From conceptualization of idea to realization of profits, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Essentially and traditionally, marketing has four critical features:
Marketing is a process
Marketing follows a complete process. Classical Marketing approach includes four broad steps: market analysis, market planning, implementation, and control. Beginning with marketing analysis, you can look for the right opportunities in the marketplace. Once you have identified the opportunities, you can then create a marketing plan which would require you to segment the market and select the target market of choice, decide your positioning and then design the entire marketing mix. You then move on to the implementation phase that includes the systems and processes to go to market with the marketing program. Marketing control refers to the informal and formal mechanisms that keep the marketing program on course.
It revolves around the 4Ps
This entails blending the right amounts of the 4P ingredients, at the right time, and in the right sequence. It’s a perfect mix of Product, Pricing, Promotion and Place that delivers value to customers and enables business to grow in turn.
There is no meaning to marketing unless something of some value is exchanged. This could be in the form of buyers exchanging time, money, or services and the seller offering a product or service in return. Without this kind of a deal, there is no marketing involved.
Customer satisfaction or business goals?
The final outcome of marketing should be to satisfy the customers and bring value to the business. If either of the two do not receive their due from marketing, all efforts are in vain.
Well, rapid changes in various sectors have brought about great changes in the concept of marketing. Today the success of a marketing plan goes beyond all of this and into the realm of customer ‘delight’ and building long term customer relationships. It is more dynamic, more agile and the scope keeps on increasing in boundaries!