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Marketing is the Process of Promotion
Marketing is the process by which one shares information about his or her product or service in order to get interest from consumers and future clients. Marketers work to understand what the consumer needs with the goal of exchanging goods and currency for profit. Though they are separate crafts, marketing usually works best when combined with advertising.Whether it be a product or a service, advertising spreads the word while marketing backs it up. For marketing, the key words are ‘anticipate’, ‘identify’ and ‘satisfy’. It is crucial to the success of a product that promoters go beyond understanding what a customer will want. They must know what a customer wants before the customer knows themselves.
Marketing uses two main approaches – advertising and branding – when promoting a product. While branding includes the symbolic associations of a product – the logo, themed colors and symbols - advertising is used to draw the public’s attention to the product through a variety of media.
In the past, marketing was product-focused with a strong emphasis on sales only with little attention paid to the actual needs and demands of the client – for example, the cliché vacuum cleaner salesman. In recent decades, however, the focus has shifted to become more customer-focused – based on finding out what the customer needs or wants and then producing a product or services that meets that need.
The methods of how a product or services is marketed is determined several social science factors such as economics, sociology and psychology. A product that is marketed based on psychology will use human emotional attachment to bring a heightened sense of appeal to the product or service such as sex appeal, prestige, appeal to authority, the bandwagon approach and economic value.
Marketing has two main goals – base management and acquisition. Base management is the process of keeping current clients not only happy, but returning to purchase more goods or services through a particular company by building and maintaining a relationship with them. Base management is a continual process of improving the current services or goods to not only keep current clients satisfied, but also to prevent their departure for another company with similar products or services. Acquisition is the process of obtaining new clients for the company.
Marketing, when done correctly, will start out with a clear outline of the target market for a product or service. A target market is who the product or service will be the most useful for or the most wanted by. A target market is generally defined by criteria such as geography, age, socio-economic factors and gender. Once a target market is determined, marketing research then takes place to determine how likely it is that a specific product will be accepted by the target demographic as well as on the mass market.
Again, remember that traditional thought follows the “Four Ps” of marketing – product, pricing, promotion and placement. Each of these is a critical step in the overall presentation of what goods are for sale.