Submitted by: Andrew Michaels
From the time you wake up in the morning and from the time you sleep at night, all the things you eat, drink and carry with you are all products of marketing. All the things you use are products created to satisfy your needs and wants.
Let us take an in-depth analysis on the role that marketing is playing on our day to day lives:
Advertising is part of marketing. From the larger-than-life billboards up to the television and radio, and down to some cheap newsletters, these are tools in advertising. Celebrities are the top product endorsers now in town. Every cover has a face of a celebrity holding a simple product or wearing the latest creation of some fashion designer. When you have taken part in advertisement, you participate in marketing.
Purchasing is part of marketing. For instance, a girl hand over to you some cheap newsletters with all the latest gadgets available in their store. You are so amazed by the content of those newsletters that is why you went right to their store to inquire about their offers. With some explanations by the salesgirl, you bought one of those gadgets. You made a purchase influenced by advertising.
Selling is part of marketing. From simple selling of one stick of cigarette, you take part in marketing. Selling is providing customers with goods and services they need and want to buy. This includes selling in the retail market to you, the final consumer of the product. It also includes selling in the industrial market where products are purchased for use in business operations.
Pricing is part of marketing. This is for businesses and corporations. Pricing means deciding how much to charge for goods and services. Most pricing decisions take competition into consideration, as well as how much a customer is willing to pay. Pricing of products and services is dependent on the price range system that the government provides. This type of system controls entrepreneurs from overpricing their goods and services.
Product planning is part of marketing. Product planning involves all the decisions a business makes in the production and sale of its goods and services. Which products to carry is a major decision that an entrepreneur must take into consideration before jumping into products that comes to mind. Other decisions involve product packaging, labelling, and branding.
Marketing information is part of marketing. As the name implies, marketing information management is the process of getting the marketing information needed to make sound business decisions. The basis for this process is marketing research. Did you ever complete a restaurant questionnaire that asked you to rate the service you received? If so, you have participated in marketing research. Companies conduct marketing research to learn more about their customers, products and promotions.
Promotion is part of marketing. Promotion is any form of communication used to inform, persuade, or remind people about a business s products. Promotion is also used to improve a firm s public image. The TV and radio commercials you see and hear are forms of promotions called as advertising.
Financing is part of marketing. Financing is getting the money needed to finance the operation of a business. Business owners may request a bank loan in order to start a new business. Financing also includes decisions regarding offering credit to customers.
You need to know all of these to be a true entrepreneur.
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