like cellphone load and credits. Product design which leads to the product attributes is the most important factor. However packaging also needs to be taken into consideration while deciding this factor. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors. Price: The price is the simply amount a customer pays for the product. If the price outweigh the perceived benefits for an individual, the perceived value of the offering will be low and it will be unlikely to be adopted, but if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater. Place: Place represents the location where a product can be purchased. It is often referred to as the distribution channel. This may include any physical store (supermarket, departmental stores) as well as virtual stores (e-markets and e-malls) on the Internet. This is crucial as this provides the place utility to the consumer, which often becomes a deciding factor for the purchase of many products across multiple product categories.

Promotion: This represents all of the communications that a marketer may use in the marketplace to increase awareness about the product and its benefits to the target segment. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. A certain amount of crossover occurs when promotion uses the four principal elements together (e.g in film promotion). Sales staff often play a major role in promotion of a product.

Product is your core offering.This is the thing that will fulfill the needs of your customer. If your product is faulty, every thing else fails. Price has a lot of impact on the service buyers satisfaction level. Often, paying a higher price makes a customer more satisfied. Price is often considered a proxy for quality. Place often offers a different side of value (utility) to the customer. Who would want to travel 10 miles to have a regular dinner, even if that is priced very competitively and has a super quality? Services are often chosen for their place utility. Closer to the customer means higher probability of purchase. Promotion plays a role in the perception the possible target audience may have about your service. There has to be a fit between the promotion and the positioning. People are crucial in service delivery. The best food may not seem equally palatable if the waitress is in a sour mood. A smile always helps. Processes are important to deliver a quality service. Services being intangible, processes become all the more crucial to ensure standards are met with. Physical evidence affects the customers satisfaction. Often, services being intangible, customers depend on other cues to judge the offering. This is where physical evidence plays a part.

The 4Ms
by Michael Klein on December 11, 2009 Every marketer seems to have at least some understanding of the 4 Ps of marketing: price, place, product and promotion. However, there is another less used framework the 4 Ms that can provide value to the marketer wishing to gain some efficiencies while increasing effectiveness of their programs. Outlined in Briggs and Stuarts What Sticks: Why most advertising fails and how to guaranteed yours succeeds, the 4Ms serve as a four step checklist: 1. Who is your audience and what MOTIVATES them to take action? 2. What MESSAGE are you sending to your audience? 3. What is your audiences MEDIA appetite feed them (theyre hungry). 4. How do you MAXIMIZE your investment in marketing?

Research
Though I am talking about market research here, Im not talking about MARKET RESEARCH (accompanied by drums and cymbals4-R Marketing is not a market research firm, so we don't offer full-on research services. However, there are any number of amateur research strategies that we can help you with. Examples of cost- and time-effective research strategies include: Customer surveys (online, telephone, paper) Interviews (customers, vendors, partners) Secondary research (web research, library search)

Recognition
Awareness of your firm in the markets you serve is a necessary ingredient for success. A completely distinct marketing disciplinebrandingdeals with a large part of the recognition component. However, like market research, small to medium firms cant usually afford the services of a dedicated branding consultant, and instead try to create recognition through several different methods, including: Company name and logo Brochure Web site Advertising Trade show exhibits Branded merchandise

These activities usually have a high direct-cost component because firms have to hire various creative contractors to produce the desired materials and pay other services (web hosting, printers, silk screeners) to provide other parts of the puzzle. Other elements of recognition can include a clear mission message that is understood by employees, customers, and vendors, sponsorships of various kinds, and mentions in local and trade media.

Reputation
A good reputation is important to any business, but it is a service firms lifeblood. Because there is no tangible product involved, the firms reputation is a key indicator of the quality and trustworthiness of its wares in the markets perception. Word of mouth (or an electronic equivalent) figures largely in the reputation component. Customer stories and testimonials help spread the word. Publications in various forms (conferences/symposia, media articles, self-published white papers) can be distributed electronically and in hard copy through multiple channels. Thought leadership is a much-used business term that falls in the reputation component. Service firms especially need to strive for thought leadership in their areas of expertise. Public speaking gigs by the firms principals expose the firms expertise to many people at a time. A periodic newsletter showcases both the firms knowledge of its service area and its understanding of the needs of its target customers. Methods used to gain recognition also serve to establish and maintain a good reputation. Trade show participation can move into showcasing the firms talent once recognition is established. Event sponsorships can be chosen to spotlight the firms preeminence in its field. Close affiliation between recognition and reputation activities will leverage the resource investment and achieve objectives in both components.

Relationship
Another common-sense component of any marketing effort, the firms relationships with its customers, suppliers, employees, and the community at large are very important to its ability to succeed. People buy from people they have good relationships with. No matter how much press you get, how slick your web site and brochures are, or how eloquent you are when public speaking, if you dont have excellent relationships with your customers, employees, partners, and suppliers, you might as well just pack it in. Activities that fall into the relationship component are specialized versions of activities in the recognition and reputation components. Examples of pursuits that enhance relationship are: Employee newsletter Sales training tools and materials for channel partners Social events for customers (holiday party, hospitality suite at a trade show/conference) Company-supported participation by firm employees in professional organizations Online portals that share documents and other artifacts with constituents Co-authorship of papers and presentations with customers and/or partners