The Basic Definition of Marketing For Dummies

Today, i will be talking about Marketing. 

One important need of small business owners and managers is to understand and develop marketing programs for their products and services. 

Long term small business success depends on the ability to maintain a strong body of satisfied customers while continually increasing this body with new customers.

So what is Marketing? What is the nature of marketing? 

According to Investopedia:

Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure.

According to Business Dictionary:

Marketing is the management process through which goods and services move from concept to the customer.

So what is marketing concept?

The marketing concept is all about the importance of the customers. All of the activities of the business or company must focus on the satisfaction of their clients and customers.

How do we use the marketing concept in our small businesses?

According to Small Business Management: Essential Ingredients for Success  by Meir Liraz,

To use the marketing concept, a small business should:

* Determine the needs of their customers (marketing research).  
* Develop their competitive advantages (market strategy).  
* Select specific markets to serve (target marketing).  
* Determine how to satisfy those needs (marketing mix).
* Analyze how well they've served their customers, and then return to step 1 (marketing performance).

What is Marketing management? it is defined as the application, tracking and review of a company's marketing resources and activities.

1. Marketing Research - A study about the customers, customer needs, competition, and trends.

2. Market Strategy - So what is marketing strategy? Its a systematic study and plan to know the target market tru their geography, demography, and  psychograph. Moreover, it also focuses on the benefits of the products or services, and targeting to the previous clients and customers.

3. Marketing Mix - The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The definition of marketing mix can be different according to different authorities but the principle is the same. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.

4. Marketing Performance - After the marketing mix decision is implemented, the next step is to evaluate performance. With a detailed list of company objectives, monitor how well the decisions are developing. Its like an assessment of the marketing strategy. 

So basically, Marketing is a part of your business whether its big or small where you create a careful plan and study about how you can effectively and successfully promote and sell your products or services to your target market.

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