Are you scared of the term “marketing”? Marketing is nothing but the act of promoting a business. When you promote a particular product or service, then it’s known as marketing. Marketing is an important sector of business. Marketing is all about practical knowledge rather than theoretical knowledge. That’s why you need to invest four years of life to learn marketing. Use the knowledge provided in this blog to market your business and take it to the next level. This blog is surely going to help you in your journey. Read and apply all the tactics to your business and see the magic begins. 

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What is Marketing in Business?

The practice of attracting customers to buy your products and services is termed marketing in business. Whenever you analyze the choice of your customers, then it falls under the category of marketing. Your business is incomplete with marketing. It is a very important factor to shape your career in business. 

Academics and managers have struggled for many years to understand and delineate the role of marketing in explaining business performance differences between firms. Most of the theory base for any such attempts has to be informed by strategic management theory since the primary question that strategic management seeks to answer is why some firms outperform others over time[1].

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What is the purpose of Marketing?

There are various purposes of marketing which are given below. 

  • The main purpose of marketing is when you get people interested and involved in your business. 
  • Whenever you get into the shoes of your viewers and analyze their efforts this is also a very important purpose of marketing. 
  • Messaging is also a sole purpose of marketing. You can also attract your consumers through marketing. 

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Types of Marketing

There are various types of marketing that have several different properties. Whenever you conduct market research and analyze the choice of your customers, this is the point where various types of marketing come into play. 

Marketing in Business
Types of Marketing

Internet Marketing

This type of marketing includes online marketing. Whenever you take your business online and create an online store of your business is known as internet marketing. 

Search Engine Optimization

Its also known as SEO which is a process to take the content of your website on the top of Google search results. When you need to attract customers, then SEO is one of the best marketing tools. 

Blog Marketing

Nowadays, every other person is involved in writing blogs. Big brands use blogs as a powerful source to attract huge chunks of people. They advertise and write about their brands with the help of these blogs. 

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Social Media Marketing

Big industries and brands use social media like Facebook, WhatsApp, and Instagram for the promotion of their business. This type of marketing is known as social media marketing

Print Marketing

Businesses tend to choose print media to advertise their brands. Many print media like newspapers and magazines are good sources to market their business.

Video Marketing

When you promote your business through videos, it’s known as video marketing. To gain more audience, video marketing is the best option as people tend to enjoy video messages more as compared to written messages. 

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Functions of Marketing

There are so many functions of marketing in business. You will really find this article very helpful if you are damn serious about your business. The entry point of marketing is the seven functions of marketing. So, let’s go deep into this topic.

Functions of Marketing
Functions of Marketing

Promotion

Whenever there’s a need to promote your brand and advertise your products, then promotion is the most important step in the marketing of your business. To reach out to your target audience, you need to apply this step. The conversion of your products and services to your profit comes under this category. Some of the promotion strategies for business are email marketing, social media advertisements, public relations, print advertisements, content marketing, brand partnerships, influencer marketing, and events. 

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Selling

The practice of gaining sales leads and communicating with potential customers is termed selling. You can produce a section of frequently asked questions to attract leads among your customers. Collaboration is also a great way to sell your products and services to your customers. 

Product Management

Product management is managed by a product manager whose responsibility is to ensure that the product meets the demands of the customers. To check a product, it’s important to keep some points in your mind, like the usefulness of the product and its overall appearance along with its deliverance. Analyzing your competitors, communication with customers, feedback implementation, conducting market research are some of the product management strategies. 

Pricing

The cost and value of particular products determine the pricing of a product or service in the business. Many factors play a role while fixing the price of a product. The need of a customer also plays a vital role in this field. If you research the market properly, then fixing a price for a particular product is a very easy process. Match the promotion and brand of a product to determine the pricing of a product or service in the business. 

Marketing Information Management

Select data according to the customer’s choice and preference and observe it. With this observation, you can come to many conclusions and incorporate them into your marketing strategy. The conclusions can also lead to effective and right decisions for your business strategy. Every type of marketing tool will provide unique and surprising results for your customers. Various tools of marketing to gather information from your audience are surveys, online reviews, social media management, and market research reports. 

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Distribution

When you distribute your services and products then it’s known as distribution. You can distribute your products through many physical and online methods like online stores, catalogs, retail stores, sales calls, and wholesalers. Sometimes your product also decides the type of method that can be used to distribute your products. You also need to collaborate with your several stores in order to distribute your products. 

4P’s of Marketing

There are four stages of business marketing strategies which are given below. Each step has its own importance and specialty. Get to know about all these stages in detail with this article. So, keep on reading this blog to read more about this. 

4P's of Marketing
4P’s of Marketing

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Product

Let us consider this with the help of an example, if you bring a new product into the market and start selling it without looking at the choice and preference of the customers, what would happen? You will face drawbacks in the industry. For the success of your business, you would require a proper marketing team who will decide about your target audience, the pricing, and the usability of that product in the market. They will also decide about the advertisements and the words which will attract the customers. So, the marketing team plays a great role to shape your marketing career. 

Price

Here also, the marketing team will decide and fix the price of your product. They will be responsible for conducting services and comparing the prices of other rivalries. If you keep the price high, there’s a high possibility that you will lose some of the potential customers. While, if you keep the product at a very low price, there’s a possibility that you will be running at a loss. 

Place

Focusing on the target audience is a must. The marketing team will keep a watch on the place to advertise and sell your products. Sometimes the online store would work out much better than an offline store or vice versa. It totally depends on the type of product and their target audience. They can also lookout for a particular place where the value of that product would be much higher than any other place. 

Promotion

The last P of marketing is the promotion of your products in the business. You can’t run your business without promoting it. By promoting your business, you will gain customers and leads. Both will be beneficial for you. 

All these are known as the 4P’s of marketing in business. 

Final Thoughts

Exercising these marketing strategies is not an easy process. You will learn it gradually and by committing mistakes. You can’t learn it all at once. It will take time and you will ace it gradually. The first step is your thought process. If you win the game of marketing through your thought process, then you have already completed the half-game. Another half-game consists of practicing these marketing strategies in your business. After completion of this blog, grab a cup of tea and take a long breath and start afresh with your journey. 

References

[1] Morgan, N. A. (2012). Marketing and business performance. Journal of the academy of marketing science, 40(1), 102-119