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Background and Identification
From a business perspective, marketing includes any activities a company undertakes to promote the buying or selling of its product or service. In 2017, the New York Times described marketing as “the art of telling stories so enthralling that people lose track of their wallets” (Charles Duhigg). Marketing can include selling, advertising, and delivering products or services to consumers or other businesses. Sometimes, marketing can be done by affiliates on behalf of a company.
Marketing is one of the main components of commerce and business management. Marketing is designed to gain the attention of key potential audiences through advertising, so promotions are often aimed toward certain audiences. Promotions may include catchy phrases and slogans, celebrity endorsements, memorable packaging, media exposure, and graphic designs. Marketing can also include networking since the company’s aim is to draw in customers and maintain relationships with them. Networking with potential or past clients can include writing thank you emails or notes, returning calls and emails quickly, playing golf with prospective clients, and meeting with clients for a meal or coffee.
Companies often use the Four ‘P’s of marketing to market a product or service. The Four ‘P’s of marketing include product, price, place, and promotion. Marketing ultimately seeks to match a company’s products and services with customers who want those products.