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
(some people use 7Ps). 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.
Marketing is a very vast subject. It will go on and on. Let us come to the
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