What are the elements of marketing? Business complexity in the 21st century
Everyone has probably heard about marketing. However, if we asked a random passer-by about its definition or elements of marketing, you would get as many answers as people you had asked. Some equate it with advertising, but is only one of the components of such complex process. Refine the information you have to make sure you have chosen the right marketing strategy. And the main goal of the strategy… well, what is it?
Sales – this is the first association for many people. And they are right! However, in order to understand the complicated rules of marketing right, the word “sales” must be properly defined. No one in no self-respecting business thinks in terms of a one-time successful deal.
It is not about throwing the good, getting rid of them and rubbing our hands with joy, drinking a beer for the money earned and not worrying about what is going to happen tomorrow. After all, a truly successful transaction is just the beginning.
Customer satisfaction is such important marketing goal, mostly because we want them to use our services again. We want satisfied client to return, preferably not on its own, but with other people who received a recommendation.
Elements of marketing
Marketing is supportive to such sales, which we understand as a long-term process consisting of several elements. In the following article, we will list the most important ones, derived from the classic definition of marketing mix, i.e. 4P.
- Product – that is what we offer our clients. As you have probably read, professional marketing starts with careful planning of products and services. It is definitely better to guess the needs of our recipients instead of creating the artificial ones.
- Placement – which is how we distribute our products i.e. to which stores and on what shelves.
- Promotion – this is, all activities aimed at placing the product / service and reaching the customer. Here, we talk about advertising as one of the elements of promotion and focus on appropriate content writing, thanks to which we will prove ourselves to be a professional company with an attractive offer.
- Price – the real challenge. A good price does not necessarily is the lowest one. If you added all costs (including marketing costs i.e. the three mentioned above) and found out what is the price of your competitors’ products and services, set your own. We cannot sell below the cap of the prices, but it will also be difficult for us to find customers whether our services are much more expensive. Paradoxically, there are products for which customers can pay multiple of their value (especially if they feel better when they buy something expensive). For this reason, the demand and supply curve does not provide the perfect solution – it is good to take into account the type of good we offer.
- Elements of marketing include all procedures aimed at attracting the customer with our product.
- An effective campaign is preceded by solid research, during which we have to “make friends” with our recipients, as well as find out what are their needs before we start planning what do we want to offer.
- The whole process is not over. You have to choose the best method of distribution, promotional activities and financial conditions.
- Nowadays, business is not limited to selling fruits at the market – entrepreneurs are entangled in a dense organizational network which has many ties.
- For this reason, it is worth familiarizing with the elements of marketing in order to gain basic knowledge of how dynamic and complex the market in 21st century is.
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