Marketing Definition

 4p Mix (Product, Price, Place, Promotion) 

• Foundational framework that helps businesses bring a product to market successfully. 
• A well-balanced combination of these elements is fundamental for any successful business. 
• Product: A tangible or intangible offering that a business provides to customers. 
• Price: A fiscal value assigned to the product. 
• Place: Focusing on the availability of the product to customers at the right place and time. 
• Promotion: Communication and marketing strategies that advertise the product. 
• The goal of human activities is to satisfy human needs and desires through exchange processes, the act of obtaining a desired object from someone by offering something in return. 
• Supply and Demand 
• Supply refers to how much of goods and services are available 
• Demand refers to the willingness of consumers to purchase goods or services 
• Interaction between these two determines market prices and is essential for predicting economic trends.  

STP (Segmentation, Targeting, and Positioning)

Marketing Plan Establishment System 

Step1 Environmental Analysis- 3C Analysis 

• Company Analysis (Company)
• Analysis of Internal Environment 
• Discovering Strengths and Weaknesses 
• Customer Analysis (Customer)
• Competitive Analysis (Competition) 
• Both Customer and Competition
• Analysis of External Environment 
• Opportunities and Threats 

Step 1 Environmental Analysis- SWOT Analysis 

Step 2 - Segmentation 

• Definition: Strategy of dividing customers into smaller groups, or segments, based on their shared characteristics or behavior. 

• This approach enables businesses to customize their marketing strategies for different customer segments, making campaigns more effective than a generalized structure. 

Step 3 - Targeting 

• As consumers' needs become increasingly diverse and specialized, companies cannot satisfy every customer's preference. Instead, they identify a specific target market, the group of consumers they can serve most effectively, while achieving their business objectives. This process of selecting the most appropriate customer segment is known as Targeting. 

Step 4- Positioning 

• Positioning: 
• Efforts to position its products in the minds of consumers.
• Companies prepare for competitors in the minds of consumers in selected target markets.
• Position: 
• Location of the product, the degree to which customers are aware of the product. 
• General Criteria by which customers compare competing products: 
• Price, Advantage, Quality, Style, Performance 
• Recognition: 
• How customers perceive the location of each product based on several evaluation criteria for a similar product line. 

Step 5- Marketing Mix 

• Strategic framework that encompasses the key elements of marketing, or the 4Ps. 
• A well-balanced combination of these elements is the fundamental building block of any successful business. 

References: 

https://www.salesforce.com/ap/marketing/mix/ 

https://www.ebsco.com/research-starters/economics/supply-and-demand