Introduction To Marketing
I think the best way to kick start this new segment on the introduction to marketing would be to define what marketing is then we can pick it up from there. I want to deal with everything from the ground up so if this sounds too easy or obvious to you, then please bear with me because I want this introduction to marketing to be as simple as possible while informative at the same time.
Introduction To Marketing: What Is Marketing
We’ll first look at what a market is then look at what marketing entails.
Definition of a Market
A market is a select group of people living in a specific geographical area and who need a particular product or service and are able to purchase it.
Definition of Marketing
Marketing is the process of selling a product or service to a select group of interested people who live in a specific geographical area and who have the ability to purchase it.
NB: In marketing there should be an exchange of a product or service for monetary compensation.
Let’s now look at a couple of characteristics of a market so as to make this introduction to marketing to be as interesting as possible.
Introduction To Marketing: 3 Main Characteristics Of A Market
- A Product Or Service-There must be something to market.
- Interested Buyers-There must be people who are interested in purchasing your product or service i.e. a target market.
- Buyers Who Have Purchasing Power-In addition to being interested in purchasing your product or service, your target market should also have the ability to purchase it.
Last Word On Introduction To Marketing
Marketing is indeed one of the most important arms of a business (second to manufacturing or production) and I hope that this introduction to marketing has helped to clarify a thing or two about it.
It should also be noted that it’s the marketing arm of a business that brings in the profits at the end of the day hence having an effective marketing force translates into more sales and profits. On the other hand, having an ineffective marketing force translates into increased costs and loss for your business be it an online business or a traditional business.
If there’s one thing that I’d want you guys to learn from this introduction to marketing it’s that it doesn’t matter how good or great a product or service is, without the right form of marketing then you won’t make a dime simply because no product however good can sell itself.
As always, feel free to share what your thought are on the above post on the introduction to marketing; I’d definitely love to hear from you