Business, Legal & Accounting Glossary
Marketing can be described as a process through which services and products are inaugurated in the marketplace. Marketing activities include advertising and selling products. Product delivery is also included as a part of a marketing plan.
Marketing tries to influence consumers’ decision to buy goods and services. The marketing mix consists of 4 Ps: Product, Price, Place, and Promotion.
Product
The marketer makes public the specifications of goods and services. The product aspect of a marketing plan relates to customers’ requirements and the way it benefits him/her. Product aspect includes guarantees, warranties, and support.
Pricing
Price is specified for every product or service. Discounts are included in the pricing aspect. Payment may not necessarily be done with money. An exchange may be done with energy, attention, time, and psychology.
Promotion
This includes branding and advertising. Other promotional aspects of marketing are personal selling, publicity, and sales promotion.
Placement
It is also known as distribution. Placement aspect describes the procedure of getting the product to the customer. Retailing is one of the common ways. The environment where the product is sold may also affect sales. Placement of the product varies according to the industry or geographic region.
Along with these 4 Ps, 3 Ps were also later added. The additions are as follows:
People
Customers of any product or service come in contact with people engaged in selling or distributing the product. These people are part of the marketing process and contribute to overall customer satisfaction. All personnel should, therefore, be trained and motivated to impart the desired outcome.
Process
This deals with the process that is part of imparting a service. The behaviour of people also plays a vital role in the overall satisfaction level of customer.
Physical evidence
A service cannot be experienced before the sale is made. Thus, to reduce the feeling of risk of the customer, potential buyers are given the chance to undergo a trial run. This is achieved by using demonstrations and case studies.
Four new Ps were later added to the 7 Ps: personalization, participation, peer-to-peer, and predictive modelling.
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This glossary post was last updated: 30th October, 2023 | 0 Views.