marketing explanation

This nine weeks in marketing we learned a very basic overview of what marketing is. We learned about the marketing mix, also known as the four P's of marketing, we also learned about the seven key functions of marketing, and the STP process. I will start with the first thing we learned, the four P's of the marketing mix. The first P stands for product, which is merely whatever your product is that you're trying to sell. The second P stands for place which is simply the place where people can buy your product, such as a store or the Internet. The third P is price which is just how much your product costs at said stores. The final P stands for promotion which is advertising or somehow getting your product out into the public's eyes so they will buy the product. Next we learned about the seven key functions of marketing. The first key function is Marketing Information Management or MIM. This is nothing more than doing research over which product will sell best. The next function is selling, which is exactly what it sounds like, selling your product. Then we have distribution which is making sure your product gets to the stores where it needs to be. Then there's financing where you figure out how you will get the money needed for your product to be successful. Pricing is next, and that's where you establish a reasonable price for your product. Then we have promotion which is where you make some type of advertisement for the product. There's also Product Service Management which is just making sure the product will sell. Finally the last thing we learned this semester is the STP process which stands for segment, target, and position. The first part, segment, is all about breaking down the general market into smaller more specific sections ( usually done by age). Then you can target the market by figuring out which segment best fits your product by creating ads that appeal to that age group or however you broke down the market. The third and final part is positioning your market. This is just gearing your product to be ready to fit perfectly into the targeted market that you chose. I hope that the info I have given you has given you a deeper insight into the world of marketing.