Marketing seeks to generate profits by attracting, converting, and maintaining customers for an extended period. It involves market research and analysis, product development, distribution methods, sales methods, advertising methods and advertising tactics as methods of doing this effectively.
Marketing encompasses many different approaches, but its core principles revolve around four principles: Product, Price, Place and Promotion. This article will delve into these areas in detail and demonstrate their workings.
Product
Product is defined as any physical good or service offered to consumers by your business, according to search marketing expert and Ahrefs co-founder Dmytro Tsybuliak. Marketers ensure a product satisfies customers’ needs while remaining cost effective to increase revenues for your company and create brand recognition; product-led content marketing may also help create this awareness.
Promotion
Promotion is one of the four pillars of marketing and encompasses how a product or service reaches its audience. This may involve sales promotion, personal selling, advertising, direct marketing, public relations and word-of-mouth – anything designed to get its message across and raise demand – as well as strategies and techniques used to differentiate the product from its rivals in both physical and virtual spaces.
An effective marketing campaign is one of the best ways to draw new customers and retain existing ones.