According to the American Marketing Association, marketing is an activity that involves a vast range of institutions and processes dedicated to the creation, communication, delivery and exchange of offers. The process of marketing locates unmet needs and develops products and services catering to them. Eventually, it creates value for clients, partners, buyers and the society in general.
The Four Ps of Marketing
Professor Neil Borden of the Harvard Business School studied various company specific actions that influence a consumer’s buying decision and proposed a marketing mix of four elements:
- Product: It includes product related specifications and their impact on the final need of the end user.
- Pricing: This deals with the pricing of products in terms of monetary as well as other aspects related to time and energy.
- Place: It comprises of elements related to the distribution and positioning of products among customers.
- Promotion: This includes domains like advertising, publicity and branding as well as other activities that are governed by the basic tenet of gaining visibility among the target audience.
The other important marketing activities include:
- Need identification
- Competitor analysis
- Packaging decisions
- Sales
- Media relations
- Customer service and customer satisfaction
Brand Marketing
Marketing has evolved into a wide domain that includes an amalgamation of different activities including advertising, publicity, research and creating a web presence. Brand marketing involves creating a company’s identify or image and actively spreading its awareness in the marketplace. Brand marketing may fall under one of the following two categories:
- Above the line marketing: The distribution of promotional messages through the use of mass media, such as the radio, newspapers or the television, is known as above the line marketing.
- Below the line marketing: This involves delayed or instant incentives offered to potential customers in cash or kind. These incentives are offered for a short term to boost the popularity and sales of a product.
Both direct and indirect forms of marketing have their own advantages. While reaching customers on a one-on-one basis has a greater impact, publicizing through media has a wider reach. Faced with cutthroat competition, marketers prefer to deploy an eclectic marketing strategy.