Marketing basics for business and the 7 Ps.

 

Defining marketing

Marketing is about planning and executing the development, pricing, distribution and promotion of products and services to satisfy the needs of your customers.

The main role of marketing is to deliver customer value to attracting new customers and keeping existing ones. This is achieved by:

• knowing what customers need
• coming up with solutions to meet these needs.

Marketing is about the principles that guide your customer-focused actions.

It is a comprehensive process that determines how to go to market with your products and services. For your marketing to be successful, you'll need a strong understanding of your brand positioning and the needs of your customers.

Marketing challenges

Many businesses find it challenging to do effective marketing because of:

• lack of time and resources (like staff and money)
• the growing complexity and continuous change in the world their business operates in, including
  • new technology and new channels, which require new skills and specialisation
  • increased competition, which has given customers an abundance of choice.

Technological advances have made customers more connected, informed and empowered than ever before. To meet the changing expectations, preferences and behaviours, your business must be:

• brand driven
• customer focused.

In practice this means that you should start with strategic thinking, marketing strategy and planning before getting into the tactics (the steps and activities).

By understanding your current situation, you'll be better able to recognise gaps and make improvements. To get more out of your marketing efforts, answer the following questions:

• What role does marketing currently play in your business?
• Does your marketing strategy align with your business strategy?
• Does your business have the right marketing skills and resources?

The 7 Ps of marketing

Marketing is delivered through a combination of elements—the 'marketing mix'. These elements are also often referred to as the 7 Ps of marketing.

This popular and practical marketing model can help you to:

• do a marketing audit
• refine your value proposition
• do a competitive analysis.

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