Marketing Definition.

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What exactly is marketing?, Well marketing can be simply defined as a group of organised efforts aimed at delivering products, value and services to the right audience. Marketing can also be explained as a combination of advertising, selling, affiliation (affiliates), influence and so on.

Diving deeper into the concepts of marketing.

Market Research: Market research is group of effort that involves gathering information about the target audience as the information gathered will be used to make informed marketing decisions.

Brand: A brand is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers.

Types of marketing.

  • Affiliate Marketing: Affiliate marketing is a type of marketing that involves promoting someone else’s product in return for a certain percentage or fixed amount at the end of the sale.
  • Affinity Marketing: Affinity marketing is about creating strategic and mutually beneficial partnerships.
  • Agile Marketing:  Agile marketing is a tactical marketing approach in which teams identify and focus their collective efforts on high value projects, complete those projects cooperatively, measure their impact, and then continuously and incrementally improve the results over time. Also, Agile marketing is simply a less stressful way to be a marketer. And that alone makes it worthwhile.
  • Alliance Marketing: It involves pooling resources—whether those resources are knowledge/expertise, distribution infrastructure, brand recognition/reputation, or simply money—to achieve a result that would be more costly to obtain independently. 
  • Ambush Marketing: This is when a business associate its products or services with an event that already has official sponsors. As the name implies, companies use this low-cost tactic to ambush events and compete for exposure against competitors.
  • Content Marketing: is a type of advertising in which businesses write articles to promote their products or services and then promote them using social media, search engine, article banks and so on.
  • Digital Marketing: This is a type of marketing whose efforts are channeled into the use of electronic media like Social media, Email, Search engine, Podcasts and so on.
  • Influencer Marketing: This involves the use of people with a very high authority or followership on Social media or even celebrities to promote goods and services.

4p’s of marketing.

  • Price: Price refers to how much a business will offer the product or service for. When establishing a price, businesses must consider the unit cost price, marketing costs, and distribution expenses. Companies must also consider the price of competing products or services in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for their customers.
  • Promotion: Promotion is the integrated marketing communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing.
  • Product: Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market, or fulfill consumer demand for a greater amount of a product already available. 
  • Place: Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online, or through both distribution channels. 

Summary.

  • Marketing makes use of the “marketing mix,” also known as the four Ps—product, price, place, and promotion.
  • At its core, marketing seeks to take a product or service, identify its ideal customers, and draw the customers’ attention to the product or service available.

Author: Austine