The 4 aspects of Marketing

Marketing is a tool that assists the company in listening to clients’ needs and responding with a product or service, instead of just pushing customers into purchase decisions.

To be able to meet market demand you need to know the market. In brief, marketing includes the following four different aspects:

Knowing your environment:
economic conditions;
legal issues;
political events;
technological developments;
social and demographic changes;
cultural changes;
natural phenomena.

Knowing your competitors:
who the competitors are;
what products and services do competitors offer;
how their products compare to products offered by your business (features, quality);
what are competitors’ prices;
how do they sell;
how does that affect the customers and your business.

Knowing your customers:
what specific groups of potential customers (markets) exist in your area (and/or your country);
which specific needs do customers have and how their needs differ from one customer group to another;
what products might be designed to meet these needs;
how many potential customers exist for each product;
how much are the customers willing to pay for your products;
where and how do the customers prefer to have the product delivered.

Designing products and promotion:
designing products with features that meet customer demand and are competitive;
making your company and your products identifiable (branding);
advertising and promotions (focused on products and services);
designing sales channels and strategies;
public and media relations (focused on the entire company);
customer service and customer relationship management.

Remember: Marketing IS NOT ‘the art of selling’. Marketing IS ‘the art of learning’ about customer needs and demand and designing products and services to fit those needs in a profitable way for the company and the client.

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