What is Marketing

Marketing nowadays is made easier and faster with the aid of internet technology. Internet technology particularly affects the marketing mix or 4Ps of products/services.

Marketing means the utilization of marketing mix to stimulate exchange of goods, services or ideas among individuals and organizations. Learn That website has this to say about marketing “Marketing includes identifying unmet needs; producing products and services to meet those needs: and pricing, distributing, and promoting those products and services to produce a profit.”

Once goods and services are produced they do not remain within the company for long. This is where marketing becomes necessary. They need to be promoted and sold in order to generate income for the company. The business cycle starts with production, marketing, sales then go back to production.

Importance of Marketing

Marketing is important because marketing drives the sales of the products or services of company. Without these marketing ploys, sales would not follow. Or, if sales do occur it would be minimal compared to using marketing strategies.

Marketing of products and services are made easier by today’s technology particularly the internet. Companies currently make use of one of the greatest resource in our generation – the internet phenomenon. Technology has certainly make things easier for people to communicate, transact business anywhere in the world.

The Effect of Internet on the Marketing Mix - 4 Ps

The company’s marketing strategies will not be complete without a marketing mix. The marketing mix refers to the basic, strategies of a marketing plan. It is also known as the Four P's, the marketing mix elements are product, price, place and promotion.

Marketing mix is definitely affected by the internet technology. Benefits from online access are reaped by both the customer and organization. Transactions are being carried out in the net making it easier for both to sell and buy goods or services.

Products - with the aid of internet technology, determining the products or services that would most likely sell or flop among customers is becoming easier. Clients can also check the products being offered by a particular firm. At the same time, firm can readily make available the list of products or services they offer through the internet.

Pricing - another important element of marketing. Marketing strategies should include the proper pricing of products. Affordable and reasonably-priced products often attract attention. For companies that do the bulk of their marketing online, it is easier to reduce the price of their commodities or services because advertising expenses are effectively lessened by technology.

Place - this is the marketing aspect where probably most companies see the most benefit using internet technology. Selling is no longer contained to a physical place such as stores or in malls; the internet marketing of these companies allows the customer to do transaction online.

The internet makes transfer of information faster and easier. Orders are made in real-time. The internet stores are open 24/7 even if the physical store closes. Therefore, the opportunities for more sales and profit for the sellers are greater.

Promotion - since more and more people are using the internet, a wider base of audience is being reached by internet promotions. There is no limit on the scope and breadth of their promotions since there are no physical barriers to contend with. All businesses can offer their products and services to a broader range of audiences of people from different countries.

The convenience offered by the internet makes products and services readily available without exerting a lot of physical effort such as driving to the store.Therefore, internet technology greatly facilitates the purchase of goods or service both for the customers and the business.