Business marketing is an advertising practice of organizations or people. It enables them to sell their services or products to others or other businesses who resell them, make use of them on their own products or services, or use them as part of their promotional merchandising. As a marketing instrument, it helps in spreading awareness about products and services. It also acts as a tool for increasing market share. A good business marketing plan enables one to maximize return on investment.
There are various forms of marketing strategies adopted by business enterprises; however, the three most common techniques are marketing through advertising, marketing by word of mouth or through media or marketing by contract. The marketing department of a company may include marketing managers, marketing planners, marketing analysts and marketing professionals. There are several sub-units within the marketing department, such as marketing research, market analysis, research design and development, program development, promotional activities, customer marketing, event marketing, customer contact, publicity and public relations, advertising research, marketing planning, and other forms of research.
Advertising is an integral part of any business strategy. It advertises products and services of a business to the general public. Successful advertising is necessary to build brand recognition, and establish a firm customer base. Marketing helps in creating a competitive advantage and helps to spread the awareness of a business.
For the above-mentioned reasons, marketing refers to the process by which organizations to inform and educate consumers about their products and services. This information is communicated in a variety of ways, including advertising and marketing. Marketing is very important to ensure that the interests of consumers are safeguarded. Marketing helps to define the customer base and profile, and determine the product mix. By using effective marketing techniques, marketers are able to convert prospects into customers.
The four Ps of marketing refer to the processes or elements that make it a complete process. These elements include planning, putting into place, execution and results. Planning refers to the whole process and idea, while putting into effect refers to the particular elements that need to be employed. Execution involves the actual implementation of plans, while results pertains to the actual or expected outcome. These four Ps of marketing are very important and if these are not followed, it may lead to failure in the business.
There are several benefits of marketing, which make it very essential for any business. It helps to spread awareness about a product or service, as well as drive sales. It also allows marketers to make their target audience aware of the products and services and increase the level of loyalty among consumers. It is also responsible for influencing buying behaviour of consumers. Hence, marketing is very important for all businesses, be it large or small, medium or small size. Thus, the importance of marketing should never be underestimated and marketers should be given proper attention and respect.