Marketing is a universal term used by laymen in every phase of society, be it in the home or corporations. This term seems common yet not everyone aware of it can express its exact meaning or definition. One will arrive at varying answers when asked for the definition of marketing. For some, marketing is analogous to advertising or selling which set them on trail as it is only partial of how marketing is precisely typified.
In general, the definition of marketing is such that it is everything a person does in order for ones product to be noticed by a customer. A couple of what this person carries out is through advertising and promotion. On the other hand, scholars delineate marketing as detailed and precise as it can be. Marketing consists of four more terms product, price, placement and promotion the 4Ps that make up the marketing mix. This expression of marketing mix is how it was illustrated by a Harvard University professor during the 1960s.
Product is merely the merchandise one offers encompassing all it can present including warranties and guarantees. Pricing is the amount that correlates with the product, which is not only synonymous with currency. It involves time and energy as well. Placement is the distribution of the product which is the method used for this product to be in the possession of the customer. These methods are either through point-of-sale, retail and online which entails the demographic area and environment the product is sold. Promotion embraces advertising, relies on publicity, and sells philosophies and brands. These 4 Ps are all what comprise an ideal marketing strategy.
This 4P model works best when applied to consumer goods of fairly low to moderate cost. High-end items require adjustments from the definition of marketing for these to prosper. On the other hand, the terminology used for marketing a service differs. It is a bit intricate as it requires an addition of 3 more Ps other than ones discussed.
A marketing service involves people as one of its crucial factors. These people, referred to as customers, are given utmost importance as the ones given the service. Next to this category is the process of providing the service. The third is the physical evidence no one is taunted to purchase without. Physical evidence is a testimonial or a case study disclosing how other people, or customers, benefitted from the product as service. This is something abstract until it is distributed and employed, or processed, by the customer, or people.
The internet has its own set of 4Ps. Personalization is an important part of marketing online because it allows customers to create their own products. Participation in the activities of a particular website attracts customers. Predictive modeling refers to the mathematical formula for sales models that only a few, or the authorized persons, know about. And lastly, peer-to-peer a relatively new term and synonymous to word of mouth is an important and crucial aspect in the definition of marketing. Social networking and bookmarking are two groups of websites this aspect is applicable.