Marketing - Revision history

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 *[[Marketing Effectiveness]]
 *[[Marketing Plan]]
 *[[4S Web Marketing Mix Model]]
 *[[5C's of Marketing Strategy]]
 *[[5P's Model]]
 *[[Advocacy Marketing]]

← Older revision		Revision as of 21:22, 28 December 2022
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	*Marketing Creates Revenue Options: During the startup phase, your options are sparse since you’re mostly cash-strapped. This limits your options. As your marketing strategies generate more customers and revenue opportunities, you’ll begin having options. Having options is comparable to having a nice war chest. Having options will give you the courage you need to penetrate new markets. You will have the freedom to start letting go of customers who are too demanding to your sanity and well-being. Without marketing, you will be forced to continue working with clients who you have outgrown and are paying you peanuts.		*Marketing Creates Revenue Options: During the startup phase, your options are sparse since you’re mostly cash-strapped. This limits your options. As your marketing strategies generate more customers and revenue opportunities, you’ll begin having options. Having options is comparable to having a nice war chest. Having options will give you the courage you need to penetrate new markets. You will have the freedom to start letting go of customers who are too demanding to your sanity and well-being. Without marketing, you will be forced to continue working with clients who you have outgrown and are paying you peanuts.
	* Marketing Helps the Management Team to Make Informed Decisions: Every business is confronted with problems such as to what, when, for whom and how much to produce. A complex and tedious process determine your business’s survival. As a result, businesses heavily rely on marketing mechanisms to make these decisions. Why should you rely on marketing mechanisms? These mechanisms serve as a reliable link between your business and society. They cultivate people’s mind, educate the public and convince them to buy.		* Marketing Helps the Management Team to Make Informed Decisions: Every business is confronted with problems such as to what, when, for whom and how much to produce. A complex and tedious process determine your business’s survival. As a result, businesses heavily rely on marketing mechanisms to make these decisions. Why should you rely on marketing mechanisms? These mechanisms serve as a reliable link between your business and society. They cultivate people’s mind, educate the public and convince them to buy.
		+
		+	== Using Information Technology in Marketing ==
		+	[[Information Technology (IT)]] is used extensively in marketing. In fact, today, without it marketing is not just ineffective, it might also be impossible. There are many ways that technology can be used in marketing, including:
		+
		+	*'''Digital marketing''': This involves using online channels, such as websites, social media, email, and mobile apps, to reach and engage customers. Digital marketing allows businesses to target specific audiences, track customer behavior, and measure the effectiveness of their marketing efforts in real time.
		+	*'''Content marketing''': This involves creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience. Technology can be used to create, publish, and distribute content, as well as to track and analyze the performance of content marketing campaigns.
		+	*'''Social media marketing''': This involves using social media platforms, such as Facebook, Twitter, and Instagram, to connect with customers and promote products or services. Technology can be used to create and publish social media posts, as well as to track and analyze social media metrics, such as likes, comments, and shares.
		+	*'''Email marketing''': This involves using email to send promotional messages or advertisements to a targeted audience. Technology can be used to create and send email campaigns, as well as to track and analyze the performance of email marketing efforts.
		+	*'''Mobile marketing''': This involves using mobile devices and apps to reach and engage customers. Technology can be used to create and send SMS text messages, mobile app notifications, and mobile ads, as well as to track and analyze the performance of mobile marketing campaigns.
		+	*'''Data analytics''': This involves using technology to collect, process, and analyze data to gain insights into customer behavior and preferences. Data analytics can be used to inform marketing strategies, optimize campaigns, and measure the effectiveness of marketing efforts.

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 == See Also ==
+*[[Marketing Effectiveness]]
 == References ==
 <references/>

