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Glossary of Terms - Marketing

Marketing is one of the most important functions of any business and the one that often causes most concern to business owners. Marketing is the managerial process of bringing goods and services to the market to fulfil the needs, wants and desires of individuals, groups and businesses.

The marketing function needs to develop the correct products and services at acceptable prices to all parties. Marketing must then bring these products and services to the attention of the target market and make them easily available for purchase by those who wish to. This marketing process and required marketing functions is often referred to the four P’s. These are:

Product – the part of the marketing process that deals with developing the products or services which will meet the requirements of the target market.

Pricing – the part of the marketing process involved in setting the price.

Promotion – the development of marketing tactics including advertising, sales promotion and direct marketing to raise awareness of the product or service and persuade the target market to purchase.

Placement – refers to the process of distributing the product or service to the customer.

The four P’s would usually be viewed as being strategic marketing, the third of these, promotion, is concerned rather more with tactical marketing.

Tactical marketing comprises direct marketing, advertising, sales promotion, telemarketing, merchandising, etc. Tactical marketing is designed to bring the product or service and its main sales points to the attention of the consumer. Usually the marketing strategy would be developed and planned firstly and then the tactical marketing or promotion would be developed to fulfill the parameters of the strategic marketing plan.

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