I know that’s a bit hard for you to understand. In simple words, Marketing is finding the needs of a person, satisfying them by bringing the right product to them at the right time.
N: Let me help you understand that better using the “4P’s of Marketing” A.K.A – the Marketing Mix
Product: Product is anything which a business is selling to its customers. It can be a watch, a book, or even a juice bottle. Businesses put efforts to solve the problem or needs of their customers with this product. Otherwise, customers will end up finding alternatives.
Price: Price is how much these businesses charge you for their product. The brands which are selling some exclusive products usually charge a premium price and the brands who are competing with others selling similar product might consider charging less for their products. This also includes discounts and offers which usually excite us to go to a shop or buy them.
Place: Place is the location where these businesses sell their products. It could be a Supermarket or on Amazon. The place is chose based on where their customers are located. Also depends on whether they want to sell it through their own stores and/or through other platforms. Forex: you can find Cadbury’s dairy milk in big Bazar, provisional stores, and also on their website.
Promotion: Promotion is the way these businesses bring their products to our notice. You must have definitely seen advertisements on TV, Hoardings and also on websites. They’re all promotions of different products. Promotion is usually the last step in the marketing mix because the businesses would already have the product, the price of the product and the offers are decided and the location is selected based on where their customers are. Now, all they have to do is – bring this product in front of our eyes.
So, the businesses have to be sorted with these 4P’s before they start selling to us.
D: Ok, that was interesting! Looks like marketing is more or less selling and that’s how these businesses are selling to us. Isn’t it?
N: No, marketing isn’t only about selling a product. It helps businesses convert their temporary customers to permanent customers. It helps businesses to become brands in our minds (Ex: Google, Apple). It helps businesses to create a good perception about their products. More importantly, it helps businesses understand what their audience is looking for, what are their needs.
Learn more about marketing by reading this blog.
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Knowledge post I have understood ALL ABOUT MARKETING 2.0