Marketing is a process through which companies move their goods and services from concept to customers. Marketing is a common practice that involves the coordination of four elements.
The Four Elements of Marketing
1. Product Development
The element of product development involves identifying the right product for targeted markets and developing it. The product identified should satisfy the specific needs of the targeted market. The target market may be a particular group of people, a certain location or individuals of a certain level of income.
Once the product has been developed, the company must determine its price. The price depends on the overall cost of production, projected cost of transportation and the buying potential of the targeted customers. It also depends on the prices of the competitors.
The location determines how easier it is to distribute the goods to the targeted customers. Regardless how good the products or services are, if the targeted customers cannot find them, then there are no purchases that will be made. It is good to look for a place with good transport infrastructure to enable smooth movement of products and services.
4. Product Promotion
Once the company has found the right product and priced it accordingly, it should tell people about it. This is where product promotion comes in. There are different mediums for product promotion, including print advertising, radio, television, newspaper, word of mouth and internet advertising.
Purpose of Marketing
There are three main purposes of marketing in today’s economy.
• To attract the attention of potential and existing customers
• To entice the targeted customers to purchase the products offered
• To provide customers with easier and specific actions
How to Become a Marketer
Those who want to become marketers should have at least an undergraduate degree in sales and marketing or any other business-related course. For more advanced job positions, individuals are encouraged to enroll in masters or doctorate degree programs.
Upon completing college, aspiring marketers should look for entry-level job positions. This allows them to gain the experience they need to work effectively. Since marketing is wide, it is advisable to choose an area of specialization. This could be market research, search engine optimization, networking or direct marketing. A certification from a recognized professional body is an added advantage.
Salary and Job Outlook for Marketers
According to the US Bureau of Labor and Statistics, the employment rate for marketers will grow by 9 percent between 2016 and 2026. The main driving factors for this growth will be the increasing importance of advertising and promotions for companies as they seek to have a fair share of the market. Salaries range with experience and job position. Those who work in executive roles earn an average salary of $127,560. Those who work in entry-level positions earn $59,069.
Marketing is a diverse area that focuses on meeting the needs of customers and building brand image. It is essential for businesses who want to get their names out there and make their products known.