What is Marketing?
Philip Kotler, the father of modern marketing management, defines it as, "Satisfying needs and wants through an exchange process". Another definition is, "The management process responsible for identifying, anticipating, and satisfying customer requirements profitably".
It is clear from these definitions that marketing needs to be aimed at somebody. It cannot be generic in nature, and it needs to have a purpose. When the maker of a luxury car develops a strategy, he/she is aware of the age and income bracket in which the customers are going to fall in.
So, the maker alters it to suit the needs and expectations of this target segment of customers. Marketing revolves around one person, the customer. So, firstly, one should thoroughly identify the needs of the customer and then subsequently satisfy those needs.
Marketing strategies today have become customer-centric, which is different from olden days. The reason for this is the vast amount of choices that the customer has today, coupled with the large amount of income in their hands. This has increased the competitiveness between sellers, and the only way they can entice customers is through effective marketing.
Companies that constantly strive to be better than their competitors, by consistently offering new and innovative products, are the ones that enjoy the majority of the market share in their particular industry.
Utilizing various mediums, like the Internet, TV, radio, newspapers, magazines, journals, billboards, etc., grant the seller the platform to reach out to the masses at the same time.
Once the product has been sold, the marketer's job is seemingly over, as his/her basic task was to ensure that the customer purchases his/her product. This is as far from the truth as possible. The name of the game is retention of customers, as rivals are always looking to steal customers away from any business.
Before venturing out to get more customers, it is important to build a solid base to retain and satisfy the existing customers.
The Four P's
The concept of the 4 P's of the marketing mix is a timeless technique of categorizing the various strategies. By keeping these 4 P's in mind, any marketer can adopt and reap the benefits. Failure to adhere to these can result in failure for the organization.
This refers to the channels of distribution of the product and developing channel partners and reliable suppliers so as to make the product reach the customer as quickly and easily as possible.
Every business is unique and has their own pros and cons. You need to plan and develop your strategy based on the size of your business, the economics, the number of competitors, the demographics of customers, and the area of operation. Strategies evolve as the customer's tastes and preferences change. This field of study that is more artistic.
The principles of marketing remain the same, but the subtleties and nuances change constantly. The most important thing to remember though is that marketing never ends. Striving for perfection is the ultimate goal, and once this process is successfully set into place, profits start rolling in, and the company's goals and objectives start getting realized.