Marketing is a way to identify and meet human and societal needs. According to The American Marketing Association (AMA), marketing is a function of an organization, as well a collection of processes that are used for creating and communicating value with customers, managing their relationships, and managing the relationship in a manner that benefits both the company and its stakeholders. The marketing plan should be the focal point of any business project, as it will tell you how to retain and attract customers. This is a crucial part of running a business. A well-written plan of marketing will increase profits and sales. You need to convince customers you are offering the best products or services at the lowest possible prices. A marketing plan that fails because customers aren’t convinced is a waste.
Marketing plans are a great tool to help identify and develop marketing strategies. In order to find new customers and analyze competitive advantages, it is important to determine the customer’s wants and needs.
Incorrect data analysis can lead marketers to make faulty decisions. Unrealistic forecasts in financial terms can cause a misinterpretation of a marketing plan, and highlight weaknesses within a business.
Marketers must create marketing activities that communicate with consumers and provide value. Marketing activities can take many forms. E. Jerome McCarthy categorized marketing activities in four broad categories. He called them the four Ps, or product, price and place (Van Vliet).
The four P’s are a sellers’ perspective on marketing tools to influence buyers. Marketing mix is a great tool that helps you understand the benefits of your product and service and plan for its success. Marketing mix is commonly implemented using the four P’s (Price, Product, Promotion, Place) of marketing.
The price is the amount that the user will pay. The price of a product will have a direct impact on its sales. A product that is either priced too high or too low will not sell. If a customer value is high, a price that is higher than the product’s objective value may be successful. If the product is not valuable to the customer, it might need to be priced lower to make the sale (Kotelnikov).
It can be a tangible product or intangible service, but it must meet a certain customer demand or need. To understand all the features and benefits of the products, and to determine its unique selling proposition, you must first study them. It is also important to identify and understand the buyers who are likely to purchase the product (Kotelnikov).
Marketing communication techniques and strategies are called promotions. Advertising, sales promotions and special offers are all examples of promotion. Marketing and promotion are two different things. The marketing function is a communication function.
Place is how a product will be delivered to a customer. Placement is heavily influenced by distribution. Placement strategies will allow you to determine which channels are most suitable for your product. The product’s accessibility by the user must also be in line with the overall product strategy.