“Business has only two functions - marketing and innovation.” - Milan Kundra
Marketing is the lifeline of every business. Without proper marketing a business cannot grow. Every organization does marketing but in its own ways. Some organizations have conception that marketing should start when the business is in profits. But without marketing business cannot earn profits. Therefore every organization should have a dedicated marketing budget from the day it plans to start a business. Most people have misconception that marketing either means sales or advertising and promotion. Marketing is broadly defined in 4 P’s, which are Product, Price, Placement/Positioning and Promotion.
The objective of marketing is to create a new market or penetrate deep into the existing one. In both situations, ultimately the market is led by humans, who are our end customers. Therefore the study of human psychology becomes essential for better marketing.