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Companies focus on sales and advertising only after all other factors of marketing have been determined. This unit will teach you that marketing departments focus on a set of core principles, most of which are summarized by the 4 Ps (product, price, place, and promotion). The 4 Ps are also known as the marketing mix.
The role of marketing is to create value for the target market, and a company creates value by meeting the needs of this target market. Marketing should define a business not by the products sold by the business but the benefits the products provide to customers.ompanies develop and implement marketing strategies to improve financial results. Choosing the right marketing plan can make the difference between success and failure. The marketing triangle is an analytical tool that defines the three most important factors of marketing success.