components of marketing

Cards (9)

  • Components of Marketing
    According to an article published by The Economic Times (2023), a company's strategy for promoting its brand or product in the market is referred to as the marketing mix. A typical marketing mix includes price, product, promotion, and place. However, additional Ps like packaging, positioning, people, and process are becoming increasingly important in today's marketing mix.
  • Product -It refers to the item the business offers to the customers, whether tangible (like physical goods) or intangible (like digital goods or services).
  • Price -it refers to the amount that customers are willing to pay for a product or service.
  •  Place - The location of the product or service's purchase, sale, and experience. It varies from business to business because retail and direct online sales place products differently. 
  •  Promotion - It refers to the entire set of activities used to promote a product, brand, or service. The goal is to make people aware of the product, entice them to buy it, and get them to do so over other options.
  •  People - It is all about the people involved in the launch or campaign, including the company's key executives, endorsers, and the marketing team. These people will be accountable for delivering marketing promises and must possess the skills to implement the marketing strategy.
  •  Physical Evidence - It refers to anything that helps the target audience trust the business. It could be the item itself, its packaging, the setting in which it is sold (like a physical store), or how it is delivered (like by courier). It could be testimonials, reviews, or even digital products like e-books and online courses in the digital business.
  • . Process - A set of steps that help businesses figure out customer problems, look at market opportunities, and make marketing materials that will get to the people they want to see.
  • Positioning - It refers to the capacity to alter how consumers perceive a brand or product in comparison to competitors. Establishing a brand's image or identity so that consumers perceive it in a certain way is the goal of market