Marketing refers to actions that a business undertakes in order to promote the sale or purchasing of a particular product, service, or item. In modern times, marketing has become a highly specialized and scientific process with its own vocabulary, tools, and processes. For example, the marketing processes of some businesses involve creating a media event such as a media launch, which is an announcement of something good that is going to take place in the near future. On the other hand, other businesses use marketing in a more traditional way, by distributing catalogs containing promos and discounts. There is also marketing in the context of digital media, whereby electronic items like music files or digital media contents are distributed to customers. Digital marketing can also be used to refer to new types of consumer packaged goods such as interactive books or videos.
One of the biggest challenges for all businesses is content marketing, since people do not like to read as sales pitches or advertisements. Thus, some marketers use online surveys to find out what consumers think about their products and services and then make changes according to the responses they get. In order to become successful with this type of marketing, businesses have to hire professionals called market researchers or copywriters. A marketer combines his knowledge about products and their customers, to craft winning marketing tactics.
The four Ps of marketing are also called the Cash Cow Formula, because once a marketing campaign becomes a money-making machine, it simply takes too long to recuperate the initial costs from consumers. The first two Ps of marketing include attracting customers and building a reputation as a quality provider of products and services. It does not matter how well your products and services perform at the moment, if no one knows about them. The next two Ps, namely building a reputation as a marketer and advertising effectively, are also equally important, though more pressing to the extent that to other advertisers.