Marketing: Definition, Roles and 4P's

Definition of Marketing

Marketing is the activity, collection of institutions, and procedures for developing, conveying, delivering, and exchanging value-added solutions for consumers, clients, partners, and society as a whole.

What Does Marketing Do for Your Business?

Marketing may benefit your company in a variety of ways, but let's look at some of the most important.

1. Raising Brand Recognition 

This is critical since it familiarizes consumers with your brand and the items or services you offer. It also makes you recognizable to customers, who will begin to trust your brand, become satisfied consumers, and spread the word about you to their friends and family.

2. Boosting Traffic Increasing

the amount of visits to your site implies obtaining more quality leads (lead scoring can assist with this) and, as a result, increasing sales. This approach will be aided by an efficient marketing plan.

3. Increasing Profits

Every business wants to boost sales, and marketing can help them do so by using a number of techniques such as improving your website and SEO, developing email campaigns, doing A/B testing to determine which approach is best for you, and much more.

4. Developing Your Brand's Credibility.

Building consumer loyalty and repeat purchases begins with establishing a high degree of trust in your brand. This not only boosts income, but it also leads to positive feedback both online and through word of mouth, which is still one of the most powerful forms of marketing.

5. Keeping Track of Your Metrics

Metrics are quite beneficial when developing a marketing plan. They not only guide the plan and measure its progress, but they also provide insight into what can be changed or altered to improve your campaigns over time. 

4 P's of Marketing 

Product.

A product is a collection of qualities (features, functions, advantages, and uses) that may be exchanged or used, typically in a combination of tangible and intangible forms.

As a result, a product can be a concept, a physical object (goods), or a service, or any mixture of all three. It exists to facilitate exchange in the pursuit of individual and corporate goals.

Whereas the term "goods / services" is often used, the term "product" refers to both things and services. 

Price.

The formal ratio indicating the amount of money, commodities, or services required to acquire a certain amount of goods and services is known as price.

It is the price a consumer must pay in order to obtain a thing.

Place (or Distribution).

The act of promoting and conveying items to customers is referred to as distribution. It's also used to indicate the breadth of a product's market reach.

Distribution is represented by position or placement in the 4 Ps.

Promotion.

Promotion marketing, according to the Association of National Advertisers (ANA), comprises methods that stimulate short-term purchases, impact trial and quantity of purchases, and are highly quantifiable in terms of volume, share, and profit.

Coupons, contests, rebates, premiums, unique packaging, cause-related marketing, and licensing are just a few examples.