What is Marketing?
Marketing is the process of getting and keeping customers. Without customers, a business is out of business. Marketing is the single most important activity in any business, including yours!
According to the CIM, marketing is “the management process responsible for identifying, anticipating and satisfying customer requirements profitably”
In everyday speak, it is all about ensuring your company identifies who your customers are, where are they, what they need, when do they need it and how much will they pay.
Where does Marketing fit into your business?
Marketing can either be dealt with by a marketing department or it can be the responsibility of the business owner in cases of small businesses.
Given that fulfilling the customer’s needs is the key to business success, how do businesses achieve this? Marketing!
Meeting customer satisfaction and objectives can be met using the Marketing Mix, otherwise known as the 4 P’s of marketing – Product, Promotion, Price and Place.
Marketing through promotion
There are 5, or some would say 6, marketing promotional tools:
Advertising – salesmanship in print. A way to promote your services. Can be printed, on the web or on air.
PR – the process of creating favourable views in the media, therefore influencing potential customers
Sales Promotion – incentives designed to stimulate demand and custom e.g. free samples, discount vouchers and so on
Direct Mail – using media such as letters or flyers to send a marketing message to a mass audience
Personal Selling – identifying a customer’s needs and matching these needs with benefits your products or services offer
Online Marketing – this is all of your marketing handled online e.g. your website, your email campaign and your adverts online