Introduction to Business - Marketing

Marketing involves:
- Creating or designing a product that the customers desire.
- Communicating the product to the customers, such as through advertisements and promotions.
- Distributing the product.

5 Ps of Marketing
- Place
The place is important because making it easy for customers to get the products would affect their profits. There are 2 types of distribution which is, from producer to customer and non-direct distribution.
- Price
Setting the right price for a product is really important because if a product is too expensive, customers would not buy it and if the price is too low, the company will not make enough profit.

Price skimming is a price that was set for a product that will be reduced gradually over time. Penetration pricing is a price that was set for a new product but the cost is low due to the new product that is not well known in the market.
- Promotion
This ensures their customers to be more aware of their product's existence as well as to attract them to buy it. The picture below shows the commonly-used methods for promotion:

- Packaging
The physical package or container that covers and holds the products to protect it from damage or breakage. A packaging should be simple but eye-catching or memorable so that once a customer sees it, it will be in their mind without themselves knowing about it.
- Product
Every product must have a purpose. For example, arcades are made for entertainments. A product also have features that brings other benefits to the customer. A feature is a function that is built into the product, meaning it comes along with the item we bought and not an add-on. A benefit is an advantage that is obtained from using the feature. For example, chilli sauce makes the food tastier and more delicious for those who enjoys spicy food.

Consumer Buying Process

This explains a customer's process of purchasing a product.