Marketing is the all-encompassing process of getting a product or service in the hands of your customers. The steps involved include market analysis, product creation, advertising strategy and distribution. This article addresses how these four key components fit together within the marketing process.
History
- The actual word "marketing" wasn't coined until 1884, and it was used more in an abstract sense: where to sell what, and when. Considerations such as customer needs, supply and demand, and distribution didn't come into play until the Industrial Revolution.
The advent of international trading opportunities, coupled with increasing variation in product supply and demand, necessitated a more systematic approach to retail. By the 19th century, marketing had become a technical field of study incorporating both economic and psychological approaches within marketing practices.
Function
- A good marketing plan is the treasure map to a business' success. A well-marketed product finds the customer, gets her attention, and fills a need or want. These principles apply both online and off-line.
Every business has its own brand and place in the market. How a business markets its products must fit the company's overall purpose. Cost factors, distribution routes, product category and advertising style are all dictated by the company's brand and capabilities within the marketplace.
Features
- While each aspect of marketing is different, all are needed to create a cohesive marketing plan. Market analysis determines what product is needed. Product need determines advertising strategy. Advertising strategy determines distribution channels.
Considerations
- The most important part of the marketing process is the market analysis. Researching your business environment and customer needs is the only way to find holes in the demand-supply cycle where your product or service can fit.
Keeping abreast of competitors' products provides information on what the market is lacking. Knowing customer habits and preferences will help in identifying customer needs within your business environment. The information gathered from the market analysis will suggest what product to create, how to advertise it and how to distribute it.
Misconceptions
- It's not uncommon to see the words "advertising" and "marketing" used interchangeably, though the two don't mean the same thing. While advertising is a substantial part of a marketing plan, it doesn't incorporate the research aspects needed to promote a product. Marketing is the process; advertising happens when it's time to promote the finished product. And while market research information does play a substantial part in how the advertising is carried out, advertising is but a part of the marketing model.
Read more: About Marketing | eHow.com http://www.ehow.com/about_4574325_marketing.html#ixzz1ThioPRg6
Want to become your own Marketing Executive??? www.wahmqueen.com
