Definitions Of Marketing
Marketing refers to the process taken by a company to promote the selling or buying of a product or goods. It is part of business management and commerce. Marketing is the study of attracting consumers by identifying their needs and satisfying them with a good profit for both the company and consumers.
Marketing is defined by the American Marketing Association (AMA) as “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” However, the definition of marketing has evolved over the years. The AMA reviews this definition and its definition for “marketing research” every three years.
Earlier, marketing practice tends to be a creative industry that included advertising, distribution, and selling. Now, many parts of the marketing process (like product design, brand management, advertising, inbound marketing, copywriting) involve the use of creative arts. It also makes extensive use of social sciences, psychology, sociology, mathematics, and economics, the profession is now widely recognized as a science.
Segments Of Marketing
B2B (business-to-business) marketing refers to any marketing strategy or content towards a business or organization. Any company that sells products or services to other companies or organizations uses B2B marketing strategies.
B2C (business-to-consumer) marketing refers to the strategies by which a company promotes its products and services to individual people.
Recently, the term B2C refers to the online selling of consumer products.
C2B (consumer-to-business) marketing is a business model where the consumers create products and services which are consumed by businesses and organizations.
C2C (customer to customer) marketing represents a market environment where one customer purchases goods from another customer using a third-party business or platform to facilitate the transaction. C2C companies are a new type of model that has emerged with e-commerce technology and the sharing economy.
Ps of Marketing
Product refers to the item or items which the company plans to offer the consumer. The product should fulfill the consumer’s needs and have a unique identity from other similar products in the field.
The price of the product is given, by the demand for the product in the field. Also, the price of the product should be affordable to the consumers and be profitable for the company.
The place which the product is going to be sold is also important.
It can be a storefront product, an online product, or can be both.
Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, and sponsorship.
Consumer (or Client)
The consumer refers to the person or group that will acquire the product. This aspect of the model focuses on fulfilling the wants or needs of the consumer.
Cost refers to what is exchanged in return for the product. It also refers to anything else the consumer must sacrifice to attain the product, such as time or money spent on transportation to acquire the product.
Like “Place” in the 4Ps model, convenience refers to whether the product is available in person or online. The convenience aspect emphasizes making it as easy as possible for the consumer to attain the product, thus making them more likely to do so.
Like “Promotion” in the 4Ps model, communication refers to how consumers find out about a product.
Types Of Marketing
5.Search Engine Marketing.
7.Social Media Marketing.