What Encompasses Marketing and Why is it Important in Business?
What is Marketing?
You might have heard the word marketing many times. In a corporate business, various professionals or affiliates
work on behalf of the company to promote its products. Let's find out more about marketing in this article.
Marketing refers to the process of promoting a company's products or services in such a way that it attracts
sales. A typical marketing strategy consists of product advertisement, sales, and delivery to the respective
buyer or a business.
One major prospect of an effective ecommerce marketing strategy is advertisement or brand promotions. The aim is
to attract potential buyers or a critical audience. It may comprise celebrity endorsements, catchy slogans,
powerful graphics, media exposure, and attractive packaging.
One essential thing to consider here is that marketing aims to create new clients and maintain a cordial
relationship with the existing ones. They should be continuously reminded that they are a part of your brand's
chain and add significant value to it. For this, thank you emails, return calls, priority service, or a small
get-together over a meal, or a coffee can prove to be very effective.
In 1950, Neil Borden introduced the four P's of marketing: product, price, place, and promotion. This is
popularly called the marketing mix and sums up the entire marketing process. Let us understand each one of them
in detail.
Product Any item that a company intends to promote and deliver to its audience is called a
product. The product usually yields higher sales if any similar product is not available in the market but is in
demand.
Before executing any marketing campaign, the advertisers must do a precise evaluation of the product. Are there
any substitutes available, how is it better than the one offered by the competitors, and if the product can be
coupled with some other product and sold as a combo?
Price
It merely refers to the cost at which the product will be sold in the market. The product's final price is
usually calculated after evaluating various parameters like- products per unit cost price, distribution costs,
and advertising expenses. Make sure the proposed should be competitive enough to attract the consumers.
Place It refers to the channel of sale, i.e., on what platforms will the company sell its
products- physical store, online, or both.
Promotion The fourth P of marketing includes advertising, public relations, sponsorship, direct
marketing, selling, etc. As consumers, the product's price and quality play a crucial role. This is one of the
prime factors that marketers consider while devising an appropriate marketing campaign.
In the year 2017, a total of 62% of sales were recorded as online purchases and are expected to rise as high as
$735 by the year 2023 in the United States. A significant figure, isn't it? These statistics are enough to
understand the benefits of online ecommerce marketing and how powerful this distribution channel is.
