What is MARKETING?
Marketing might be defined as everything an organization does to facilitate an exchange between itself and its customers/clients. - Kathleen Micken
Marketing is the process of teaching consumers why they should choose your product or service over those of your competitors. Marketing is the activity for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The three main purposes of marketing are to capture the attention of a target market, facilitate the prospect's purchasing decision and provide the customer with a specific, low-risk and easy-to-take action. Therefore, coupons, sales and even merchandising, including how products are displayed, are all part of the marketing process. The Four P's model: product (procedures that ensure the products are ready for selling), price (set at a level comparable to competitors), promotion (via brochures or advertisements that provide information to generate interest), and place (how and where the products are distributed or sold). are a good strategy to follow.
An effective Marketing Strategy is therefore a set of specific ideas and actions that outline and guide decisions on the best or chosen way to create, distribute, promote, and price a product or service. A marketing strategy is the process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
Consider cross-selling. Take the product you're going to sell and co-promote other products with it. McDonald’s has arguably the most famous cross-sell of all-time, “Would you like fries with that?”, a great way to increase sales without overwhelming the customer. This approach, in the McDonald’s scenario, allows the customer to order first. The company (by way of the employee taking the order) gains more information about the sale, so when they cross-sell, the customer realizes they can add “value” to the final purchase. Amazon, electronic commerce, cloud computing, and consumer electronics company, does something similar and just as effective, via their “Frequently Bought Together” feature and "Those who searched for this, (item, book, shirt, shoe, baby item), also searched for these other items” marketing idea.
Marketing is a contest for people’s attention. - Seth Godin