What is ‘Marketing’ – Marketing Definition
Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. (Source)
American Marketing Association defines marketing as:
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 October 2007)
The Chartered Institute of Marketing (CIM) says:
The management process responsible for identifying , anticipating and satisfying customer requirements profitability.
Philip Kotler defines marketing as:
Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Palmer’s marketing definition is as:
Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends.
Dennis Adcock defines marketing as
The right product, in the right place, at the right time, at the right price.
Different Types of Marketing
Lots of people are talking about all the new forms of marketing a company can pursue. It’s true, certain traditional marketing has been around for a long time and is still used today, but with the Internet now playing such a huge role in any company’s success, people are coming out with more and more ways to market their products or services. The more we thought about all the different varieties of marketing, the more we realized there are so many different ways to promote something. Here’s a list of marketing terms that we hope you find useful:
Permission Marketing is an approach to selling goods and services in which a prospect explicitly agrees in advance to receive marketing information. Opt-in e-mail, where Internet users sign up in advance for information about certain product categories, is a good example of permission marketing. Advocates of permission marketing argue that it is effective because the prospect is more receptive to a message that has been requested in advance and more cost-efficient because the prospect is already identified and targeted. In a world of information overload, automated telemarketing, and spam, most people welcome the idea of permission marketing.
Internet marketing is any marketing strategy that takes place online. Also referred to as online marketing, it encompasses a variety of marketing forms like video advertisements, search engine marketing and e-mail marketing. It is the opposite of offline marketing, and can also fall under digital marketing. Internet marketing needs a good approach in areas of design, development and advertising. A company with a total website marketing plan will have more success online than one that has just designed a website without thinking of how to market their company through it.
Offline marketing, the opposite of online marketing, includes all forms of marketing that aren’t done on the Internet. Examples of offline marketing are local advertising in newspapers and on television. In today’s marketing world, companies are finding ways to leverage their offline marketing campaigns with their online ones, making them complement each other.
When you think of marketing, the different forms you come up with are mostly outbound marketing (also called traditional marketing). In fact, the majority of companies today are using different types of outbound marketing to reach their potential customers. Outbound marketing includes any marketing efforts that are taken to introduce a product or service to someone who isn’t looking for that product or service. Some examples are cold calling, sending newsletters, billboards, and banner ads on different websites.
Inbound marketing focuses on having your company found by customers, as opposed to reaching out to them directly like in outbound marketing. The important thing to remember here is that a person starts out with the want/need to purchase a product or service, and they go out to find it. When they search for that product/service on a search engine, the search engine results page will show inbound marketing results. Instead of using paid advertisements, inbound marketing is the search engine optimization (SEO) part of web marketing.
Newsletter marketing and email marketing refer to ways of promoting your company through emails. Typically, a firm using newsletter marketing will have a group of contacts that they will send a newsletter containing some interesting information to. The success of newsletter marketing depends on grabbing attention, writing good content and reaching a large number of potential clients.
Businesses will often write articles related to the industry they are in and distribute them online and offline. These free articles will inform people about an important topic and give the company that wrote it more credibility within the market. The organization can also include their business contact information in the article, allowing them to get new clients.
Trade Show Marketing
Companies that want to reach a large number of potential customers can participate in public or private trade shows. Trade shows and other forms of event marketing are often a large investment to participate in, but trade shows allow companies to demonstrate new products and examine what is going on in the industry.
Search engine marketing (SEM) is the way in which companies promote their business through paid placement on search engines like Google. Instead of increasing the organic search results that a website has, companies will pay to have their advertisements in the sponsored section of search engines. This is also known as Pay Per Click Advertising or PPC
Direct marketing’s main goal is to send a message directly to consumers, without having to use any third party outlets. Examples of direct marketing include mail marketing, telemarketing and direct selling. Direct marketing is often preferable because the results can be easily measured, giving the marketer a better understanding of the success of that campaign.
When a product or service is not being readily supplied to a certain portion of a market, a company can focus their efforts on that niche to address a need that isn’t currently being addressed. This targeted marketing is successful because the marketer has identified a need that isn’t being resolved by mainstream providers. Sometimes it is beneficial for a company to focus on a niche instead of trying to compete in a larger market.
Drip marketing is the act of sending out scheduled targeted emails that are all coordinated to a specific goal of client conversion. The sender uses email marketing software that allows them to setup multiple emails at one time and let them “drip” over time. This sometimes includes phone calls to check in on the clients along the way.
