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May 29, 2020 2 min read

What is Marketing?

Marketing is the study of consumer and market behavior. Its main purpose is to attract and capture customers, as well as retain current customers. In short, marketing is about increasing the sales of a brand or company.

When it comes to distinguishing between marketing and advertising, you’ll find that marketing is a much broader concept than advertising. To get an idea of everything that marketing covers, let’s review the “4 P’s” that are part of the classic definition of marketing: 

  • Product: Product or service. Companies exist by selling products or services. Within marketing, the definition of products is more about seeing to what extent they fit the needs and desires of consumers, rather than their technical characteristics.
  • Placement: Point of sale or distribution. You could have the best product in the world, but if consumers can’t access it, then it’s useless. Therefore, this “P” of marketing ensures that products and services are available to consumers by various means, whether through physical stores or e-commerce. It also deals with creating positive shopping experiences that attract users to the brand. 
  • Price: The price of a product is a key factor in marketing. A marketing team has to take into account several different factors in order to price a product, such as the economic objectives of the company, the perception of a product, and the expectations of the target audience. 
  • Promotion: This last “P” includes all the different marketing and communications actions taken to introduce and establish a positive perception of a product to consumers. As you may have figured, advertising is a huge component of this “P,” but it’s not the only one.

6 Marketing Concepts

  • Online Marketing or Digital Marketing: Also known as Marketing 2.0 or cybermarketing. It has the same objective as traditional marketing but uses new technologies and social networks to promote the company’s products or services online. Just like how we differentiate between marketing and advertising offline, we must distinguish between digital marketing and digital advertising.
  • Direct Marketing: This type of marketing seeks to trigger a specific result in a specific target, such as visits to an online store or completing a form on a contact form landing page. It can have different deliveries, like traditional mail, telemarketing, point of sale, email, etc. It is one of the most effective and easy to measure methods.
  • Email Marketing: This technique is based on sending emails to contacts in a database. It is one of the earliest digital marketing techniques, but it continues to deliver good results. Personalization and automation are currently two of the most popular trends that email marketers are using. 
  • Viral Marketing: Almost everyone who is on social media has encountered viral marketing, especially through the forms of viral videos. This type of marketing works to disseminate information on a very large scale via the internet, often through social media users themselves. 
  • Mobile Marketing: Mobile marketing includes all communication tactics used for mobile devices, like cell phones. This type of marketing has gained increased importance throughout the years due to users’ high consumption habits.
  • Performance Marketing: This is a marketing technique in which the marketer only pays for the results they have obtained through the campaign. Normally, the objectives are based on concrete actions that the audience must take.

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