What Is Marketing? Definition, Benefits, and Strategies

Product. Having a product is key and is the root of all things marketing. A product could be anything that a company offers consumers to satisfy a need. The best thing to do is to decide on your product or service based both on the needs and motivations of consumers and how the product would benefit the consumer, rather than on the object’s physical characteristics or attributes.

Place. Strategic merchandising locations can be anything from an online store to a channel of physical stores across multiple towns or countries. The goal of the distribution strategy is to enable potential clients to have easy access to your products/services as well as offer a good experience throughout the purchasing process.

Price. How you price your products and services is an extremely important part of the marketing strategy. This factor affects other factors such as:

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  The margin you hope to obtain.
  
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  What target market do you want to appeal to and what purchasing power do your consumers have? Do you want to enter the luxury market or the mass market?
  
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  The company's financial goals.
  
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  How does the competition price their products and what possible product substitutes are there?
  
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  Trends and fads.
  
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  Increasing your price in order to give a better perception of quality.
  

Promotion. This refers to all the marketing and communication that is done in order to showcase the benefits of your product or service within the market. This is how you increase sales.

What Does Marketing Do for Your Business?

Marketing can help your business in countless ways but lets's take a look at a few of the most impactful ones.
 

1. Raising Brand Awareness

This is important because it gets people acquainted with your brand and the products or services you provide. It also makes you memorable to customers who can begin to trust your brand, become loyal clients, and tell their network about you.
 

2. Generating Traffic

Growing the number of visitors to your site means getting more qualified leads (lead scoring can help determine this) and ultimately increasing your sales. An effective marketing strategy will help you through this process. 

3. Increasing Revenue Every business want to increase their sales and marketing can help achieve this goal through a variety of strategies like optimizing your website and SEO, creating email campaigns, performing A/B tests to pinpoint the best strategy for you, and much more.

4. Building Trust in Your Brand

Creating a high level of trust in your brand leads to customer loyalty and repeat purchases. This not only increases revenue but also leads to great reviews both online and by word of mouth, which is still one of the most effective types of promotion.
 5. Tracking Your Metrics
Metric are incredibly helpful when it comes to creating your marketing strategy. They not only drive the strategy and help track its progress, but also inform what can be adapted or adjusted to continually optimize your campaigns.