The Art of Marketing as a whole
Marketing is the process of establishing which products or services that might attract certain customers, and then determining what strategy to use to promote them. This mutual procedure is intended to create value for customers and build strong customer relationships in order to obtain trust and recognition within a business. The main purpose of marketing is “to attract” a target audience or specific individuals who are interested and want your product or service that you offer. That then leads to the primary goal of any business which is to ultimately make sales, or in other words, “to sell”.
While referencing to customers, it can be said that they are the main focus of marketing activities. It is pertinent to ALWAYS do these three key things:
- Identify the customer
- Maintain the customer
- Satisfy the customer
With these key factors in mind and the impact that advertising has on the potential success or failure of a business, it is correct to say that marketing in general is one of the most vital pieces of the business world.
Traditional marketing is also referred to as “offline marketing”. The term traditional simply means the “passing on” of something, such as beliefs, customs, or practices. So when you think of traditional marketing, you should comprehend that it consists of techniques and strategies that have been used for a very long time. In addition, you can think of its relative term, “offline marketing”, as any method or means of promotion that does NOT include the internet.
Traditional marketing mainly focuses on the company and the product, as where online marketing centers on the customer and their interests. So basically, you would use traditional marketing to expand your business and strive to distribute your product through the three main geographical levels (local, regional, national) and ultimately worldwide. There would apparently be less focus on the actual customer and their needs although some might disagree with this logic.
The Four Ps
The four Ps, also known as the “marketing mix”, was developed by Jerome McCarthy after the term became widespread in the early 1960s. The four Ps are the four essential ingredients of marketing. They incorporate the following:
1. Product – All businesses revolve around a product or service. You must first develop a unique and quality product or service that you intend to sell. Here are other aspects:
- Brand name
2. Price – Second, you should investigate the price value of your competition (if any), and then determine the cost of your own product or service that’s both affordable and will earn you revenue. Other things to consider are:
- Types of payments
- Seasonal pricing
3. Place – Third, you have to decide how you will distribute your product to the customers or where you will offer your service. More decisions to be made include:
- Market coverage
- Inventory management
- Distribution centers
- Order processing
4. Promotion – Lastly, the marketing and campaign portion comes into play. You must determine who you will market to and what advertising methods and strategies you will use to acquire potential prospects. This is the most important piece of the marketing mix and can make or beak a business. Additional things to take into account are:
- Marketing budget
All four elements of the marketing mix must be completed and well thought out before you can think about starting any campaign for your product or service.
Is traditional marketing beginning to slowly disappear?
Traditional marketing is becoming a lost element in the business world. Many people are now marketing their businesses online as the number of internet users grow substantially every year. To give you a quick insight, there are currently over 1 billion people who use the internet today. I mean how can the offline market even compete with that? But just because a new revolution has arisen doesn’t mean the old ways are no longer effective. Traditional marketing can still produce plenty of customers and lead to major profits if it is used correctly. So don’t think that you should just market your business only on the internet. The idea is to incorporate both online and traditional methods to see maximum results.
Things to remember
The crucial points to keep in mind is that in order to achieve success in the business world, you must always do the key three factors of identifying, maintaining, and satisfying the customer and you have to constantly fulfill the four Ps of the marketing mix. The more often and the more effective you complete these two tasks, the higher amount of profits you will see yourself earning in your business.
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