Marketing is the branch of the business world that handles the planning and promotion of a company’s products and/or services. When people think of marketing, many only think of promotion and advertising. However, there is actually much more to marketing. Marketing can be divided into 4 Ps:
- Product
- Price
- Place
- Promotion
Product
The marketing team carries out market research and competitive analysis in order to decide what consumers’ needs and wants are. This insight provides marketers with the information needed to develop products and services that will sell. Considering the market’s needs and wants should always come first-—just because you can make a cool product doesn’t mean it will sell. The key is identifying opportunities to create products and services that will provide real value to consumers.
Price
Marketers work with the upper management team to decide on the prices of the company’s products and services based on costs and competitive analysis. Supply and demand can also greatly influence prices. If the demand for a company’s product or service is greater than what the company can currently supply, the company may raise the prices. Company’s may also vary the price according to buyer’s ability to pay or the buyer’s location.
Place
Marketing also involves deciding where and when products or services will be offered. Specific locations may have more market opportunity than others because of different needs and wants. For instance, a company probably shouldn’t open a luxury car retailer in an area where most people cannot afford a luxury car. Likewise, a company shouldn’t expect to sell many Christmas holiday decorations in May.
Promotion
Finally, promotion is a huge aspect of marketing. Promotion involves getting the word out there about a company and its products or services. Promotion can be organic (free) or paid (advertising). Promotion also comes in many forms including:
- Social media marketing
- Email marketing
- Print marketing (brochures, flyers, posters, coupons, billboards)
- Radio ads
- TV commercials
- Display ads
- Paid search ads
- Branded swag
- Influencer marketing
Not all companies will use all of these strategies, and not all of these strategies will work for every company. It is a marketer’s job to determine what works and doesn’t work for the company and its products or services and to continuously innovate and optimize the promotional strategies.
Branches of Marketing
The marketing department at a medium or large company will typically have multiple secondary departments. These may include:
- Product Management
- Product Marketing
- Marketing Communications
- Corporate Communications
- Market Research
- Public Relations
- Lead Generation/Market Development
