The Nature of Marketing: Getting Your Product Out There!

Marketing is all about connecting with your target audience and getting them to buy your product or service. It's not about being pushy or annoying, but about building relationships and understanding what your customers want.

1. Understanding the Marketing Mix (The 4 Ps)

Think of the marketing mix as the tools you have in your toolbox to reach your audience. It's made up of four key elements:

-Product:

What are you selling? What are its unique features and benefits?

Example: A shoe company needs to decide what kind of shoes to make - running shoes, dress shoes, or sandals? They also need to consider factors like comfort, durability, and style.

-Price:

How much will you charge for your product? This depends on factors like cost of production, competition, and perceived value.

Example: A coffee shop needs to decide how much to charge for a cup of coffee. They need to consider their costs (coffee beans, rent, staff) and what other coffee shops in the area are charging.

-Place (Distribution):

How will you get your product to your customers? This could involve selling online, in physical stores, or through distributors.

Example: A clothing brand can sell their clothes online through their website or on marketplaces like Amazon. They could also sell their clothes in department stores or at their own retail outlets.

-Promotion:

How will you communicate the value of your product to your target audience? This involves advertising, public relations, social media marketing, and more.

Example: A new video game company might run ads on social media and gaming websites to promote their latest game, while also offering free trials or demos.

2. Marketing Objectives: What Do You Want to Achieve?

Marketing objectives are specific goals you want to achieve with your marketing efforts. They should be:

• SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
• Aligned with your overall business goals: Your marketing objectives must support the bigger picture of your company's success.

Example:

• Business objective: Increase market share by 10% in the next year.
• Marketing objective: Increase brand awareness by 20% among young adults in the next six months through social media marketing campaigns.

3. The Link Between Marketing Objectives and Corporate Objectives

Think of it like this:

• Corporate objectives are the big picture goals for the entire company. They are often about profitability, growth, or market leadership.
• Marketing objectives are the specific actions you take to contribute to those bigger goals.

Example:

• Corporate objective: Achieve 15% annual revenue growth.
• Marketing objective: Launch a new product line that will bring in 5% of the total revenue.

By aligning marketing objectives with corporate objectives, you ensure that all your marketing efforts are contributing to the overall success of your company.

Important Note:

Marketing is a constantly evolving field. Keep up with new trends and technologies to stay ahead of the curve!