The first step in learning what are the 4 P’s of marketing is to understand the basics of marketing. Marketing is an ever-changing discipline, driven by the need to influence the customer to make buying decisions. Marketing is generally broken down into four disciplines, each with its own focus and style of reaching the customer.
Marketing Basics The most basic concept of marketing is to reach the customer. This includes researching the target audience, analyzing market trends, developing a product to suit a specific audience, creating a good and enticing package, and advertising and promoting the product. The key to success in marketing is in knowing the targeted audience, understanding market trends, developing a product or service that addresses those needs, and advertising or promoting the product. The marketing mix is an all-encompassing framework that includes the four main pillars of marketing: research, audience, products, and promotion or marketing.
Research The primary goal of marketing is to find out what people want. Knowing what your customers want helps you to better meet their needs. Research is critical because it allows you to identify what people in a specific market are looking for, what they want to buy, and what factors influence their purchase decisions. Marketers also use research to establish the target demographic of their product. This allows them to advertise to people who are more likely to purchase the product.
Marketing Basics – The next step to understanding marketing is to know what you are marketing. There are four basic areas that define marketing. These include product knowledge, audience knowledge, sales knowledge, and marketing priorities. Each of these areas encompasses different aspects of the actual marketing process. Marketing professionals are expected to be experts in each area. In order to be effective, marketers must stay on top of all aspects of the process.
Audience Knowledge – Knowing who your audience is helps you to be successful at any level of advertising. For example, if you are a product creator, then knowing your audience is essential to creating a product that is in demand. You will never make money promoting products that have no need in the marketplace. Likewise, if you have no idea as to what your product or service does and why it is in high demand, then you are unlikely to reach your marketing goals. Reach your audience first before you worry about market share.
Sales Knowledge – The key to making sales is knowing your product or service. Customers do not buy products or services based strictly on marketing. They are more interested in whether the product solves a problem for them. Understanding this dynamic, and knowing what your target audience is looking for, will increase your sales conversions. As a result, your company will have increased sales, which translate directly to profit.