Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.
Marketing refers to activities a company undertakes to promote the buying or selling of a product, service, or good. It is one of the primary components of business management and commerce. Marketers can direct their product to other businesses (B2B marketing) or directly to consumers (B2C marketing). Regardless of who is being marketed to, several factors apply, including the perspective the marketers will use. Known as market orientations, they determine how marketers will approach the planning stage of marketing.
The marketing mix, which outlines the specifics of the product and how it will be sold, is 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 promote the product, marketing-asean.com including use of coupons and other price inducements.
The term marketing, what is commonly known as attracting customers, incorporates knowledge gained by studying the management of exchange relationship and is the business process of identifying, anticipating and satisfying customers’ needs and wants.
If you work in a marketing role like I do, it’s probably difficult for you to define marketing even though you see and use it every day — the term marketing is a bit all-encompassing and variable for a straightforward definition. The selling part, for instance, overlaps a little too snuggly with a “what is sales” definition, and the word advertising makes me think of Mad Men brainstorming sessions.
But upon digging deeper, I began seeing that actually, marketing does overlap heavily with advertising and sales. Marketing is present in all stages of the business, beginning to end.At first, I wondered why marketing was a necessary component during product development, or a sales pitch, or retail distribution. But it makes sense when you think about it — marketers have the firmest finger on the pulse of your consumer persona.
The purpose of marketing is to research and analyze your consumers all the time, conduct focus groups, send out surveys, study online shopping habits, and ask one underlying question: “Where, when, and how does our consumer want to communicate with our business?”
Here, let’s explore the purposes of marketing, along with types of marketing, the 4 P’s of marketing, and the difference between marketing and advertising. Whether you’re a seasoned marketer looking to refresh your definitions, or a beginner looking to understand what marketing is in the first place, we’ve got you covered. Let’s dive in.
Types of Marketing
Where your marketing campaigns live depends entirely on where your customers spend their time. It’s up to you to conduct market research that determines which types of marketing — and which mix of tools within each type — is best for building your brand. Here are several types of marketing that are relevant today, some of which have stood the test of time:
Internet marketing: Inspired by an Excedrin product campaign that took place online, the very idea of having a presence on the internet for business reasons is a type of marketing in and of itself.
Search engine optimization: Abbreviated “SEO,” this is the process of optimizing content on a website so that it appears in search engine results. It’s used by marketers to attract people who perform searches that imply they’re interested in learning about a particular industry.
Blog marketing: Blogs are no longer exclusive to the individual writer. Brands now publish blogs to write about their industry and nurture the interest of potential customers who browse the internet for information.
Social media marketing: Businesses can use Facebook, Instagram, Twitter, LinkedIn, and similar social networks to create impressions on their audience over time.
Print marketing: As newspapers and magazines get better at understanding who subscribes to their print material, businesses continue to sponsor articles, photography, and similar content in the publications their customers are reading. Search engine marketing: This type of marketing is a bit different than SEO, which is described above. Businesses can now pay a search engine to place links on pages of its index that get high exposure to their audience.