Marketing
Mansi Martolia
Marketing refers to identifying unfullfilled needs and desire. Marketing can be defined as a process of creating, communicating, delivering and exchanging ideas or offers. There are several tactics that are included in the process of marketing a product. These are known as 7 Ps of marketing mix.
1. Product
It refers to the product or service which is offered to the consumer. The product should meet the expectations of the target audience. It should be suitable and appropriate for market and the consumers.
2. Price
It depends on certain factors such as how much consumers are willing to pay, retail and manufacturing cost of the product. People want good value for money that means they can spend extra penny for a good product.
3. Places
Place means the location where product is placed. It must be ensured by the manufacturer that the product is easy accessible for people.The product should be available to the people at the right place and time. For easy availability of product direct selling of door to door selling can be introduced.
4. Promotion
Promotion here refers to introducing the product to the consumer. The main objective is to persuade potential consumers to buy your product or service. This includes advertising, Public Relations, peronal selling, promotion through social media.
5. People
People are not just consumers or clients. It includes the persons working in your company. The whole advertising or marketing process rely on staff, workers of the company from sales man to a marketing director.
6. Processing or Packaging
It refers to the delivery of a product or the overall packaging of product. This includes the way a purchased product is presented to it's buyer.
7. Physical evidence
Your consumer should receive something physical after the purchase of the product. The evident makes the purchase a tangible asset for the buyer. It helps the buyer to evaluate the service or product. For example at the end of a haircut you get a new hairdo or you receive documents after applying for insurance policy.