Marketing is the art of making it aseasy as possible to get the customer to buy the product.
- finding out which goods and services people want
- providing the goods and services
- pricing the goods and services
- promotion and advertising to sell them
- distributing them to final consumer
The main activities involved in marketing good or services are known as the 4Ps. The 4Ps together are known as the marketing mix.
Firms have to come up with product that people will want to buy. They must fulfil some of the costumer needs or wants. Firms have to consider the design of goods (for example – the size, shape, colour, label, brand name and packaging). Packaging is very important because it can attract consumers and encourage them to buy
The price must cover the costs of production and provide a profit for firm and it must be attractive to costumers as well. The price must be one that the costumers thinks is good value for money.
In includes advertising, selling and public relations. The product must be promoted so that potential customers are aware that it exists.
It involves choosing the channels of distributions through which goods and services are sold. The product must be available for sale in a place that the customer will find convenient.
The main of good marketing is that firms should produce goods and services which consumers want. Therefore market research is used to find out what it is. It involves collecting analysing information about product and market.
There are 2 types of research:
- Field research
It is also called primary or original research. It is useful for finding out new on formation, and getting consumer views of your product. It involves things like questionnaires, telephone surveys, product testing and working with consumers groups.
Advantages are that it provides data that is relevant up-to-date and specific to your product.
Disadvantages are that it is expensive to collect, it is time-consuming, and it needs a large sample size to be accurate
- Desk research
It is also called secondary or published research. It is useful for looking at the whole market and analysing past trends to predict the future. It involves looking at thinks like market research reports, government publications and newspaper and magazine articles.
Advantages are that it is cheaper than field research, the data is easily found and instantly available.