The management process through which goods and services move from concept to the customer. It 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. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television. Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's retired professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs." In other words, marketing has less to do with getting customers to pay for your product as it does developing a demandfor that product and fulfilling the customer's needs.
Marketing Plan Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (proforma) financial statements. See also marketing strategy.
3 Major Marketing Functions
- Marketing Research: This function is characterized by intensive study of themarketing activities. It includes studying the needs of the consumers, their acceptable prices, timing, distribution requirements etc. This study enables the marketer to bring changes and improvements in their marketing strategies. - Product Planning: Planning function is important because it helps the marketers in producing products according to the plans made. This includes matching it with the tastes and needs of the consumers which is achieved by thorough marketing research. - Branding: Branding is another aspect of marketing. Branding involves giving descriptive verbal attributes and symbols to convey the product or the company to the consumers. This involves developing a Brand name, Brand identity, Brand personalityetc for the brand which includes a logo, trademark, slogan, design etc of the product. It is specifically important because it helps the user make the buying decision.
Difference between marketing & selling
Marketing can be thought of as all the activities that go into making people aware that your company and products exist. Selling involves the steps taken to convince your potential customer to make the actual product purchase. Marketing makes your company and product known to potential customers. It creates a demand for your companys products or services. Marketing involves a good deal of research to identify groups of potential buyers. That research determines what customers want and what theyre willing to pay for it. Your marketing message conveys why someone should choose your company or product over all the others. It describes how you can meet your customers wants and needs; how you can solve their problems.
Selling is what turns those leads into paying customers. It is more closely associated with a process called overcoming objections. Part of the marketing process is to actually uncover potential objections which might prevent a prospect from being converted to a customer. Selling is where all that marketing research is applied at the point of sale. It is a much more intimate, one-to-one technique where a buyer assists a prospective customer in making a buying decision. If you market primarily online, your research can be done using search engines or keyword searches, and using specialized programs as well as various other methods. In mere minutes the online marketer can accumulate highly accurate real-time data on what people are looking at, or looking for online, and fairly easily conduct other research such pricing, packaging, and availability. The value of this powerful research capability cannot be understated.
