Marketing is the process of identifying what the customer base is interested in and attracted to, doing intensive research based on them, and providing those products or services according to that. Marketing is required to conduct by firms because, with the help of the data and results found through marketing, a business can fulfill its target audience’s needs. Customers want products that satisfy their needs, and marketing helps companies figure them out and make sure the product reaches the customer. It is not only about product innovation or product research and development investment but also about the process of distribution and making it available for customers.
Marketing Mix
The marketing mix the four Ps; Product, Price, Promotion, and Place. These four factors usually act as strategies to improve marketing and maximize sales by meeting customers’ needs and wants.
Product
The product must meet the needs of consumers. Many other factors play vital roles here. For example, the appearance of the product needs to look attractive enough for customers to risk their money even if it is a new product. It needs to have a feature that sets it apart from its rival products in the market. Unique Selling Point (USP) helps a product reach more people. For example, if a breakfast cereal-making brand starts a new line of cereal targeted towards women’s health needs, more audiences from that community will begin buying grain of that brand. Moreover, the design, trends, etc., matter, especially in the field of technology and gadgets. All of these points should be taken into account when a business is coming up with a product.
Place
Businesses need to make sure their products are reaching customers. A product may be very innovative and necessary, yet customers may not enjoy it because of its distribution process. For example, many luxurious perfumes may not be shipped in an area which may immobilize some customers from enjoying them. Businesses need to set up shops in popular stapled areas and make online shopping available for customers around the world.
Price
The idea of pricing can contradict itself in ways, but businesses need to balance setting a reasonable price and maximizing revenue. Companies can use various strategies to set the price of a product; for example, cost-plus pricing will set apart profit for each unit. They can also use predatory pricing to sell at a lower price to eliminate rival firms from having the market to themselves and functioning as a monopoly. It is essential to calculate the cost of competitors to ensure you are selling the best product at the best price.
Promotion
Without promoting a product, very few people would know about the product. There are various ways to let people know about your product. Advertising on television and billboards can help. However, one of the most popular and effective methods may be the internet, more specifically, social media. Facebook’s most revenue comes from advertising which proves how popular it is. Even if the product is a part of the niche community and only a small group of people are attracted by the adverts, promoting a product lets others know about it. Thus, even when people do not need it, they may be curious about it. That is how brand value is increased.
