The AMA’s definitions of marketing and marketing research are reviewed and reapproved/modified every three years by a panel of five scholars who are active researchers.
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services, potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination.
Definition of Marketing
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 2017)
Definition of Marketing Research
Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. (Approved 2017)
Definition of Brand
A brand is a name, term, design, symbol, or any other feature that identifies one seller’s goods or service as distinct from those of other sellers.
ISO brand standards add that a brand “is an intangible asset” that is intended to create “distinctive images and associations in the minds of stakeholders, thereby generating economic benefit/values.”
What are the Different Types of Marketing?
Is digital marketing and marketing the same?
The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websites.
When it comes to types of marketing. It can be divided into two categories:
- Types of Offline Marketing
- Types of Digital Marketing
Offline marketing includes conventional Print, Radio, and Television advertising and attendance at trade exhibits, fairs, and conferences. Word-of-mouth marketing is another type of offline marketing.
The majority of companies will use a combination of online and offline marketing methods.
However, the tide is currently swinging in favor of internet marketing. Customers are spending more time online, and digital marketing offers a number of advantages in terms of speed, efficiency, and return on investment.
Types of Offline Marketing
Types of Online Marketing
According to the Association of National Advertisers (ANA), influencer marketing focuses on leveraging individuals who have influence over potential buyers and orienting marketing activities around these individuals to drive a brand message to the larger market.
In influencer marketing, rather than marketing directly to a large group of consumers, a brand inspires or compensates influencers (which can include celebrities, content creators, customer advocates, and employees) to get the word out on their behalf.
According to the Association of National Advertisers (ANA), relationship marketing refers to strategies and tactics for segmenting consumers to build loyalty.
Relationship marketing leverages database marketing, behavioral advertising and analytics to target consumers precisely and create loyalty programs.
Viral marketing is a marketing phenomenon that facilitates and encourages people to pass along a marketing message.
Nicknamed “viral” because the number of people exposed to a message mimics the process of passing a virus or disease from one person to another.
Green marketing refers to the development and marketing of products that are presumed to be environmentally safe (i.e., designed to minimize negative effects on the physical environment or to improve their quality).
This term may also be used to describe efforts to produce, promote, package, and reclaim products in a manner that is sensitive or responsive to ecological concerns.
Keyword marketing involves placing a marketing message in front of users based on the specific keywords and phrases they are using to search.
A key advantage of this method is that it gives marketers the ability to reach the right people with the right message at the right time. For many marketers, keyword marketing results in the placement of an ad when certain keywords are entered.
Note that in SEO, this term refers to achieving top placement in the search results themselves.
Guerilla marketing describes an unconventional and creative marketing strategy intended to get maximum results from minimal resources.
Outbound marketing is a newer term for traditional marketing coined when the term inbound marketing came into popular use.
In outbound marketing, the marketer initiates contact with the customer through methods such as TV, radio and digital display advertising. It is often used to influence consumer awareness and preference for a brand.
Inbound marketing is marketing in which customers initiate contact with the marketer in response to various methods used to gain their attention. These methods include email marketing, event marketing, content marketing and web design.
One purpose of inbound marketing, which includes content marketing, is to establish the business as a source for valuable information and solutions to problems, thereby fostering customer trust and loyalty.
Search Engine Optimization
Search engine optimization (SEO) is the process of developing a marketing/technical plan to improve visibility within one or more search engines. Typically, this consists of two elements.
On a technical side, SEO refers to ensuring that a website can be indexed properly by the major search engines and includes the use of the proper keywords, content, code, and links.
On the marketing side, SEO refers to the process of targeting specific keywords where the site should “win” in searches. This can be done by modifying a website to score well in the algorithms search engines use to determine rank, or by purchasing placement with individual keywords. Often, SEO programs are a blend of several elements and strategies.
Note: When SEO is used to describe an individual, it stands for search engine optimizer.
Content marketing is a technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience—with the objective of driving profitable customer action.
According to the Association of National Advertisers (ANA), content marketing involves various methods to tell the brand story. More and more marketers are evolving their advertising to content marketing/storytelling to create more stickiness and emotional bonding with the consumer.
4 Ps of Marketing
A product is defined as a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms.
Thus a product may be an idea, a physical entity (goods), or a service, or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives.
While the term “products and services” is occasionally used, product is a term that encompasses both goods and services.
Price is the formal ratio that indicates the quantity of money, goods, or services needed to acquire a given quantity of goods or services. It is the amount a customer must pay to acquire a product.
Place (or Distribution)
Distribution refers to the act of marketing and carrying products to consumers. It is also used to describe the extent of market coverage for a given product.
In the 4 Ps, distribution is represented by place or placement.
According to the Association of National Advertisers (ANA), promotion marketing includes tactics that encourage short-term purchase, influence trial and quantity of purchase, and are very measurable in volume, share, and profit.
Examples include coupons, sweepstakes, rebates, premiums, special packaging, cause-related marketing and licensing.
Is digital marketing part of marketing?