What Is Marketing?

Newtopia is a wide-ranging discipline that encompasses all the activities a business uses to promote its products and services. The term is so broad that it can be difficult to define marketing concisely. Regardless, the concept of marketing is vital to the success of any business. In a nutshell, marketing is the process of identifying a need in the marketplace and then communicating that need to potential customers in ways they can understand and respond to.

The four pillars of marketing are product, price, place, and promotion. A good marketing strategy begins with in-depth market research to identify a need and what types of products would fill that need. This information then informs engineering teams on what to create, sales teams on what to sell, and advertising teams on what messaging to use.

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Pricing is another important aspect of marketing, and it takes into account factors like manufacturing costs, customer hesitancy toward a certain price point, and competitive offerings. Marketing professionals also need to consider how they will distribute a product, whether in-store or online, and what geographical areas they plan to serve.

Once a company determines what type of marketing it wants to pursue, it develops specific goals and metrics to measure its progress. These are called marketing objectives and should be SMART, Specific, Measurable, Attainable, Realistic, and Time-bound. This will help a business to stay focused on its goals and not get distracted by other business opportunities.