The term marketing is what is given to the process of promoting, distributing, selling and delivery of a good or service in the markets and the process entails advertising and market research. Every company has a marketing department that deals with making and maintaining the relationship between the business and the customers. Marketing’s main goal is to link the goods and services to the market that is willing to procure while making profit in the process.
The pillars of marketing that the concept is all about are promotion, place, price and product. The item being sold in the company is what the product refers to and the business should include what the difference with the competitor’s product is. The price pillar refers to the amount the company is willing to sell the product for and this should be done in consideration of the marketing and distribution costs to ensure profits.
The point of sale of a product is what is referred to as the place and it is the third p and consist of stores, online deliveries and the channels of distribution. The last p stands for promotion and that is the campaign for drumming up market for the product that involves advertising, sales promotion, public relations and personal selling.
Advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing, transactional marketing and diversity marketing are the types of marketing strategies there are.
Paid advertising is one of the most well-known methods of marketing and includes the pay per click and other paid means like the print media. Relationship marketing is the type of advertising that focuses to enhance the client base via improving consumer loyalty and create customer building.
The next form links the cause or a social issue to the product in order to secure customers and is called cause marketing. The next form of marketing involves creating trust to the market and talking to the customers and is called word of mouth marketing.
Undercover marketing also stealth marketing is the type of marketing that the market does not know is happening. Transactional marketing is where retailers encourage sales by the use of coupons and vouchers or even discounts.
When many strategies of marketing are used together, it is referred to as diversity marketing and they are used interchangeably to lure the market to buy the commodity. Various platforms used on the internet to market products and cause increase in sales form the internet marketing.