Social Media Marketing
Social network marketing and social media campaigns provide a window to market a product or service on the Internet through different social networks. Companies can use these outlets for their marketing, customer service and sales. The most common and successful means of social media marketing are found on sites like Facebook, Twitter, LinkedIn, YouTube and even company blogs.
One of the less strategic types of marketing, referral marketing relies on a company’s customers to refer new customers to that company. Also called word of mouth marketing, this is a more spontaneous way of receiving new business, and cannot be solely relied on because results aren’t very predictable. However, word of mouth is still a powerful part of a company’s efforts to bring in new business, especially in the social media community where communication travels freely.
With a smaller budget, guerrilla marketing makes a splash by relying on energy, timing and unusual approaches to get the consumer’s attention. The unconventional marketing involved tries to get the most out something small, and make a lasting brand image in the consumer’s mind.
Promotional marketing is a common form of marketing strategy that companies use to motivate a consumer to make a decision and purchase their product. There are a number of ways that businesses will promote a product or service, including holding contests to win a prize, offering coupons for purchasing a product at a discount, and having samples of the product so people can experience it before they purchase.
Affiliate marketing most likely involves four different groups that contribute to the marketing effort. The Merchant is the company that is producing and selling the product, the Network is the outlet that is used to promote the affiliate link, the Publisher or Affiliate is the person who has the website with the affiliate ad and of course the customer doing the purchasing. Affiliate links are found on all types of websites, and they are used to drive traffic to outside websites.
This type of marketing relies on the message of a marketer being spread quickly through various social networks in order to increase brand awareness. The name viral marketing stems from the rapid spread of viruses in general. Typically, a viral marketing campaign will not last as long as other marketing efforts, but if a company can come up with a good idea for viral marketing and reach the right people, it will become highly successful in a short amount of time.
Any type of business, whether an organization, individual, government or other institution that markets to other businesses are involved in the business to business marketing. Since B2B marketing involves companies trying to sell mass quantities of product to one another, there is a more personal relationship that needs to be established between businesses. If your company sells to other businesses, your marketing efforts will most likely be more direct.
Business to consumer marketing campaign tries to reach a category of people that will be likely to purchase their product or service. The marketing efforts the company takes should be broader than B2B, which focuses on specific companies. B2C marketing can involve different marketing techniques such as door to door marketing, promotion marketing, newspaper marketing, television marketing and radio marketing. In today’s marketing world, B2C Internet marketing is becoming more important to reach consumers.
Along with Internet marketing, mobile marketing is part of the newest groups of marketing activities. Companies have been experimenting with the certain ways to reach consumers through their phones, especially with the rise of Apple’s iPhone. Some ways of marketing a product or service through a mobile phone include SMS marketing, in-game marketing, banner marketing on different web pages and location-based marketing.
This form of marketing is similar to inbound marketing. The goal of reverse marketing is to market a product in a way that will cause the consumer to seek the firm doing the marketing. Reverse marketing can be conducted through such means as television, print and Internet marketing. If a company has a product that solves a problem in the market, they will have more success using reverse marketing because they will seek out that product.
A form of direct marketing, telemarketing’s focus is on reaching consumers by phone. Most of what we think of as telemarketing is cold call marketing, which is unpopular and leads to laws being created against it. However, telemarketing can be effective if the right person is reached on the phone at the right time.
Direct Mail Marketing
Most people receive large quantities of marketing material in the mail, which is considered direct mail marketing. Companies will send paper mail with promotions or other information to a list of addresses, usually in a common geographical area. This form of marketing is also called junk mail by some because the customers receiving the mail aren’t expecting it and usually don’t want to open it.
Database marketing is similar to other types of direct marketing, but the focus is more directed towards analysing data. Companies try to narrow their marketing efforts down to certain groups of people, and they use database marketing to analyse statistics like name, address, or sales history, in order to create the most accurate model possible.
The goal of personalized marketing is to create a unique offer for each individual customer. This form of marketing doesn’t work for every company, but certain ones can capitalize on their unique products and customer demographics to market to individuals. With the Internet becoming a more popular place for marketing, companies are finding that personalized marketing is effective in cases when they can track a customer’s specific interests and send them more information for future suggestions. Depending on your company and the industry you are in, you will definitely choose different kinds of marketing that will produce the best results for you. No matter which type of marketing you want to use for your company, Design & Promote can help you research and implement a marketing campaign that will allow your company to win the consumer’s attention and hold the search engine results.