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.
4 Ps of Marketing
Product
A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms.
Thus a product may be an idea, a physical entity (goods), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives.
While the term “products and services” is occasionally used, product is a term that encompasses both goods and services.
Price
Price is the formal ratio that indicates the quantity of money, goods, or services needed to acquire a given quantity of goods or services.
It is the amount a customer must pay to acquire a product.
Place (or Distribution)
Distribution refers to the act of marketing and carrying products to consumers. It is also used to describe the extent of market coverage for a given product.
In the 4 Ps, distribution is represented by place or placement.
Promotion
According to the Association of National Advertisers (ANA), promotion marketing includes tactics that encourage short-term purchase, influence trial and quantity of purchase, and are very measurable in volume, share and profit.
Examples include coupons, sweepstakes, rebates, premiums, special packaging, cause-related marketing and licensing.
At Freestyle Consulting we focus on very unique proven marketing solutions
With Permission Based Marketing
businesses can market to a subscriber who gives their permission to be marketed to or “opts-in” to receiving offers and announcements from a brand. Permission Marketing gives users the chance to voluntarily choose what they want to learn more about without feeling violated. This approach ensures that those organizations that pay closer attention to their message create a more significant impact
Review marketing is vital to the continued success of every business. Customer reviews are the valuable social proof needed by those looking to finalize purchase decisions based on experience from previous customers.
A significant amount of reviews culminates in an overall rating that easily tells whether your brand is worth the investment or if people should go to a competitor.
Specifically, customer reviews data shows people need to see an average of 112 reviews to validate the authenticity of a rating.
Incentive Based Marketing has been made famous by Amazon and Sports Illustrated. Business Dictionary defines incentive marketing as the use of motivational devices to promote the sale of merchandise or services. An incentive is something that motivates or drives one to do something or behave in a certain way. ... These are: intrinsic and extrinsic incentives. Intrinsic incentives are those that motivate a person to do something out of their own self interest or desires, without any outside pressure or promised reward
