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Marketing is a simple process of bringing your products closer to the customers. This helps customers decide to buy the product or not. Marketing essentially needs to end in a sale, otherwise, it s ineffective marketing. Marketing should also aim at developing long term and reliable relationships with customers.
However, this relationship should be profitable to both you and your customer. Marketing involves many associated processes. These include research of the market, development of the product to suit market requirements, pricing, promotion of the product, and others.
Eventually, marketing is a systematic and gradual accomplishment of the ultimate goal of sale and continued relationship. Customers will use your product only if they need it. Therefore, creating a need is also important.
Marketing therefore focuses on continuing existing relationship with customers and acquiring new customers to add to the list of existing customers. This is expansion of your business. You therefore need to train your personnel effectively to handle customers efficiently. This reflects in further addition to your customer list through word of mouth advertising.
Advertising is essentially creating awareness of your product or service through different advertising mediums. Advertising is an offshoot of marketing. The four important Ps of marketing include product, price, placement, and promotion.
Product refers to what you offer for sale to customer. This should be according to the needs of the customer. Product should satisfy customer and fulfill his wants. If product is unable to satisfy wants of customer, it is not any product at all. It is therefore useless and you cannot market it too.
Price refers to the monetary return of your product. This is your return in the form of the cost of the product. Price should be ideal and suitable to the customer. It should also meet your production and other expenses. High priced products do not fetch you anything while low priced products cannot cover your basic costs too.
Promotion refers to spreading information about your product through different advertisement techniques and channels. Different methods of advertisement and promotion include distributing samples, advertising in different media like newspapers, online newsletters, brochures, and personal selling. Placement refers to the physical transfer of ownership of product to the customer. This is the point of sale or in common terms retailing.
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