Chapter 8 Marketing
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Marketing
Marketing is the process of promoting, selling, and distributing a product or service. It encompasses a wide range of activities designed to attract and retain customers by meeting their needs and preferences. Here are the key components of marketing:
Market Research: Understanding the target market, including demographics, preferences, and behavior. This involves collecting and analyzing data to make informed decisions.
Product Development: Designing and creating products or services that meet the needs and desires of the target market. This includes aspects like features, quality, and packaging.
Pricing: Determining the right price for the product or service, considering factors like production cost, competition, and perceived value.
Promotion: Communicating the benefits and value of the product or service to the target market. This includes advertising, public relations, social media, and other forms of communication.
Distribution: Ensuring that the product or service is available to the customers where and when they need it. This involves logistics, supply chain management, and retailing.
Sales: The actual transaction where the product or service is sold to the customer. This involves strategies and techniques to close deals and build customer relationships.
Customer Service: Providing support and assistance to customers before, during, and after the purchase to ensure satisfaction and foster loyalty.
Branding: Creating a unique image and identity for the product or service to differentiate it from competitors and build a lasting impression in the minds of consumers.
Marketing aims to create value for both the company and the customer, leading to successful exchanges and long-term relationships.