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Introduction
What is Marketing?
In essence, the marketing function is the study of market forces and factors, and the development of a company's position to optimise its benefits from them.
Marketing is both a concept dedicated to meeting customer requirements and a range of techniques which enables the company to determine those requirements and ensure they are met. One way to understand the broad scope of marketing is to refer to the four 'P's of marketing mix:
- Product (or service)
- Place (how it is distributed or sold)
- Price (deciding what to charge and why)
- Promotion
The fourth 'P' is perhaps the best understood aspect of marketing and includes disciplines such as advertising, direct mailing, public relations, exhibitions and websites.
The marketing function often involves the use of an agency or consultancy. Some of these are 'full service' and can cater for all aspects of marketing whilst other agencies may specialise in a certain discipline such as advertising or direct mailing. To find an agency or consultancy, visit the Choosing an agency section.
Market Research
Market research is a crucial part of any marketing strategy. For your marketing strategy to be effective, you must find and locate potential customers, learn more about current customers, identify marketing opportunities and develop the right products at the right price. You can do your own research through face-to-face interviews, postal or online surveys, telephone surveys, or secondary research can be conducted through a number of sources to lower the cost of research.
In undertaking advertising and publicity activities, members must bear in mind ACCA's rules of professional conduct as laid out in section 3 of the ACCA Rulebook 2008.