A business can produce all the goods and offer all the services it wants, but without marketing, they aren't going to see much success. Marketing includes all processes a business uses to advertise their products and services to potential customers and clients. Marketing has changed a lot over the years with the addition of online marketing , but effective marketing still requires the same 3 steps. The first step is marketing research. Marketing research involves conducting studies and experiments in order to gather data. That data is analyzed in many ways, and for many purposes. This research can identify marketing problems, and can also reveal some solutions. One of the many uses of this data is used in the next step, market segmentation. Market segmentation splits an entire market into smaller groups. Because marketing resources are limited, data is often used to identify which of these smaller market groups will yield the best results, and future marketing and advertising is aimed only at this group. New methods of online marketing are especially great for reaching specific markets without wasting resources. Once you've collected the data and narrowed down your market, the third step is to actually promote the product. Conventional marketing can include television, radio, billboard, and magazine advertisements, while online marketing can utilize website ads or search engine optimization. Your previous steps should have established that there is a market that will want your product, so all that's left to do is let them know your product exists, and where they can get it. Each of these steps can be expanded upon, and there are many strategies to marketing, but these steps are a good start to understanding why marketing is important and how it works.
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