Basic Marketing 101

Marketing is one of the most important aspects of any business as this is the area that brings in customers, popularizes the products and through it all, plays a major role in an organization\'s revenue and profitability.

Here are some basic concepts that can help you get started in marketing.
What is a market?

It is a group of potential buyers who are willing to pay a certain price to buy and use your products or services. These buyers can be spread across a wide geographical area and could have varying demographics.
Marketing mix
Every marketing strategy should take into account four aspects, namely, price, place, product and promotion. For a marketing strategy to be successful, you should sell the right product at the right place and at the right price while your promotion should be attractive and elaborate enough to bring the attention of the market to the remaining three aspects.

Goods and services
Goods are tangible products whereas services are intangible products. But, both are designed and sold with an aim to satisfy the needs and wants of different customers. The company selling it in return gets revenue, usually in the form of money.

Competitive advantage
Every company has certain advantages and disadvantages. The advantages that allow a company to have an edge over that of its competitors is called competitive advantage. it can be anything such as price, talent, infrastructure and just about anything else that will give one company an edge over others.

What is marketing?
Marketing is a process that eases the flow of products and services from the point of production to the point of consumption. The systematic arrangement of the marketing function meets the needs and wants of people on one hand with the products and revenue of a business on the other.