The Process of Marketing and How It Works

Marketing is a fundamental process in capitalism and an integral part of most, if not all, businesses' short, medium and long-term strategies. It involves measuring a business' product or service, and then informing a targeted market of the same to increase the existing customer base. Although it is as complex as any other part of the business model, it is easily broken down into relatively simple actions that a business can take.

Measurements and targets

Before advertising, a business must first make a number of decisions that are ostensibly based on research conducted beforehand. A business must measure the strengths and weaknesses of its product to ensure that its marketing campaigns focus on the right qualities. It must also ensure that the right consumer is targeted; this involves looking at purchasing data, pricing models and projected sales, and more.

Developing a strategy

Once the product is fully analyzed and the target consumer identified, the business can develop a marketing strategy. This involves allocating a budget for the upcoming campaign and, if needed, contacting outside agencies to begin work on advertisements for various media. While there is a popular conception that advertising is done mainly through television and radio, a large amount of marketing is done through trade magazines and through "personal advertising," i.e. personal sales pitches and seminars. These types of marketing strategies are usually involved with business-to-business dealings.

While some companies design a product or service based around a good marketing campaign, a good marketing campaign is instead derived from a good product. The process of marketing involves taking the best qualities of the product and making sure that a target audience is aware of those qualities, ensuring both sales and satisfaction.