When we talk about marketing in general we have to mention such spheres that belong to it: market research, product life cycle, advertising, branding, and pricing. Marketing can be divided into four main elements that are popularly known as the four P's or the marketing mix: product, price, place and promotion
First of all let’s start with the definition of the market. A market for a product is the people or organizations who buy it, or an area where it is sold. Companies quick to respond to the needs of a market are market-led, or market-oriented. The gathering of information about what consumers want and need, and what makes them buy, is known as market research. There are two ways of collecting information – desk research and field research. Desk research involves the use of secondary data and field research involves the collection of primary data. Secondary data includes information from sources such as the media or trade associations. Primary data is collected through the use of surveys, (i.e. questioning individuals), consumer panels, (i.e. questioning groups of people, for example) or by carrying out a market test to see how successful the product is before launching it more widely.
Now there are a few words about the product life cycle. New products on the market are often the outcome of research and development projects. When the development stage is complete, the project is ready to be launched. This stage is usually backed up by a marketing campaign to make consumers aware of it. In the growth phase of the product life cycle, sales and profits rise, as the product reaches maturity. At this stage, sales of the product reach a peak and profits are at their maximum. Many companies try to extend this phase of the product life cycle and use extension strategies such as finding new uses or new markets for the product, or changing its appearance. When the market becomes saturated with competing products, sales start to decline. At this stage the company needs to have a new product ready to begin a new product life cycle.
As for advertising I can say that advertising tells people about products through a variety of media types, e.g. TV, print, billboards, etc. An advertising campaign may use more than one media type, with TV ads supported by a print advertisement in a magazine, for example. Most campaigns are designed and managed by advertising agencies, or more specifically by an account executive. The cost of using an advertising agency comes out of the company's advertising budget. Agencies are often asked to design a global advertisement that can be used in various countries. They will often tailor advertisements, or adapt them to market's particular needs. Agencies need to take care when designing an advertisement that it meets each country's advertising standards.
Talking about branding it should be mentioned that a brand of a product is a version of it made by one particular manufacturer. Consumers may or may not recognize a particular brand name. This knowledge, or lack of it, is measured in terms of brand recognition and brand awareness. A product sold by a retailer, under the retailer's own name rather than the manufacturer's, is an own brand product. Products that are not sold under a brand name are generic products. Companies try hard to show consumers how their products are different from their competitor's products and what the USP is. Part of the process of making a product different from other similar ones requires a company to develop a strong brand image for the products in its product mix.
And now we come to pricing. Actually, price is part of the marketing mix, and all businesses must decide how to price their products or services. This can be quite difficult, as consumers are heavily influenced by the cost of something. A product may have a published list price but this price may rarely be charged because of discounting by sellers. When a price has been 'decided' by the market, it is known as the market price. The market for a particular product can be easily affected by changes in price, in which case it is price-sensitive, and consumers, too, if they are very aware of prices are also price-sensitive. If the company is able to set its own price there are several pricing strategies or policies that it can choose.
This is probably the general outlook on what is called marketing in the modern world.
