Free Ebook Download : The Quintessential Guide To Marketing

 

 

 

Marketing is a wide term in promotion of goods and services. Marketing simply means “Giving the right product in the right place, at the right price, at the right time”. Marketing is not only the promotion of goods and services, but it consists of knowing the needs of customers and then manufacturing the goods based on the customer demands, finding a place for promotion and distributing and transporting the goods to the required places. That is why we are saying Marketing is a very big term and advertising is a part of marketing.
 Professor E. Jerome McCarthy has suggested the concept of marketing mix in 1960. Marketing mix is the key concept of advertising. Marketing mix consists of four “P” elements. Marketing mix includes the plans and ideas to bring the product into the market. Marketing mix consists of four elements: Product, Price, Place, Promotion. Now we discuss four elements:- Product: – This product element refers to the product to be manufactured. It is very important to know about the customer needs and demands in the product. The company has to know the requirements of customer in product size, color and quality. After  knowing all the requirements of customers, the company starts developing the product as per the customer demand.

Price: – Price is the money paid by the consumer for the product. The company needs to fix the price of the product after knowing the competitor’s product prices and how much discount they can offer to attract the customers for goods and services. Place: – Place refers to location to sell the products and services. The company has to find the place to market the products and services. Location should be easily reachable to customers and it should not be far from the customers. The market can be of different types, for example a physical market and or a virtual market. A physical market is where a customer interacts with the seller physically and buys the products as per the requirement.
Virtual markets are those markets where buyers buy the product online and they do not meet physically. Promotion: This is the last element of the marketing mix. Promotion means branding of products and services. Promotion means strategies and plans for advertisement of product, so that the product reaches the masses. It is awareness among the public regarding the product.

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