What does the term marketing mean to you?
As professional marketing consultant I define marketing simply.
“Marketing is when you tell or promote your products and services to others in order for them to buy it.”Jalen Hamilton
One desired outcome of marketing is exchange, people giving up something in order to receive something else they would rather have.
Normally we think of money as the medium of exchange. We “give up” money to get goods & services we want. Exchange does not require money, sometimes trades.
Exchange can take place only if the five following conditions exist.
- There must be at least two parties.
- Each party has something that might be of value to the other party.
- Each party is capable of communication and delivery.
- Each party is free to accept or reject the exchange offer.
- Each party believes it is appropriate or desirable to deal with the other party.
Exchange will not necessarily take place even if all these conditions exist, but they must exist for exchange to be possible. Sale or be sold.
Customers in control
The customer is boss.
Founder of Walmart and Sam’s Club Sam Walton echoed this sentiment when he reportedly one said,
“There is only one boss. The customer! And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
Mahatma Gandhi, has been a guiding business principle for more than seventy years:
“A customer is the most important visitor on our premises. He is not dependent on us. We are dependent upon him. He is not interruption in our work. He is the purpose of it. He is not a outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us a opportunity do so.”
As internet use and mobile devices continue to grow. So will the control of customers.
Marketing in everyday life
Marketing plays a role in your everyday life. You participate in marketing process as a consumer of goods and services.
About half of every dollar you spend pays for marketing cost, such as marketing research, product development, packaging, transportation, storage, advertising, and sales expenses.
By developing a better understanding of marketing, you will become a better informed consumer. You will better understand the buying process and be able to negotiate more effectively with sellers.
Moreover you will better be prepared to demand satisfaction when the goods and services you buy do not meet the standard promised by manufacture or marketer.
Jalen Marketing a digital advertising agency specialize in branded content and social media advertising. Basically in 4 P’s of marketing product, place, price, promotion.
Promotion is what we specialize in keeping you favorably sold to the public at all times. Utilizing our expert media, marketing and advertising services.