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Marketing: The Science Behind Buying

Post

Marketing: The Science Behind Buying

30 Aug 2018By Mohammed

"The definition of 'Buy' is - to acquire possession, ownership, or rights to the use or services of by payment especially of money."

Merriam-Webster Dictionary

Everyday everyone around the world buys something from someone, be it from a store or individual person but with the millions of options how do we end up choosing just one? The simple answer is completely dependent on quality, price, and overall use. In an economy full of producers and consumers, we often have a difficult time choosing between all the options available but consumers often filter out the many choices depending on what they truly want from a product and that’s where marketing comes in. Marketing by definition is the study and management of consumer relations and by those means users are displayed the qualities of their producers products.

HISTORY

The beginning of modern marketing started in the 40s as the concept of marketing was changing towards a mixed practice of concepts rather than a direct theory, in this the concept of the 4 P’s were narrowed down from many concepts and developed into four. The main tactics and objectives of marketing are now measured based on the concept of the 4 P’s and are continuing to be used throughout the world of marketing today.

CONCEPT

Marketing follows a concept of needs, wants, and demands these common objectives help marketers design suitable content to display in a variety of formats, anything from your common television commercials to graphic designs used in posters and fliers, or even an animated video and all of which they all serve the same purpose of marketing a product, service, or concept. But in thorough definition what exactly are the concepts covered in marketing? Needs something necessary for people to lead normal and healthy lives, needs are most commonly physical resources such as food, water, or housing. Wants an inelastic resource that people usually buy or consume as luxuries, for example an expensive car, watch, caviar ect; Demands similar in nature to Wants is backed by financial ability a typically demands oil and gas. In sum all of these concepts teach marketers what type of customers a market is made of and with that knowledge marketers can carry on and create an optimal marketing solution for each product.

CREATION

Marketing revolves around the 4ps, product, pricing, place, and promotion all these concepts are essential to the successful launch of a product. In theory let’s say you have an umbrella and a hat, you try to sell the umbrella in Texas and the hat in Seattle this is a perfect example of why the 4ps must be followed because without those main concepts a producer may very well find themselves at a stalemate with sales.

THE 4 P’S

PRODUCT The deepest aspect of marketing is the product, the item that is sold to fulfill the use of a consumer’s needs and what need and application the product has is how marketers create a promotion strategy. PROMOTION The promotion of a product is everything from public relations to entertainment and exhibitions in sum this is the physical outcome of a promotion strategy. PRICING The pricing of a product actually plays little role in marketing itself but is commonly seen as discounts and promotions on products.

TYPES OF MARKETING

Marketing has a very broad market, anything from phones to toilet paper receive marketing which raises the question how many types of marketing are there?

  • Business Marketing is the most commonly practiced marketing, this type of marketing practice allows people and businesses to sell products and services to other people and organizations who either use or resell the product.

  • Global Marketing is the marketing practice that allows businesses and organizations to market their product at a global scale, an example of this kind of marketing is the release of a new game or a new phone.

  • Services Marketing this is the marketing practice that unlike traditional marketing involves selling a service instead of a physical product, this kind of marketing is seen every day from exterminators to software firms. Services Marketing uses slightly different tactics from normal marketing in which a service might emphasize on one quality like price for example to sell.

  • Social Marketing is the marketing practice that utilizes marketing to achieve social change. This kind of marketing has been seen throughout history, most popularly in the 20th century as Europe, Asia, and America used social marketing to achieve social changes but is commonly used today by governments, people, and organizations to achieve social change within their community.

  • Destination Marketing this is the marketing practice used in the tourism industry, destination marketing differs country to country but overall follows the same technique of marketing the best areas of the geographic location. Destination marketing also extends to the very brochures and guides given to tourists.

Resources:

https://en.wikipedia.org/wiki/Marketing https://www.wired2tech.org/ https://www.instagram.com/wired2tech/