Marketing is the process or technique of planning, pricing, promoting, selling and distributing products and services to create exchanges that satisfy both the customer and the organization. It includes all the commercial functions involved in transferring products and delivering value to the customer.
This business activity attempts to grab the attention of customers by using slogans, packaging, and celebrity support. Marketing manages the relationships with the customer and stakeholders in a way that will benefit the organization.
- The ‘Product’ aspect of the marketing mix deals with the selection and development of the product including the supporting factors such as warranties and guarantees.
- ‘Price’ relates to the determination of the price of the product.
- ‘Place’ refers to the selection and design of distribution channels. This includes the channel by which a product is sold, the industry, the geographic region, and the audience.
- ‘Promotion’ encompasses all aspects of promoting the product to create demand, including advertising, sales campaigns, and publicity.