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What Is Marketing?: Alexandra Twin

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201 views6 pages

What Is Marketing?: Alexandra Twin

Uploaded by

LE JOHN AQUINO
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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By 

ALEXANDRA TWIN

Updated July 13, 2022

Reviewed by 
AMY DRURY
Fact checked by 
ARIEL COURAGE

What Is Marketing?
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.

Professionals who work in a corporation's marketing and promotion


departments seek to get the attention of key potential audiences through
advertising. Promotions are targeted to certain audiences and may involve
celebrity endorsements, catchy phrases or slogans, memorable packaging or
graphic designs and overall media exposure.

KEY TAKEAWAYS

 Marketing refers to all activities a company does to promote and sell


products or services to consumers.
 Marketing makes use of the "marketing mix," also known as the four Ps
—product, price, place, and promotion.
 Marketing used to be centered around traditional marketing techniques
including television, radio, mail, and word-of-mouth strategies.
 Though traditional marketing is still prevalent, digital marketing now
allows companies to engage in e-mail, social media, affiliate, and
content marketing strategies.
 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.

Understanding Marketing
Marketing as a discipline involves all the actions a company undertakes to
draw in customers and maintain relationships with them. Networking with
potential or past clients is part of the work too, and may include writing thank
you emails, playing golf with prospective clients, returning calls and emails
quickly, and meeting with clients for coffee or a meal.

At its most basic level, marketing seeks to match a company's products and
services to customers who want access to those products. Matching products
to customers ultimately ensures profitability.

The 4 P's of Marketing


Product, price, place, and promotion are the Four Ps of marketing. The Four
Ps collectively make up the essential mix a company needs to market a
product or service. Neil Borden popularized the idea of the marketing mix and
the concept of the Four Ps in the 1950s.
Image by Sabrina Jiang © Investopedia 2020

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. Before they can
prepare an appropriate campaign, marketers need to understand what
product is being sold, how it stands out from its competitors, whether the
product can also be paired with a secondary product or product line, and
whether there are substitute products in the market.

Price

Price refers to how much the company will sell the product for. When
establishing a price, companies must consider the unit cost price, marketing
costs, and distribution expenses. Companies must also consider the price of
competing products in the marketplace and whether their proposed price
point is sufficient to represent a reasonable alternative for consumers.

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. When it's sold in a storefront,
what kind of physical product placement does it get? When it's sold online,
what kind of digital product placement does it get?

Promotion

Promotion, the fourth P, 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.

Promotions vary depending on what stage of the product life cycle the
product is in. Marketers understand that consumers associate a product’s
price and distribution with its quality, and they take this into account when
devising the overall marketing strategy.

 
Marketing refers to any activities undertaken by a company to promote the
buying or selling of a service. If there is a limited quantity of a product, a
company may market itself in an attempt to be better positioned as one of the
few who get to buy something.

Types of Marketing Strategies


Marketing is comprised of an incredibly broad and diverse set of strategies.
The industry continues to evolve, and the strategies below may be better
suited for some companies over others.

Traditional Marketing Strategies

Before technology and the internet, traditional market strategies was the
primary way companies would market their goods to customers. The main
types of traditional marketing strategies includes:

 Outdoor Marketing: This entails public displays of advertising external


to a consumer's house. This includes billboards, printed advertisements
on benches, sticker wraps on vehicles, or advertisements on public
transit.
 Print Marketing: This entails small, easily printed content that is easy
to replicate. Companies often mass produce printed materials as the
printed materials delivered to one customer does not need to vary from
other. Examples include brochures, fliers, newspaper ads, or magazine
ads.
 Direct Marketing: This entails specific content delivered to potential
customers. Some print marketing content could be mailed. Otherwise,
direct marketing mediums could include coupons, vouchers for free
goods, or pamphlets.
 Electronic Marketing: This entails use of TV and radio for advertising.
Though short bursts of digital content, a company can convey
information to a customer through visual or auditory media that may
grab a viewer's attention better than a printed form above.
 Event Marketing: This entails attempting to gather potential customers
at a specific location for the opportunity to speak with them about
products or demonstrate products. This includes conferences, trade
shows, seminars, roadshows, or private events.

Digital Marketing
The marketing industry has been forever changed with the introduction of
digital marketing. From the early days of pop-up ads to targeted placements
based on viewing history, there are now innovating ways companies can
reach customers through digital marketing.

 Search Engine Marketing: This entails companies attempting to


increase search traffic through two ways. First,

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