What is marketing?
Marketing is simplistically defined as ‘putting the right product in the right place, at the right price, at the right time.
This definition has a larger prospectus and one needs to know about all the things to keep up with the competition. Marketing is a broad term that concludes the overall process of how the business works.
Well, How does the business process really works?
We have read enough articles on how to keep on going and maintaining the drive. But how do we start and what knowledge do we need to start well?
The use of the marketing mix is an absolutely efficient and productive way to ensure that ‘putting the right product in the right place’ will happen.
The marketing mix is a crucial tool to understand the process and the overall working of the business. It helps to plan your business strategies to compete well in the market. The marketing mix is most commonly executed through the 4P’s of marketing: Price, Product, Promotion, and Place.
I’ll just start to brief you on the importance of these mixes and then will try to elaborate on the fact of how you can compete well in the market using this process of marketing.
1) PRODUCT:- It’s a tangible good or an intangible service that is provided to the customer for meeting their demands. Customers or consumers are what you are working for. You need to develop a connection with them and you need to understand the kind of product and quality they require and fulfill it to compete in the world of business. The potential buyers of the product need to be identified and understood.
2) PRICE:- Price covers the actual amount you are going to put in front of your customer. Product price directly influences sales. ‘Perceived value’ and the quality refers to the prominence and the goodwill the company holds. If the value is higher than the perceived value, then the product will not be able to compete well in the market. Simple rule.
3) PROMOTION: The marketing communication strategies and techniques fall under the values of the promotional mix. It depends on the organization on how they chose to promote their product. But remember this, the promotion is truly the most important mix of all the things you do in business. If your product doesn’t hold a business value, then even if its quality is high and consumers would love it. If it is not promoted well and if it doesn’t catch the eyes of the consumers, it will fail.
Hear me out here, the business world relies on the promotional. Different organizations are opening with the agenda of helping your business to promote.
New technologies and “New media” as we call it as developed as to allow your business to transform and become better. It only depends on the businessman on whether he accepts the transformation and understand the notion or he keep up with up with his old trend.
Our company, www.shapemyapp.com opened a website portal with a perspective of allowing the business to enhance their business by developing an application and converting their business into a success.
With us, you don’t need to worry about the coding as our professionals have taken up the responsibility of “behind the scenes coding” and developed a professional website with the user-friendly interface.
Remember, promotion is the major key to enhance is your business.
4) PLACE: Place where you set up your on-field business also matters, you need to survey the surroundings and the market. Evaluation and knowing about where to set up your business will help your business grow.
These are the 4P’s of marketing and can be the 4ps of your success if you work on it and understand the criteria.
Go get your dreams.