What is Marketing?

inbound marketing

What is Marketing?

The concept of ” marketing ” has dozens of definitions. In the most general sense, this word means activities aimed at making a profit through satisfying the needs of the consumer . In other words, we are talking about the ability to sell services or products to the target audience.

Marketing, market research and brand

But marketing is a fairly broad, comprehensive concept. It includes the study of consumers, analysis of a specific niche, forecasting demand , studying competitors, their strengths and weaknesses, as well as building communications with the target audience.

One of the main marketing tools is marketing research aimed at studying the market situation and consumers. Such studies are conducted to formulate the strategy and tactics of a particular company, taking into account existing and likely factors.

Marketing research allows you to:

Get data on the behavior, characteristics, preferences of the target audience;
Examine a specific problem, for example, identify the reasons for the decline in sales;
Assess the prospects of the product in terms of demand;
Predict the market situation;
Identify a niche for launching a new product.
Properly conducted marketing research makes it possible to reduce business risks and the likelihood of losses, especially in a market where supply exceeds demand .

One of the goals of marketing is brand promotion. This concept refers to a combination of name, symbol, image and other parameters that distinguish a product from competitors. To effectively position the brand on the market , a system of values ​​and characteristics is created – the concept of the brand.

Goals, objectives, marketing functions

The goals of marketing are to attract new customers and maintain existing ones, to satisfy their needs. To achieve this goal, a number of tasks are solved:

Analysis of customer needs – whether the product is in demand, what criteria of the target audience should be considered when promoting;
Studying competitors’ offers , pricing features in the selected niche, developing a pricing policy based on the data obtained;
Adapting the range of products or services to existing demand;
Implementation of measures to increase demand , boost sales – advertising, viral promotion and other methods;
Support and service for transferring customers to the category of regular customers.
To effectively solve marketing problems, it is necessary to understand the production capabilities of the company, develop a clear sales plan , respond flexibly to changes in demand and update the product line taking into account the needs of the target audience.

Marketing performs several basic functions:

Analytical – an analysis of factors that influence the company itself and the level of demand. This also includes the study of internal factors, the corporate environment;
Production – management of the competitiveness of the product, its quality;
Managing and supervising – planning marketing events, risk management, customer support;
The function of effective sales is the formation of product and pricing policies, measures to develop new markets, expand demand;
Innovative – launching a new product on the market.
Various methods are used to implement these functions. This is a survey and observation, a study of demand and the market situation.

Types of Marketing

There are several types of marketing:

Conversion – aimed at stimulating consumer demand (bonuses and promotions, active PR products, discounts);
Stimulating – aimed at identifying the causes of low demand and taking measures to increase consumer activity;
Remarketing – provides for the restoration of demand (studying the characteristics of the product, dividing it into several directions);
Developing – allows you to turn potential demand into real sales;
Mass – aimed at increasing the reach of the target audience;
Target – segmentation of goods for specific consumer groups;
Direct – an open demonstration to consumers of the benefits of the product.
Partisan marketing is the promotion of a product or brand using low-cost methods, for example, using interesting content through social networks.

In the past few years, influence marketing has been especially in demand . This is the process of promoting a service or product through opinion leaders. Such a leader can be any person who inspires confidence in a certain audience: bloggers, media personalities, regular forum visitors, any authoritative people. In addition to opinion leaders, there are also agents of influence – people who are capable of influencing other people with their comments or behavior.

Another popular area is relationship marketing , aimed at building long-term relationships with partners and customers. Long-term relationships are the main factor of competitiveness. Customer retention is no less valuable than customer acquisition.

Viral marketing is the distribution of commercial information about a product with the help of representatives of the target audience. The message is transmitted on the principle of word of mouth, the main task is to create a resonance, including through provocation or scandal. A striking example is the distribution by users on a social network of a photo of original advertising.

Eco-marketing (Green Marketing) allows you to create an effective system of doing business, taking into account the focus on environmental friendliness, conservation of the environment. This is the promotion of environmentally friendly services and goods, a business that causes nature’s minimal nonsense, goods that can be processed.

Internet marketing (or marketing key queries ) – most users today tend to shop online, so this is where you should look for potential customers. The main goals are the conversion of site visitors to real buyers and increase profits.

4P concept

There are several types of marketing concepts, one of them is the 4P concept. This is a basic model including:

Product (product) – you need to determine what functions this product can perform, what its quality, assortment and service for consumers will be, what are its key advantages. This also includes branding;
Price (price) it is necessary to develop a pricing policy, determine the price segment for a particular product, provide for promotional events, promotions;
Place – for a product to be purchased, it must be in the right place at the right time. It is necessary to determine the geography of sales, distribution channels, the volume of stocks;
Promotion – informing consumers about a product, forming a need for it.
Promotion also involves planning the desired result, necessary events, media strategy, communication channels.

The choice of marketing strategy is influenced by the product life cycle. For each stage, certain measures and actions are relevant. This nuance is taken into account in the marketing plan – a detailed description of the process of promoting and selling the product, the chosen strategy.

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