Marketing is the act or process by which a firm or an individual promotes his or her products and/or services to the market. Marketing can also be described as the act of creating awareness of a product, service or an organisation to the market. Marketing generally refers to the act or process whereby an organisation undertakes to engage with its target audience to develop real value in return for investing some money. It is the process by which organisations attempt to establish a competitive advantage in the market.
As a marketing discipline, marketing has evolved over the years to become an essential ingredient of business success. Although marketing was considered a marketing department just a few years ago, it has become a vital component of every organisation’s overall marketing mix. The key drivers for the growth of marketing our business growth, brand building, and customer service. These three core marketing objectives have driven the growth of online marketing since the early nineties.
Marketing is an essential ingredient of effective branding for any organisation. When a business decides to pursue marketing, they look for specific marketing opportunities. They need to define their target market, conduct market research, select and utilise appropriate marketing tools, and build a credible reputation within their industry. The 72 marketing definitions below highlight the critical processes involved in successful marketing.
Market research is one of the most important marketing activities that marketers undertake to define and understand their target market. This process allows marketers to understand the needs of their target audiences and then design marketing campaigns that address these needs. Market research is also used to determine the competitive landscape and gain competitive advantage. A third important role of the marketing team is to conduct market research and help identify opportunities in markets that are not currently exploited. A fourth crucial aspect is product development. Marketers work closely with product development professionals to develop new ideas, materials, and advertising tools to promote products.
During the development of a marketing campaign, marketers work closely with consumers, crafting marketing messages and story lines that will appeal to and are appealing to the target audience. As well, they must establish a positive image in the minds of consumers and present them with a vivid and consistent image of the brand. Marketers often use public images, iconic images, or well-known faces to communicate the essence of the brand. For instance, if a food company wants to advertise its new product, they might use a famous chef, popular television characters, or a cartoon character that consumers associate with the brand.
Brand marketing strategies are developed around the core values, characteristics, and goals of the company. When developing a successful marketing strategy, marketers must be clear about their goals and the benefits that consumers will receive when engaging with the company. A marketing mix is a combination of communication, media, and active promotion. When working with a firm that develops a successful marketing mix, it is important to stay clear of the critical and decisive aspects of the marketing mix. Instead, use the various components of the marketing mix to support the larger objectives of the company.
Another successful marketing strategy is to integrate social media into the overall marketing mix. In addition to building a strong presence on social media platforms such as Facebook and Twitter, marketers should engage consumers through other forms of online engagement, such as blogs, podcasts, and video. Consumers “like” businesses on Facebook, and many are even actively encouraging others to join their businesses. A blog can discuss key points and stories, and connect the reader to the company website. Podcasts and videos provide an informal way for marketers to describe the products and services they are offering. By providing clear and concise information, marketers help consumers make a decision and instill trust in the company.
Lastly, it is crucial to incorporate media planning in the overall marketing strategy. Media planning refers to a plan for all the different types of media that are likely to be used in a campaign. In order for a marketing plan to be effective, the media used must have a high bounce rate. Bounces refer to how often people abandon a site to return to it because they were not happy with the first experience. A high bounce rate indicates that consumers do not want to return to that site, but if they were to be offered a good deal by the business, they may be more likely to make a purchase.