Marketing refers to various activities a business undertakes to advertise the sale or purchasing of a particular product, service, or offer. In modern times, marketing has also come to encompass strategic behavior on the part of businesses as a whole. It has come to be known as the science of identifying target customers, understanding the attributes of popular products or services, and engaging with prospective clients to motivate them to make purchases. In recent years, the New York Times has described it as “the only art alive that makes people fall in love more often than not”.
Marketing is an integral part of any business activity. However, it is a little-known element which contributes greatly to the growth of a firm’s bottom line. Market penetration is the number of customers that actually purchase the products or services offered by a firm. This percentage varies from firm to firm and year to year. The primary aim of marketing activities is to increase market penetration and thereby improve company sales.
Marketing activities are categorized into four Ps. These are research, development, presentation, and advertising. Research is the process of gathering information and analyzing that data to support the marketing strategy. Development is the implementation of the marketing plan, usually done through surveys that gather consumer opinions.
Presentation is the process of making available to the public the various offerings of a particular product or service. Advertisers typically provide media assistance in this area by using advertising media, marketing agencies, PRs, and the like. Advertising refers to the actual exchange of goods or services for money. Advertising campaigns are normally launched during festivals, holidays, and other special events when large numbers of consumers are likely to be present. Also, social media marketing refers to the use of social media to distribute promotional information about the offering being sold, such as pictures, videos, blogs, etc., to the appropriate social media networks.
Developing tactics is the process of employing a variety of techniques in order to promote a business. These tactics could be anything from direct mail, telemarketing, cold calling, and the likes. However, these tactics must all be within the scope of marketing as defined by the US Small Business Administration (SBA). The fourth Ps.
A comprehensive understanding of marketing should be combined with knowledge about these four Ps. Marketers need to develop and employ tactics according to the market research, development, and audience profile. Furthermore, marketers must ensure that their promotion strategies are legal, consistent, and sustainable. Marketers who have attained the comprehensive understanding of the market can effectively plan their campaigns while maintaining a competitive edge against their competitors. This enables marketers to achieve their marketing objectives without worrying about whether or not their marketing efforts will be successful. For more tips on how to effectively market your small business, visit the US Small Business Administration’s website.