Marketing is a vast field that has so many sub-section towards its object of extracting customers towards a product or products. Any business flourishes only if there is a viable market for that particular product.
Good marketing always with the quality, and hence never give faults value for unhealthy or valueless products a place in the market.
The people who are marketing called marketers use marketing techniques to grasp the attention of the consumers. They should aware of these techniques to use those appropriately for their business development.
Adverting, distribution, and selling are the main components of marketing and within those lay the additional part - consumer’s future desires and wants - is being done through market research.
An organisation sell their products through its marketing team. The process of marketing is linked with creativity, and only high creativity can give innovative, and powerful propaganda to a product so as to entice consumers to buy the said product.
The marketing is coupled with areas such as Strategic Management, Marketing Strategy, Retailing, Public Relations, Communications, Advertising and Branding, Internet Maketing, Database Marketing, Market Research, Search Engine Marketing to mention a few.
The distinguished personalities like Professors Neil Borden, and E. Jerome McCarthy from Harvard Business School (1960), catagorised marketing into four main segments, product, price, place and promotion which are called 4 Ps.
The first P, Product, highlights the products and its relationship to the consumer’s needs and wants. It protects consumers with warranties, guarantees and after selling support. The second P, Pricing, is focused the feasibility of possessing the product. It creates possibilities of having discounts, and various other ways to by the product other than monetary. The third P Promotion includes adverisitng, publicity, promotion, branding and personal selling as well as various other aspect of expanding the market to grass root level. The fourth P. Placement, focuses on the best way to get the product to the consumers that includes retailing as well as online service by placing the product according to categories like youth, adults, families, businessmen, etc.
This four ‘P’s is further developed with additional three Ps. These additional three Ps are People, Process and Physical Evidence. Under the People it is treated that marketer should be trained fully to meet the full satisfaction of the consumers. He should be trained as well as motiviated to give full satisfaction to the end user of the product.
Process deals with the way the service is given, and the behavioural pattern of the people. The final one Physical Evidence also impact on the marketers as they have to possess the knowledge to give physical evidence of their products reducing the risk of the buyers.
Currently, this earlier Ps has been replaced by new Ps which consists of Personalization, Participation, Peer-to-peer, and Predictive Modelling.
Personalization is mainly focussing on Internet constomization and go forward with marketing through Internet. Now this area is highly used for marketing throuhgout the world. The second one Participation popularises the participation of customers to the products, and their participation through views, ideas and even by creating adds. The third one Peer-to-Peer replaces the earlier way where forcing the customer to buy through various method is apparent. From this new method customers’ active dealing with the products are enhanced and computing comes to forefront than never utilised in the arena of marketing. The fourth and final one Predictive Modelling, refer to the solving problems of marketing through algorithms.
The successful marketing is enriched with other sciences such as Social Sience, Psychology, Sociology, Economy and Anthropology. The marketing is an interactivity with human minds and hence it is always place more value on creativity. The producer, buyer as well as the seller are human, and they all act humanely.
It should be understood emphatically that sucessfull marketing in any society is based on this truth only.