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Typically defined as “the action or business of promoting and selling products or services, including market research and advertising.”
If you work in marketing then I’m guessing you find it difficult to define marketing even though it’s your role. The term marketing isn’t straight forward and the definition varies from person to person. So how can you set tasks? Or monitor results correctly? What is Sales and what is Marketing?
I always say ‘marketing and sales go hand in hand’ but then that also leads to the overlap of ‘what is sales’.
If you think about the function and outcome of sales and marketing you will start to see that actually sales and marketing does overlap and marketing is present in all stages of any business beginning to end.
Marketers thrive off understanding industry, customers and the business. They consistently study consumer habits and ask questions like: ‘Where, when and how?’
Marketing began in the 1950s
Over the years marketing has evolved from print media to TV to the internet and so on. Modern marketing has become increasingly important to fine-tuning how a business sells a product to consumers to optimise success.
Modern day marketing gives so many platforms to carrying out campaigns – but where do you start?
Here are several types of marketing that are relevant today:
Where you invest your time and money depends entirely on where your customers spend their time. Your market research will determine which types of marketing and which mix of tools within each type is best for building your brand.
The 4 P’s of Marketing
An important tool that helps businesses understand how marketing interacts with each stage of the business – is The 4 P’s of Marketing:
Implementing the 4 P’s within the business will help businesses understand the demand for their product, competitor research will discover the best price points, and analysis will offer suggestions on how and where to sell. Promotion is when your marketing team will create increase awareness and interest in your product and ultimately, lead to more sales.
Marketing intersects all areas of a business
So you see, Marketing is not as clear cut as a simple definition. Marketing intersects all areas of a business, so it’s important to understand how to use marketing to increase your business’s efficiency and success.
When was the last time you revisited your marketing strategy and implemented your marketing plan? Are you using the modern day marketing mix correctly or just using tools such as social media, SEO, email marketing, PPC campaigns because you know you need to but unsure what your strategy is and what results they are delivering?