Marketing is a business strategy designed in an effort to bring the customer and the market
place together. Marketing is defined as the process of creating, distributing, promoting, and
pricing goods, services, and ideas to facilitate exchange relationships with customers and
to develop and maintain a favorable relationship with stakeholders in a dynamic
environment. Marketing aims to continually bring in new customers as well as maintaining
their existing customer base by satisfying their needs. The most important thing to
remember is that everything in the market revolves around the customer. The satisfaction
of the customer is the ultimate goal in marketing. If the customer is satisfied then the
companies marketing efforts were successful.
The marketing mix is the combination of four essential components for marketing
successfully. They are focused on meeting the needs of the customer. The four components
that make up the marketing mix, which are commonly referred to as the “4 P’s”, are
product, price, place, and promotion.
The first component of the marketing mix is developing and managing a product. A
product can be a good, a service, or an idea or a cause. A good is a physical entity that you
can touch. An example of a good would be the tires that a tire company like Goodyear
sells, or a candy bar being sold at a grocery store. A service is a professional exchange
where a human is providing a client with their skill, knowledge, expertise, or an
experience, such as receiving professional healthcare treatment at the doctor‘s office,
receiving legal advice from a law firm, or getting a massage from a professional. It
involves the application of human and mechanical efforts to people or objects to provide
intangible benefits to customers. An idea is a concept, philosophy, image, or issue. An idea
or cause is generally a non-profit organization. An example of a company that sells an idea
or cause as it’s product would be the Red Cross, because they are selling people on the
idea that helping those less fortunate is important, and therefore they should give money to
their cause.
The next component of the marketing mix is the price. The price is simply the price of an
item, such as sneakers at a shoe store, or the price of a medical bill at a hospital. Setting a
fair price is an important factor in the marketing mix, because setting it too high or too low
will influence how many people will be able to purchase your product. It can also directly
