Marketing refers to the act of bringing together buyers and sellers so that they can make an agreement about the price, payment terms, and other relevant details. It is the process by which the seller advertises the products or services offered and the buyer makes an offer. Marketing is a branch of economics that studies the effects of marketing strategies on the market. It also studies how marketing affects the distribution of goods and services in the marketplace. The word’marketing’ comes from the Greek word’marketos’, which means ‘to advertise.’
Elements of Marketing
The three main elements of marketing are marketing the product, marketing the customer wants, and marketing the timing of market release. Let us take each of these steps separately. Marketing the product involves creating and advertising a product. An example of this is a clothing line. If a clothing manufacturer decides to launch a new line, they will need to create a catalog and advertise their new products.
Marketing the Customer Needs
The next element is marketing the customer wants or the motivation for customers to buy a product. This can be done in many ways, one being that the company needs to create a catalog and distribute it to newspapers, magazines, catalogs, and stores. Another method is to create a press release and send it to newspapers, magazines, and companies that might be interested in having the product line. In addition, potential buyers may be asked for information such as where the product came from, who made it, the price, and customer satisfaction statistics.
Marketing the Timing of Market
The final step in the marketing process is marketing the timing of market release. This marketing strategy is called market saturation. When a specific product is no longer considered unique or popular, it becomes commonplace and sells like hotcakes. Marketers use multiple marketing methods in combination with each other to saturate a market. For example, a market may become saturated when other similar products have been introduced, thus limiting the number of customers that will purchase them.
Product Development
A third strategy that marketers use is product development. With product development, marketers will create a new product or a new version of an existing product. They will then test the product development and determine if it will be successful in their desired market. Once the product development is complete, they will launch an advertising campaign using various advertising platforms. Most commonly, marketers will use television, radio, and print advertisements.
Conclusion
Marketing is the art and science of creating and conveying messages to potential consumers. The goals of marketing are to increase sales, decrease cost, increase service, reach a specific market, and build brand loyalty. By closely managing these elements, marketing can help a business increase its revenue. Marketing is not simple, but it is very effective. This strategy has worked wonders for many businesses.s
