MKT - 402

A MARKETING DEFINITION
Marketing is the deliberate communication of value, intended to influence consumer decisions.

The entire marketing process begins with market research, identifying your target market, and
understanding customer needs. Marketing operations include all aspects of the business, from
developing the product concept to advertising. The goal of marketing is to get people interested
in your product or service no matter where they are in the sales cycle.
THE 4 PS OF MARKETING
 Product – The first of the Four Ps of marketing is product. A product can be either a tangible
good or an intangible service that fulfills a need or want of consumers. Whether you sell
custom pallets and wood products or provide luxury accommodations, it’s imperative that
you have a clear understanding of exactly what your product is and what makes it unique
before you can successfully market it.
 Price – Once a concrete understanding of the product offering is established we can start
making some pricing decisions. Price determinations will impact profit margins, supply,
demand and marketing strategy. Similar (in concept) products and brands may need to be
positioned differently based on varying price points, while price elasticity considerations may
influence our next two Ps.
 Promotion – We’ve got a product and a price now it’s time to promote it. Promotion looks at
the many ways marketing agencies disseminate relevant product information to consumers
and differentiate a particular product or service. Promotion includes elements like:
advertising, public relations, social media marketing, email marketing, search engine
marketing, video marketing and more. Each touch point must be supported by a well-
positioned brand to truly maximize return on investment.
 Place – Often you will hear marketers saying that marketing is about putting the right
product, at the right price, at the right place, at the right time. It’s critical then, to evaluate
what the ideal locations are to convert potential clients into actual clients. Today, even in
situations where the actual transaction doesn’t happen on the web, the initial place potential
clients are engaged and converted is online.
PRODUCT/SERVICE
 What does the customer want from the product /service? What needs does it satisfy?
 What features does it have to meet these needs?
 Are there any features you've missed out?
 Are you including costly features that the customer won't actually use?
 How and where will the customer use it?
 What does it look like? How will customers experience it?
 What size(s), color(s), and so on, should it be?
 What is it to be called?
 How is it branded?
 How is it differentiated versus your competitors?
 What is the most it can cost to provide and still be sold sufficiently profitably? (See
also Price, below.)
PLACE
 Where do buyers look for your product or service?
 If they look in a store, what kind? A specialist boutique or in a supermarket, or both?
Or online? Or direct, via a catalog?
 How can you access the right distribution channels?
 Do you need to use a sales force? Or attend trade fairs? Or make online submissions?
Or send samples to catalog companies?
 What do your competitors do, and how can you learn from that and/or differentiate?
PRICE
 What is the value of the product or service to the buyer?
 Are there established price points for products or services in this area?
 Is the customer price sensitive? Will a small decrease in price gain you extra market
share? Or will a small increase be indiscernible, and so gain you extra profit margin?
 What discounts should be offered to trade customers, or to other specific segments of
your market?
 How will your price compare with your competitors?
PROMOTION
 Where and when can you get your marketing messages across to your target market?
 Will you reach your audience by advertising online, in the press, on TV, on radio, or
on billboards? By using direct marketing mailshots? Through PR? On the internet?
 When is the best time to promote? Is there seasonality in the market? Are there any
wider environmental issues that suggest or dictate the timing of your market launch or
subsequent promotions?
 How do your competitors do their promotions? And how does that influence your
choice of promotional activity?

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A MARKETING DEFINITION

Marketing is the deliberate communication of value, intended to influence consumer decisions.

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