There are numerous definitions out there about what marketing actually is. Many people are mistakenly led to believe that marketing is about sales, or that perhaps it focuses on the advertising side of business. Marketing is about identifying the client’s needs, as well as understanding and meeting those needs. Marketing is made up of the 4 P’s:
-Product - Is the combination of goods and services offered to clients by your business.
-Place - Focuses on how the consumer can gain access to your product or services, this is also known as distribution.
-Price – Focuses on the approach taken to pricing your product and/or service.
-Promotion – Deals with communicating and engaging with your clients.
The latest approved definition by the American Marketing Association (AMA) states that Marketing is: “The activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.” - (Elliot, Rundle-Thiele & Waller, 2012 p. 6)
Marketing is the foundation, or the backbone of any successful organization. It is an essential and the vital element of any business. It formulates the most effective strategies and produces profit for businesses through increased sales, customer satisfaction, loyalty and customer perceived value of brands and products.
As an individual working towards…