Simply put, Marketing is the process of identifying the needs of people and fulfilling that needs. Needs may be pertaining to product, service or idea. If you are taking a product, service or idea oriented approach then Marketing activities are mainly focused on four elements called 4Ps of marketing (for products) and 7Ps of marketing (for Service or idea). The 4Ps are Product, Price, Promotion and Place (physical distribution and channels of distribution). In case your approach is based on customer-centric then your activities will be focused on 4 Cs of marketing. The 4 Cs are Customer needs and wants, Cost to the user, Communication and Convenience.
Before developing or redeveloping product, service or idea it is better to do market research to see the viability of the process.
Further each of these four activities consist of several activities.
Product Activities
A product, service or idea, may be defined as something which is given to consumers in exchange for a price. The main factors include: Quality, features, style, brand name, packaging, sizes, services, warranties, returns, etc.
Pricing Activities
Price can be defined as the amount of money that consumers must pay in exchange for the product, service or idea. While considering the final price factors such as Target customers, Cost, Competition, The law, Social responsibility, etc., should be taken into account.
Promotional Activities
Promotional activities consist of various means of communicating persuasively with the target audience. The important promotional methods are: Advertising, Personal selling, Sales promotion, Publicity and public relations.
Place or Distribution related Activities
Basically, place or distribution activities are used to transfer ownership to consumers and to place products, services and ideas at the right time and place. Distribution is made up of two components: (1) Physical distribution, and (2) Channels of distribution.
Physical distribution consists of the activities involved in moving products or services from producer to consumer. Examples include: Transportation, Warehousing and Storage, Order Processing, Inventory Control and Locations.
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