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-'''Marketing''' is the process of getting potential clients or [[Customer|customers]] interested in your [[Product|products]] and [[Service|services]]. The key word in this definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services. This discipline centers on the [[Market Research|study of market and consumer behaviors]] and it analyzes the commercial management of companies in order to attract, acquire, and [[Customer Retention|retain customers]] (hopefully instilling [[Brand Loyalty]]) by satisfying their wants and needs.<ref>Defining Marketing [https://www.cyberclick.es/en/marketing Cyberclick]</ref>
+'''Marketing''' is the process of getting potential clients or [[Customer|customers]] interested in your [[Product|products]] and [[Service|services]]. The key word in this definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services. This discipline centers on the [[Market Research|study of market and consumer behaviors]] and it analyzes the commercial management of companies in order to attract, acquire, and [[Customer Retention|retain customers]] (hopefully instilling [[Brand Loyalty]]) by satisfying their wants and needs.<ref>[https://www.cyberclick.es/en/marketing Defining Marketing -Cyberclick]</ref>
-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, including writing thank you emails, playing golf with a prospective client, returning calls and emails quickly, and meeting with clients for coffee or a meal. At its most basic, marketing seeks to match a company's products and services to customers who want access to those products. The matching of product to customer ultimately ensures profitability.<ref>Understanding Marketing [https://www.investopedia.com/terms/m/marketing.asp Investopedia]</ref>
+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, including writing thank you emails, playing golf with a prospective client, returning calls and emails quickly, and meeting with clients for coffee or a meal. At its most basic, marketing seeks to match a company's products and services to customers who want access to those products. The matching of product to customer ultimately ensures profitability.<ref>[https://www.investopedia.com/terms/m/marketing.asp Understanding Marketing -Investopedia]</ref>
 The reality, is that marketing sits at the intersection of the [[business]] and the customer – the great arbiter of the self interests of the business and the needs of the buyer.
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 *Marketing is the key to an organization’s success, regardless of its size.
 *There are several types and sub-types of marketing, digital and offline. You should determine and pursue the ones that work best for you.
-*Marketing and Sales teams need to have a unified approach. Automation helps them work towards the same goals.<ref>Quick Takeaways on Marketing [https://marketinginsidergroup.com/strategy/what-is-marketing/ Marketing Insider Group]</ref>
+*Marketing and Sales teams need to have a unified approach. Automation helps them work towards the same goals.<ref>[https://marketinginsidergroup.com/strategy/what-is-marketing/ Quick Takeaways on Marketing -Marketing Insider Group]</ref>
-== The Marketing Lifecycle<ref>The Marketing Lifecycle [https://expresswriters.com/marketing-lifecycle-vs-sales-funnel-content-marketing-trends/ Julia McCoy]</ref> ==
+== The Marketing Lifecycle<ref>[https://expresswriters.com/marketing-lifecycle-vs-sales-funnel-content-marketing-trends/ The Marketing Lifecycle -Julia McCoy]</ref> ==
 Enterpreneur and Content Marketer, Julia McCoy along with her team recently introduced the Marketing Lifecyle. Julia predicts that the Marketing Lifecyle will replace the [[Sales Funnel]]. According to Julia "Today and tomorrow’s great, standout marketing is all about building trust with your audience, and consistently giving them creative, nurturing, and strategic content. And in order to get there, some things have to change. It’s time for some old, anti-trust practices to die — and it’s time to introduce and start more conversations around new, better practices."
@@ Line 27: / Line 27: @@
-== Types of Marketing<ref>What are the Different Types of Marketing? [https://www.ama.org/the-definition-of-marketing-what-is-marketing/ AMA]</ref> ==
+== Types of Marketing<ref>[https://www.ama.org/the-definition-of-marketing-what-is-marketing/ What are the Different Types of Marketing? -AMA]</ref> ==
 *Influencer 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.
 *Relationship Marketing: 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.
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-== Marketing Campaigns<ref>Marketing Campaigns [https://blog.hubspot.com/marketing/what-is-marketing Caroline Forsey]</ref> ==
+== Marketing Campaigns<ref>[https://blog.hubspot.com/marketing/what-is-marketing Marketing Campaigns -Caroline Forsey]</ref> ==
 Where your marketing campaigns live depends entirely on where your customers spend their time. It's up to you to conduct market research that determines which types of marketing -- and which mix of tools within each type -- is best for building your brand. Here are several types of marketing that are relevant today, some of which have stood the test of time:
 *Internet marketing: Inspired by an Excedrin product campaign that took place online, the very idea of having a presence on the internet for business reasons is a type of marketing in and of itself.
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-== Stages of Marketing<ref>Four Stages of Marketing [https://www.thebalancesmb.com/what-is-marketing-2296057 TheBalanceMB]</ref> ==
+== Stages of Marketing<ref>[https://www.thebalancesmb.com/what-is-marketing-2296057 Four Stages of Marketing -TheBalanceMB]</ref> ==
 Companies must go through multiple stages of marketing to ensure their products or services are ready for selling.
 *Ideation: Marketing starts when you develop an idea for a product or service. Before launching a product or services, you must decide what you are selling, how many options are available, and how it will be packaged and presented to consumers.
@@ Line 55: / Line 55: @@
-== Marketing Strategy<ref>What is a Marketing Strategy? [https://marketbusinessnews.com/financial-glossary/marketing-strategy/ MBN]</ref> ==
+== Marketing Strategy<ref>[https://marketbusinessnews.com/financial-glossary/marketing-strategy/ What is a Marketing Strategy? -MBN]</ref> ==
 A marketing strategy is all of a company’s marketing goals and objectives combined into a single comprehensive plan. Business executives draw a successful marketing strategy from market research. They also focus on the right product mix so that they can get the most profit. A good marketing strategy helps companies identify their best customers. It also helps them understand consumers’ needs. With a good strategy, it is possible to implement the most effective marketing methods. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.
@@ Line 64: / Line 64: @@
-== Marketing Plan<ref>What is a Marketing Plan? [https://www.thebalancesmb.com/what-is-a-marketing-plan-2295831 TheBalanceMB]</ref> ==
+== Marketing Plan<ref>[https://www.thebalancesmb.com/what-is-a-marketing-plan-2295831 What is a Marketing Plan? -TheBalanceMB]</ref> ==
 A marketing plan is a roadmap for introducing and delivering your product or service to potential customers. It does not need to be long, and it doesn't have to cost a lot of money to complete, but it will take some research and effort. Putting in the work to create this marketing plan can help ensure a company's success later down the line. An effective marketing plan will help a company understand the market that it targets and the competition in that space, understand the impact and the results of marketing decisions and provide direction for future initiatives. Although marketing plans can vary depending on the industry, type of products or services, and the goals you want to achieve, there are certain essential elements that most plans include.
-== Marketing Orientation<ref>Marketing Orientation [https://en.wikipedia.org/wiki/Marketing Wikipedia]</ref> ==
+== Marketing Orientation<ref>[https://en.wikipedia.org/wiki/Marketing Marketing Orientation -Wikipedia]</ref> ==
 The marketing orientation is the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. Firms adopting a marketing orientation typically engage in extensive market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure consumers are aware of the product's existence and the benefits it can deliver. Scales designed to measure a firm's overall market orientation have been developed and found to be robust in a variety of contexts. The marketing orientation has three prime facets, which are:
 *Customer orientation: A firm in the market economy can survive by producing goods that people are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm's future viability and even existence as a going concern.
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-== The Importance of Marketing<ref>Why do we Need Marketing and Why is Marketing so Important? [https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-why-you-really-do-need-it-02186221 Business2Community]</ref> ==
+== The Importance of Marketing<ref>[https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-why-you-really-do-need-it-02186221 Why do we Need Marketing and Why is Marketing so Important? -Business2Community]</ref> ==
 *Marketing Is an Effective Way of Engaging Customers: It’s important for your business to [[Customer Engagement|engage its customers]]. Marketing is a tool to keep the conversation going. Engaging customers is different from pushing your offers. Engaging involves furnishing your customers with relevant information about your products and your business as well. It’s all about creating fresh content. Tell your customers what they don’t know. Let it be interesting and worth their time. Social media is one of the best platforms where you can engage your customers. Some organizations use short videos and other humor-laden tricks to engage their customer base. By engaging your customers, marketing gives them a sense of belonging.
 *Marketing Helps to Build and Maintain the Company’s Reputation: The growth and [[Business Life Cycle|life span of your business]] is positively correlated to your business’s reputation. Hence, it’s fair to say your reputation determines your [[Brand Equity|brand equity]]. A majority of marketing activities are geared towards building the brand equity of the company. Your business’s reputation is built when it effectively meets the expectations of its customers. Such a business is considered a responsible member of the community. The customers become proud to be associated with your products. Marketers use effective communication, branding, PR and CSR strategies to ensure that a business’s reputation is maintained.

