Most people who talk about marketing –present a general overview with a limited description and meaning. For instance marketing is all about Sales of just Advertising. Marketing is not just restricted to sales or marketing what in common people have knowledge about but it goes beyond that.
Marketing covers major aspects such as Public relations, sales promotion, Advertising, Social Media, Pricing, Distribution and other functions with relative importance.
Functions of Marketing
It is estimated that companies spend over 15 billion dollars of their budget on marketing campaigns and to just get it right. As per statistics and other data this amount is 2.5 % or a bit more in 2011 than compared to investment in 1992.
The core function of marketing is to Communicate, Deliver, Create value to consumer. It takes in Account employees: those who work within an organization from top to bottom, Stakeholders: Who have a direct interest in company affairs and Society: which includes us.
Consumer oriented Marketing requires huge companies to spend a huge amount of wealth, time and resources on society.
Companies such as Apple, Disney, Procter and Gamble and Pepsi are involved in creative leading edge marketing. Julie Roehm can tell you more about the new trends in marketing.
The Four elements of Marketing also called Marketing Mix and four P’s of marketing include. These four P’s are a part of old school marketing aspects adopted in 20th century while entrusted with benefits to business community and to society/Consumers
Product: The actual item which is to be delivered to consumer its physical product or service. It includes design and development of the product its branding and packaging.
Place: The location where a consumer is to go to obtain his product and location of product availability. This is where product gets move to consumer from producer. Interactive media has made place availability more flexible.
Price: The amount which consumer pays to get the product. Interactive media has made it possible for making price comparisons within different products.
Promotion: Approach or methods adopted to deliver the company’s message on to the consumer either to persuade them.
An effective way of making use of these elements is to use them by cohesive means so to target consumer.
More about marketing:
“A philosophy whose main focus is providing customer satisfaction”.
The activity set of institutions and processes for creating, communicating, deliver, and exchanging offerings that have value for customers, clients, partners, and society at large.