The term marketing is what is given to the process of promoting, distributing, selling and delivery of a good or service in the markets and the process entails advertising and market research. Every company has a marketing department that deals with making and maintaining the relationship between the business and the customers. Linking the goods and services to the prospective buyers is the main aim of marketing and while at it make profits for the company.
Promotion, price, place and product are the four pillars of marketing and they are called the four p’s of marketing. The item being sold in the company is what the product refers to and the business should include what the difference with the competitor’s product is. Price is the second p and refers to how much the business will sell the product for and still make a profit considering the marketing and distribution costs.
The third p is the place and that is the where the business uses to sell the product either in a distribution channel, online or as a store. The final p is the promotion and that involves the means of marketing campaign for the product and may involve advertising, personal selling and public relations that may improve the sales.
The different strategies of marketing include advertising, cause marketing, relationship marketing, undercover marketing, word of mouth, internet marketing, transactional marketing and diversity marketing and they are applied to acquire the market that is needed for the commodities.
Firstly, the paid advertising is one of the oldest means of advertising where the means such as the print media and pay per click are used. In order for the business to grow and sell commodities to the consumer they need to create a client base and that means to enhance customer loyalty in an attempt to maintain existing relationships and that is the relationship marketing.
The next form links the cause or a social issue to the product in order to secure customers and is called cause marketing. The next form of marketing involves creating trust to the market and talking to the customers and is called word of mouth marketing.
The market may not know if a product is being marketed and that is known as undercover marketing The type where the sales are encouraged by retailers by the use of events and discounts or vouchers is called transactional marketing.
The use of many marketing strategies to lure the market to buy a commodity is referred to as diversity marketing. Internet marketing has become a trend and that has caused products to be advertised over the internet.