Every time the terms ‘marketing’ and ‘promotion‘ are being mentioned among people, many would probably think that they are just the same. It does sound similar, but they are different. Let’s explore what each one is and how they help businesses in their own ways.
What is Marketing?
Marketing is a broad plan that businesses use to ensure people understand their product or service. It is like one huge puzzle with several pieces, each different from the other, focusing on how to let people know what a company is offering and why it’s great.
Some of the key aspects in marketing include:
- 1. Gauging Customers' Needs: Businesses begin by first understanding their customers-what they need, what they like, and what problems they want to be solved.
- 2. Formulation of a Plan: After understanding the customers, businesses then come up with a plan to reach out to them.
- 3. Utilizing the 4Ps of Marketing: This is an abbreviation for Product, Price, Place, and Promotion. It is a means through which one can ensure everything is just right.
