Marketing is the study and management of exchange relationships. It is the business process of identifying, anticipating and satisfying customers’ needs and wants. Because marketing is used to attract customers, it is one of the primary components of business management and commerce. Marketers can direct product to other businesses (B2B marketing) or directly to consumers (B2C marketing).
Regardless of who is being marketed to, several factors, including the perspective the marketers will use. These market orientations determine how marketers will approach the planning stage of marketing. This leads into the marketing mix, which outlines the specifics of the product and how it will be sold. This can in turn, be affected by the environment surrounding the product , the results of marketing research and market research, and the characteristics of the product’s target market.
Once these factors are determined, marketers must then decide what methods will be used to market the product. This decision is based on the factors analyzed in the planning stage as well as where the product is in the product life cycle.