Marketing and Sales are two different functions in any business. Where sales activities concentrate on selling a product and marketing activities concentrate on capturing the interest of consumers in the product or service for the company. We can call Marketing as the backbone of every company. Though both sales and marketing helps in generating revenue for the company and both are equally important.
Marketing is the starting point for any product or service. There are 4P’s involved the marketing strategy. These Are:
Will elaborate these points further…
- Product: Marketing Process starts way before the product starts of a product. Marketing team will analysis the demand of that product in the marketing, It’s Packaging, Target Audience, Price of the product, Platforms to sell the product etc. This process will give a clear picture to the company.
- Price: Deciding a price for a particular product or service is the key factor in sales. Marketing team will study the price of competitors for the same product, analyzing the will of consumer to pay a price for that product. Because if you keep prices too high you might lose a lot of customers and if you keep your price too low you might end up making loses.
- Place: The marketing team will identify the best platform to sell your product. Identifying the areas where majority of your target audience is available, like super store or street vendors or ecommerce platform etc. Positioning your product in front of right customers is very important.
- Promotion: It is the responsibility of the marketing team to identify the medium of promotion for the product. It can be print ads, Trade shows, Discount offers or social media marketing. The strategy is to create a hype to increase the awareness and interest of the customers in your product.
The whole marketing strategy revolves around these 4P’s. These factors determine the success or failure of a product or service. Companies should concentrate to build a strong marketing strategy this will automatically generate more sales.