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Define Marketing The management and the study of exchange relationship is termed as marketing. According to the American marketing association, the definition of marketing is “the set of institutions, the activity, and the processes for the purpose of creating, communicating, delivering and exchanging the offerings that have value for the customers, partners, clients, and the society at the large stage.”
What is the use of Marketing? Marketing is used for the purpose of creating, keeping as well as satisfying the customers that are willing to buy some or the other product or services. Marketing leads to an increase in the customers or clients of particular product or the service.
The Four P’s of marketing • Product • Price • Place • Promotion
First P – Product This particular aspect of marketing deals with the actual quality and the functions of the product and the way by which it related to the needs and the requirements of the customers or the clients. This generally includes the warranties, supports and the guarantees.
Second P – Price This includes the complete process of setting up a price of a particular product. This includes setting up of discount or any particular offer while keeping in mind the overall profit of the company. This relates to the basic price setting domain known as the pricing science.
Third P – Place This particular aspect basically includes the way the product or the service reaches the customer. It may also sometimes refer to the channel through which it is sold to the customers.
Fourth P – Promotion This is the most important aspect of the marketing as the entire sale of the goods depends upon it. It basically includes raising awareness about the goods of the services in order to increase the number of customers.
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