@@ Line 77: / Line 77: @@
 == The Importance of Marketing<ref>Why do we Need Marketing and Why is Marketing so Important? [https://www.business2community.com/marketing/why-is-marketing-important-9-reasons-why-you-really-do-need-it-02186221 Business2Community]</ref> ==
 *Marketing Is an Effective Way of Engaging Customers: It’s important for your business to [[Customer Engagement|engage its customers]]. Marketing is a tool to keep the conversation going. Engaging customers is different from pushing your offers. Engaging involves furnishing your customers with relevant information about your products and your business as well. It’s all about creating fresh content. Tell your customers what they don’t know. Let it be interesting and worth their time. Social media is one of the best platforms where you can engage your customers. Some organizations use short videos and other humor-laden tricks to engage their customer base. By engaging your customers, marketing gives them a sense of belonging.
-*Marketing Helps to Build and Maintain the Company’s Reputation: The growth and [[Business Life Cycle|life span of your business]] is positively correlated to your business’s reputation. Hence, it’s fair to say your reputation determines your [[Brand Equity|brand equity]]. A majority of marketing activities are geared towards building the brand equity of the company. Your business’s reputation is built when it effectively meets the expectations of its customers. Such a business is considered a responsible member of the community. The customers become proud to be associated with your products. Marketers use effective communication, branding, [[Public Relations|PR]] and CSR strategies to ensure that a business’s reputation is maintained.
+*Marketing Helps to Build and Maintain the Company’s Reputation: The growth and [[Business Life Cycle|life span of your business]] is positively correlated to your business’s reputation. Hence, it’s fair to say your reputation determines your [[Brand Equity|brand equity]]. A majority of marketing activities are geared towards building the brand equity of the company. Your business’s reputation is built when it effectively meets the expectations of its customers. Such a business is considered a responsible member of the community. The customers become proud to be associated with your products. Marketers use effective communication, branding, PR and CSR strategies to ensure that a business’s reputation is maintained.
 *Marketing Helps to Build a Relationship Between a Business and Its Customers: Businesses need to build a relationship of trust and understanding with their customers. How does marketing establish this relationship? Marketing research segments should be based on demographics, psychographics, and consumer behavior. Segmentation helps the business meet the [[Customer Needs|needs of its customers]] hence gaining their trust. The product team ensures the business delivers what’s promised at the right time. This makes the customers brand loyal. Loyal customers will have the confidence to buy more products from you. The trust and understanding between the business and its customers make your commercial activities more fruitful.
 *Marketing Is a Communication Channel Used to Inform Customers: Marketing informs your customers about the products or services you’re offering them. Through marketing, the customers get to know about the value of the products, their usage and additional info that might be helpful to the customers. It creates [[Brand Awareness|brand awareness]] and makes the business stand out. There’s stiff competition in the market and you need to be a constant voice to convince the customers. Inform your customers of discounts and other competitive tricks you intend to use. Through communication, marketing helps your business become a market leader. This post explains more about how to gain a [[Competitive Advantage|competitive advantage]].

