The MCP definition of Marketing is simple: it is the process of identifying and satisfying the requirements of customers.
The Marketing process is made up of four elements, referred to as the Four P’s of The Marketing Mix; Product, Price, Place and Promotion.
Product: Identifying a gap for a product or service requirement happens through research. Research is carried out to help businesses better understand their customers and the requirements they have. It also helps to determine the functions, features, appearance and purpose of a product. Once these factors have been identified the product development stage begins.
Price: Once the product has been created and is ready to be launched into the market, a pricing strategy must be determined to decide how much customers will pay for it. The price must take into account a number of factors; how much it costs to create the product (overheads), demand for the product and competitor pricing. Many new products enter the market at a lower ‘introductory price’ to incentivise buys to try it.
Place: this is the point of distribution where customers can buy your products. This could be your own outlet such as a shop, personal website or an office. You can also distribute your products via third parties like; Amazon, eBay, Argos or Costco. Identifying the best place to distribute your products is key to connecting with as many potential buyers as possible and selling from multiple outlets is often necessary.
Promotion: making people aware the product exists is the final phase of the process. To successfully promote a product the customer needs to know; how much it costs, where they can buy it and how it will fulfill a requirement they have for it. This stage is carried out through a range of activities including; advertising, PR, personal selling and direct marketing.
More Marketing Definitions
“Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value.”
– Philip Kotler
“Understanding customer needs and behaviours through research, developing campaigns to promote products and services and responding to changes in the market are just some of the responsibilities of a marketer.”
– University of Bath
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
– American Marketing Association
“Marketing is any contact that your business has with anyone who isn’t a part of your business. Marketing is also the truth made fascinating. Marketing is the art of getting people to change their minds.”
— Jay Conrad Levinson