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. A marketing department is a must have in every company and it is mandated to deal in the making and maintenance of the relationship between the company and its clients. Linking the goods and services to the prospective buyers is the main aim of marketing and while at it make profits for the company.
There are the four p’s of marketing and they include the product, price, promotion and place that are what the whole marketing is all about. Items of the nature that the businesses sells are what is referred to as the product and every company should be able to check what the competitor is selling and take advantage of the differences to have an upper hand. Price is the second p and refers to how much the business will sell the product for and still make a profit considering the marketing and distribution costs.
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.
There are different types of marketing strategies and they include paid advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing, transactional marketing and diversity marketing.
Firstly, the paid advertising is one of the oldest means of advertising where the means such as the print media and pay per click are used. Relationship marketing is the other form and is based on enhancing the relationships that exist and improve the customer loyalty.
Because marketing Is the next form and it is known for the way it links the social issue to the commodity the company is selling and this way they are able to make sales. The word of mouth marketing is the most traditional of them all and it involves the direct talking to customers and create impression on them to buy the product and this means creating trust to the market.
The type of marketing that the market does not know is called stealth marketing or undercover marketing. Retailers may offer the vouchers and discounts to buy a commodity and that is what is referred to as transactional marketing.
Diversity marketing is the means of marketing that incorporates the different aspects of marketing strategies. Internet marketing is also called cloud marketing and it is the type of marketing that happens over the internet.
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