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Let's discover in simple words what marketing actually is. Marketing is a process within itself. The process starts with anticipating the need of your customer and moving toward satisfying your customer by fulfilling customer requirements profitably. Remember, marketing enables you to monetize your product or service while keeping your customer happy which means further earning for you. In words of Kotler, you simply have to create, explore and deliver the value to a customer while earning profit. If you evaluate marketing in functional terms helps identifying the needs of the customers that are currently unfulfilled. It is through marketing that you are able to define your target segment, measure and quantify it. This helps you determine the market size for your business, product or service. Marketing enables you to pin down customers that your business is able to serve the best. This way you can easily prioritize between your customers and last but not the least, it is through marketing that you can promote and design the service or the product of your business. Hence it wouldn't be wrong to say that marketing is a complete business solution.
If you read the above passages carefully, you would have noticed that promotion is only one part of marketing. To understand the complete marketing phenomenon, let us analyze the equation of marketing given by none other but the father of marketing Philip Kotler. Kotler simply equated marketing into 5 steps. He emphasized on the fact that marketing starts with research (R), steps forward to Segmentation, Targeting and Positioning (STP) and then moves to the Marketing Mix (MM) which involves the four famous P's of marketing (product, price, promotion and placement). Marketing doesn't end at the development of the Marketing Mix; it advances to implementation (I) of the marketing strategies and move towards the control (C) phase. This equation is a summary of all the marketing activities that can take place. Each part of the equation has sub parts that include various activities. Hence don't keep yourself limited to the basic marketing knowledge. If you limit yourself only to the broad terms of marketing you might end up losing the competitive edge you can have over your competitors. You wouldn't want to lose that will you? In today's world, it all about having that factor X and you can have that factor X by distinguishing yourself through your marketing!
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