The common misconception about marketing is that it's synonymous with advertising, sales, or promotion. However, marketing is a much broader concept. It's a sophisticated science of generating profit from transactions. Regardless of whether you're part of a business, a nonprofit organization, a service organization, or a goods-selling organization, the essence of marketing remains the same. It's about identifying consumer needs and finding ways to meet those needs profitably.
Why is it crucial to grasp the true meaning of marketing? It's because the common belief is that promoting a product will automatically lead to sales. However, as per the actual definition of marketing, it's about first identifying what people need before figuring out how to persuade them to buy a product.
To fully comprehend the concept of marketing, marketers often dissect its definition into what is known as the "4 Ps of Marketing." These 4Ps are:
The marketer's responsibility is to discover or create the product to be sold, strategize ways to distribute it, promote it to its target audience, and determine the price it should be sold at.
Why do marketers adopt the 4P approach? It's because marketing is rooted in the concept of customer retention. This concept suggests that satisfied customers will return for more purchases or recommend the product to others. This is crucial because, according to industry estimates, acquiring new customers costs at least five times more than retaining existing ones.
How do we ensure customer satisfaction? We start by identifying a product that a group of people or businesses want or need. Then we find the most convenient way for them to receive the product. Next, we promote the product in a way that makes it look most appealing. We want them to feel good about their purchase.
We also want to ensure that we can sell the product at a price that brings them satisfaction. How often have you bought something and later decided you paid too much or didn't really want it? Perhaps the most important thing in satisfying customers is reinforcing in their minds the idea that they made the right decision by purchasing our product.
In the case of large or expensive product purchases, we can make customers feel good about their purchase by sending them a personal thank you note, letting them know what a good decision they made when they bought the product.
With smaller items, you can reinforce the purchase decision of customers with means such as continued advertising about the quality and good image of your product. Another thing to do is to reassure them by providing good support for the product and a good return policy, if possible.
As you can see, if marketing is done properly, it will improve the lives of both the customer and the seller. It is the marketer's goal to deliver something the customer wants or needs. If you sell things to people that they regret purchasing, it will probably be the last thing you sell to them. So, ensure your customers never regret buying from you!
