Marketing is a business term that experts have defined in dozens of different ways. In fact, even at the company level people may perceive the term differently. Basically, it is a management process through which products and services move from concept to customer. It includes the identification of a product, determining demand, deciding on its price, and selecting distribution channels. It also includes developing and implementing a promotional strategy incorporating both outbound and inbound marketing. So that’s why you must-read marketing books
Collins Dictionary has the following definition of the term:
“Marketing is the organization of the sale of a product, for example, deciding on its price, the areas it should be supplied to, and how it should be advertised.”
Below is the American Marketing Association’s definition:
“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.”
Marketing refers to the activities of a business related to buying and selling a product or service. It involves finding out what consumers want and determining whether it is possible to produce it at the right price. The company then makes and sells it.
According to domycreatinvewritings.com, marketing covers a vast area of business, including:
- how you communicate
- the brand
- the design
- pricing
- market research
- consumer psychology
- measuring effectiveness
At the core of marketing is an understanding of what customers need and value. A company’s long-term success depends on learning what its customers’ needs are. It then finds ways to add value through different approaches.
Business-to-business marketing
This involves targeting other businesses. We also call it business-to-business or B2B marketing. It involves supplying other companies with products or services.
Physical products that companies sell to other businesses are ‘industrial goods.’ Industrial goods may include raw materials for companies that make plastics, yarn for use in the textile trade. It also includes aircraft for airlines and the military.
In fact, the term ‘industrial goods’ refers anything a company or organization needs and buys.
B2B services may include legal advice, management consultancy, tax consultancy, or training provision. IT services and the provision of temporary staff are also examples of B2B services. IT stands for Information Technology.
If you’re interested in B2B Marketing, you’d need a LinkedIn account. Here’s a post on the best practices to manage multiple LinkedIn accounts.
Marketing directly to consumers
The term refers to targeting the individual people who purchase products and use services. Specifically, people who bought for their own consumption.
This may include FMCGs (fast-moving consumer goods) such as food, beverages, and toiletries, or durable goods. For example, cars, televisions, refrigerators and other white goods are durable goods. ‘White goods’ are major appliances that traditionally have had a white enamel surface.
B2B + B2C marketing
Most large corporations have an integrated marketing approach. In other words, they focus on both individual consumers and businesses at the same time.
The Coca-Cola company, for example, knows that its B2C marketing must succeed. Put simply; it has to persuade supermarkets and smaller stores – B2B – to provide shelf space.
Most makers of durable goods also have an integrated marketing approach. For example, The Haier Group focuses on individual consumers (B2C). However, it also focuses on supermarkets, department stores, and other retail outlets (B2B). The Haier Group is world’s largest manufacturer of consumer electronics and home appliances.
Recruitment marketing
Recruitment marketing includes all the tools and strategies that employers use to engage, attract, and eventually hire talented people. The aim is to encourage people to want to join the organization.
The practice takes advantage of data analytics, omnichannel communication, social media platforms, and other digital marketing strategies.
According to Adrian Cernat, CEO and co-founder of SmartDreamers:
“Recruitment marketing is the process of trying to attract and hire talented people. It includes the strategies and tactics that employers use to attract, engage, and nurture talented personnel before they apply for a job.”
Marketing strategy
A company’s marketing strategy should combine all its objectives into one integrated and comprehensive plan. In other words, it should not focus on one strategy at the expense of others.
It should use market research data to create its strategy. The company should focus on the ideal product mix to reach the optimum profit potential. The right product mix is also crucial to sustaining the business.
“The best marketing strategy process allows you to specially target your products and services to the ideal buyers most likely to buy.”
An effective and successful marketing plan depends on a good strategy. A company’s strategy should begin with the setting of objectives that will support its overall aims.
It then needs to come up with a strategy that allows it to reach these objectives.
According to CIM:
“The strategy may involve research into product or service development, how the product or service will reach the market (channels) and how the customers will find out about it (communication).”
“It will also attempt to define a unique positioning for the product or business to differentiate it from its competitors.”
Fundamentally, sales and marketing are trying to achieve the same thing. In other words, they are trying to get more customers and revenues. However, they look at things slightly differently. Put simply; marketing focuses on the market, while sales focus on the product. Sales also focus on how to persuade consumers to like it and buy it. Some sales managers disagree with the image above, insisting that sales does continue after the sale of the product.