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Marketing Glossary Habefast

Marketing: definition

Marketing is used to offer customers a product that meets their needs thanks to a good understanding of the company’s market and the implementation of an appropriate work plan. Indeed, marketing allows defining the brand strategy and positioning of a company according to its activity. Even if it is possible to change it later, it is important to determine these components from the beginning, to assert the brand, maximize the customer relationship and optimize their loyalty.

The 4P's of marketing

The 4Ps in marketing are part of what is called the marketing mix. They are used to implement the marketing strategy of the company by taking into account as many elements as possible to make it as comprehensive as possible.

Here are the 4Ps:

  1. price policy (price):

    It takes into account the following internal constraints: targeted market share, cost, positioning… It also takes into account the following external constraints: competition, customers’ purchasing power…

  2. product policy (product)

    It will examine all the characteristics of the product to make sure that it really has an added value compared to the competitors. To do this, it is necessary to study the characteristics of the product, the design, the packaging…

  3. the distribution policy (place)

    This policy will take into account the elements that come into play in the marketing of the product such as distribution channels for example.

  4. communication policy (promotion)

    It is used to define all the elements related to the communication to ensure the promotion of the product and to determine on which supports to communicate: social networks, advertising, emailing…

The two most important steps of the marketing plan

  • Market segmentation and targeting:

Segmentation will serve to know the different types of customers that exist in the company’s market. Then targeting will consist of choosing the segment that is most likely to be relevant for the product.

A segment is a group of people who have the same buying behavior. This group must include a sufficient number of people to have a sufficiently interesting economic potential for the company.

  • Positioning:

It is mainly used to define how the company wants to be perceived in the market and how to highlight its added value compared to its competitors.