Marketing is the process of identifying the customers wants and needs, refining the businesses offering to meet them and then communicating to the customer how the businesses product or service satisfies those wants and needs.
There are two levels of marketing. Strategic Marketing and Operational Marketing. Strategic Marketing focuses on determining how a business is positioned relative to its competitors. The focus is on creating a competitive advantage relative to its competitors.
Operational Marketing is the operational activity undertaken to attract and retain customers. Focus is also place on maximising the value of the relationship with the customer by keeping them satisfied and maximising the benefits of the customer relationship.
The marketing mix consists of four major elements, often referred to as the 4P’s:
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Product - what goods or services should be offered to a group of customers.
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Price - at what price the product will be sold.
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Promotion - how the goods or services will be promoted, i.e. direct sales, public relations, direct marketing, Internet, advertising etc
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Place - refers to the distribution channels to be used.
This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
So it’s not like the girl at the cocktail party handing out drinks, She told me she was in marketing…!
So often it is used to talk about sales, and advertising.
True, marketing is used far and wide to mean many things and in the process is often overused and abused.