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Marketing: What is Marketing?

Marketing

Terminology

Definition of Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved 2017)

Definition of 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.

ISO brand standards add that a brand “is an intangible asset” that is intended to create “distinctive images and associations in the minds of stakeholders, thereby generating economic benefit/values.”

Definition of Marketing Research

Marketing research is the function that links the consumer, customer, and public to the marketer through information–information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. (Approved 2017)

Types of Marketing

Influencer Marketing

  • According to the Association of National Advertisers (ANA), influencer marketing focuses on leveraging individuals who have influence over potential buyers and orienting marketing activities around these individuals to drive a brand message to the larger market.
  • In influencer marketing, rather than marketing directly to a large group of consumers, a brand inspires or compensates influencers (which can include celebrities, content creators, customer advocates, and employees) to get the word out on their behalf.

Relationship Marketing

  • According to the Association of National Advertisers (ANA), relationship marketing refers to strategies and tactics for segmenting consumers to build loyalty.
  • Relationship marketing leverages database marketing, behavioral advertising and analytics to target consumers precisely and create loyalty programs.

Viral Marketing

  • Viral marketing is a marketing phenomenon that facilitates and encourages people to pass along a marketing message.
  • Nicknamed “viral” because the number of people exposed to a message mimics the process of passing a virus or disease from one person to another.

Green Marketing

  • Green marketing refers to the development and marketing of products that are presumed to be environmentally safe (i.e., designed to minimize negative effects on the physical environment or to improve its quality).
  • This term may also be used to describe efforts to produce, promote, package, and reclaim products in a manner that is sensitive or responsive to ecological concerns.

Keyword Marketing

  • Keyword marketing involves placing a marketing message in front of users based on the specific keywords and phrases they are using to search.[1]
  • A key advantage of this method is that it gives marketers the ability to reach the right people with the right message at the right time. For many marketers, keyword marketing results in the placement of an ad when certain keywords are entered.
  • Note that in SEO, this term refers to achieving top placement in the search results themselves.

Guerilla Marketing

  • Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources.

4 P's of Marketing - or Marketing Mix

Product

  • A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use; usually a mix of tangible and intangible forms.
  • Thus a product may be an idea, a physical entity (a good), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. [1]
  • While the term “products and services” is occasionally used, product is a term that encompasses both goods and services. [2]

Price

  • Price is the formal ratio that indicates the quantity of money, goods, or services needed to acquire a given quantity of goods or services. [1]
  • It is the amount a customer must pay to acquire a product. [1]

Place (Or Distribution)

  • >Distribution refers to the act of marketing and carrying products to consumers. It is also used to describe the extent of market coverage for a given product.[1]
  • In the 4Ps, distribution is represented by place or placement.

Promotion

  • According to the Association of National Advertisers (ANA), promotion marketing includes tactics that encourage short-term purchase, influence trial and quantity of purchase, and are very measurable in volume, share and profit.
  • Examples include coupons, sweepstakes, rebates, premiums, special packaging, cause-related marketing and licensing. [1]

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