Marketing is essentially determining the needs and the requirements of the consumers in the market and providing them with the products and services that fulfil these needs while making the business profitable as well. The marketing of products and services usually revolves around the four Ps of marketing that have been elaborated upon by Phillip Kotler. These Ps pertain to product, price promotion and placement/ positioning.
The product is essentially the product or service that is being provided by the business to the consumers in the market. The product can be tangible as well as intangible. The price is the value that is assigned to the product by the business. The price should be equal to the value that the consumers perceive for the product and one that is profitable for the business as well in order to be effective in order to sell the product to satisfy the demand of the customers while also generating revenue for the business. The placement and positioning of the product pertains to the disbursement of the product in the market and how it is made available to the consumers. The high level of availability generally results in more sales and increased profits generated via volume for the company. The promotions on the other hand are the marketing activities that are undertaken by the business to attract the customers to the business and purchase the marketing products and services.
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