The magic world of Marketing
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. It includes the coordination of four elements called the 4 P’s of marketing:
1. identification, selection and development of a product,
2. determination of its price,
3. selection of a distribution channel to reach the customer’s place, and
4. development and implementation of a promotional strategy.
However, some people who do not understand marketing think of marketing as ‘the art of selling products’, or simplistically equate it with advertising. Both of these are marketing tactics visible to the consumer. Many people are SURPRISED when they hear that selling is not the most important part of marketing and that not all companies have large advertising budgets. Selling and advertising are only the tip of the maketing iceberg. In fact most of what occurs in marketing happens before the customer sees an advertisement, hears about a new product or service or meets a sales representative. So, in other words, advertising, sales and so on are the final rather than the beggining stages of marketing.
Well said! Peter Drucker, a leading management theorist describes the process of marketing this way: ‘The aim of marketing is to know and understand the customer so well that the product or service fits him/her and sells itself.’
Creativity and innovation are critical! It’s all about finding unique and interesting methods for introducing you and your services/products to potential new clients and reminding your older clients that you’re still alive and kicking, still performing the same services for which they hired you in the past. Companies should create integrated and customised offerings that solve end-to-end customer problems, they must discover unmet customer needs or identify underserved customer segments and create new distribution channels or innovative points of of presence, including the places where offerings can be bought or used by customers.
Marketing is all around us! We get familiar with large number of products through advertisement by passing through malls, watching television, reading magazines and most importantly checking your mail. Everywhere you are at school, working in your office, attending a seminar or in a stadium for football and cricket match your brain will be full of information regarding different products or services.