What is marketing?
Today, there are many marketing experts trying to explain the essence of marketing. Crucial elements which give us the answer the ”what is marketing” question are also called ”4 P’s”.
Simply said, when there is a product, people will pay a certain amount (price) on a certain place, and all of this with the help of promotion, which is a way to provide information about the product. This is called marketing mix, but it is only one of the many business tools which marketing experts use to determine a product’s life cycle and communicate with their consumers. In order to fulfill their goals, marketers must be aware of what marketing research is and how it can help them in product placing.
Marketing research is a process of collecting information about customer’s preferences, processing them and implementing it in the formation of a marketing strategy according to results analyses. This has a positive effect on making further business decisions, understanding customer’s needs, and making the product worth purchasing.
Although it is difficult to really give an answer on the ”what is marketing” question, these are the simple and initial steps in understanding how today’s market is functioning, the main purpose of marketing research, along with a hint on how complex Marketing is.