4 P’s in Your Marketing Strategy
Marketing is a relatively broad term that encompasses many related activities aimed at creating awareness, motivation, and the determination of market share. Marketing involves the use of communication techniques such as advertising or PR, and social and cognitive strategies such as mass marketing and customer loyalty programs. The marketing manager will use different tactics and methods to promote products and establish a position in the marketplace. Marketing is an important tool to attract new customers and retain existing ones.
Marketing is not only the exchange of products and services for the satisfaction of customers but also requires extensive research into targeted markets. Marketing is the act of consciously stimulating increased demand for products and services through various channels, including selection of a specific target market; establishment of a preferred selling point or theme; and selection of certain attributes or traits associated characteristics to promote the product. Marketing strategies are also determined by financial needs, competitive considerations, and the time required to develop and execute a marketing strategy. Marketing is a process that is integrated with other disciplines to gain an advantage in the marketplace. Some of the common definitions of marketing are discussed below.
Marketing is a comprehensive approach to acquire new customers, drive sales, expand market share, and strengthen organizational position in the economy. Marketing is an essential component of business development. Marketing and promotional activities should be planned and implemented to achieve a set of business objectives. The marketing department of a company should be responsible for identifying potential markets, analyzing market trends and opportunities, developing marketing strategies, implementing them, and measuring results to determine whether marketing is effective. Marketing research and analysis are used to gather information regarding consumer perceptions regarding goods and services, and to formulate and implement marketing strategies, which are based on the objectives of the company.