← Older revision		Revision as of 17:19, 19 April 2020
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−	Marketing is the process of getting potential clients or [[Customer\|customers]] interested in your [[Product\|products]] and [[Service\|services]]. The key word in this definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services. This discipline centers on the [[Market Research\|study of market and consumer behaviors]] and it analyzes the commercial management of companies in order to attract, acquire and [[Customer Retention\|retain customers]] (hopefully instilling brand loyalty) by satisfying their wants and needs.<ref>Defining Marketing [https://www.cyberclick.es/en/marketing Cyberclick]</ref>	+	'''Marketing''' is the process of getting potential clients or [[Customer\|customers]] interested in your [[Product\|products]] and [[Service\|services]]. The key word in this definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services. This discipline centers on the [[Market Research\|study of market and consumer behaviors]] and it analyzes the commercial management of companies in order to attract, acquire and [[Customer Retention\|retain customers]] (hopefully instilling brand loyalty) by satisfying their wants and needs.<ref>Defining Marketing [https://www.cyberclick.es/en/marketing Cyberclick]</ref>

	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, including writing thank you emails, playing golf with a prospective client, returning calls and emails quickly, and meeting with clients for coffee or a meal. At its most basic, marketing seeks to match a company's products and services to customers who want access to those products. The matching of product to customer ultimately ensures profitability.<ref>Understanding Marketing [https://www.investopedia.com/terms/m/marketing.asp Investopedia]</ref>		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, including writing thank you emails, playing golf with a prospective client, returning calls and emails quickly, and meeting with clients for coffee or a meal. At its most basic, marketing seeks to match a company's products and services to customers who want access to those products. The matching of product to customer ultimately ensures profitability.<ref>Understanding Marketing [https://www.investopedia.com/terms/m/marketing.asp Investopedia]</ref>

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 [[Marketing Plan]]<br />
 [[Marketing Strategy]]<br />
 [[4S Web Marketing Mix Model]]<br />
 [[5C's of Marketing Strategy]]<br />