The marketing terminology means that to “Identify the customer needs and wants and satisfy those needs and wants through the exchange of service and products”
According to industries the term “Marketing” is vital in all areas of its business.
Because the customers, the vital part in business can be only generated through the various actions of marketing, without customers we can’t say a business is existing.
7 P Of Marketing ie Seven Pillars Of Marketing
Hence the existence of a management as well as a company depends on the various aspects used in marketing. There are seven “7 P” aspects which act as pillars in marketing they are:
For a marketing person he must have to know in detail about the above defined terms, because it’s the brain and blood for all aspirants in the field of marketing.
Marketing is completed only by mentioning the rest three terms they are:
7) Physical evidence
The Understanding of each terms mentioned on 7 p is important in marketing
Product: A product is something that satisfies the needs and wants of a customer. They are of tangible and intangible in nature.
Tangible: Computer, Automobile (We can see, touch and feel).
In Tangible: Insurance policy (We cannot touch & feel)
Price: The price gives value for a product. The attraction of customers towards a product depends on the pricing of product.
Place: The place is where the product or services developed is to be actually sold. The company use distributors, wholesalers & retailers to sell there products at the selected places.
Promotion: The Company will use the various promotional techniques like advertising, personal selling, public relations, direct selling as promotional techniques as there marketing of products among customers.
Process: The marketing process mainly deals with the process like current situation of market analysis, selecting the right marketing strategy, selecting the marketing mix decisions, implementation and control.
People: The marketer has to think of inside and outside of peoples, because they are responsible for every element of sales in business process.
Physical evidence: This is the tangible part of product. The customers experience about a product can be evaluated through it by the company
Example: If you travel in an aircraft at a first class then we will expect enough room space to be able to lay down.
The American marketing association (AMA) plays a vital role in defining all aspects related to marketing. Philip Kotler is considered as the father of marketing and his writings about the marketing and its different aspects have being beautifully mentioned in the book of “Marketing Management”. This book is considered as the bible, an encyclopedia in marketing. The marketing is not limited by its term; there are various types of marketing terminologies used in industries. They are Service marketing, Industrial marketing, Niche Marketing, Segmented marketing etc. Even each of this term has being converted to books with an in-depth study conducted on each area.
Marketing Research backbone of marketing
If marketing is considered as head then the backbone is “Marketing Research”. What is “Marketing Research”? All activities like setting objective, creating action plans, collecting information’s, analyzing, interpreting, presentation, actions etc comes under the process of marketing research activities, and the marketing research activity are of different types that are used by industries based on the purpose of its operations.Number of View :5328
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