What is Marketing? — The Definition of Marketing — AMA

Marketing is the activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value. SkiptoContent SkiptoFooter WhatIsMarketing? TheAMA’sdefinitionsofmarketingandmarketingresearcharereviewedandreapproved/modifiedeverythreeyearsbyapaneloffivescholarswhoareactiveresearchers. DefinitionofMarketing Marketingistheactivity,setofinstitutions,andprocessesforcreating,communicating,delivering,andexchangingofferingsthathavevalueforcustomers,clients,partners,andsocietyatlarge.(Approved2017) DefinitionofMarketingResearch Marketingresearchisthefunctionthatlinkstheconsumer,customer,andpublictothemarketerthroughinformation—informationusedtoidentifyanddefinemarketingopportunitiesandproblems;generate,refine,andevaluatemarketingactions;monitormarketingperformance;andimproveunderstandingofmarketingasaprocess.Marketingresearchspecifiestheinformationrequiredtoaddresstheseissues,designsthemethodforcollectinginformation,managesandimplementsthedatacollectionprocess,analyzestheresults,andcommunicatesthefindingsandtheirimplications.(Approved2017) DefinitionofBrand A brand isaname,term,design,symbol,oranyotherfeaturethatidentifiesoneseller’sgoodsorserviceasdistinctfromthoseofothersellers. ISObrandstandards add thatabrand“isanintangibleasset”thatisintendedtocreate“distinctiveimagesandassociationsinthemindsofstakeholders,therebygeneratingeconomicbenefit/values.” TypesofMarketing InfluencerMarketing AccordingtotheAssociationofNationalAdvertisers(ANA), influencermarketing focusesonleveragingindividualswhohaveinfluenceoverpotentialbuyersandorientingmarketingactivitiesaroundtheseindividualstodriveabrandmessagetothelargermarket. In influencermarketing,ratherthanmarketingdirectlytoalargegroupofconsumers,abrandinspiresorcompensates influencers (whichcanincludecelebrities,contentcreators,customeradvocates,andemployees)togetthewordoutontheirbehalf. RelationshipMarketing AccordingtotheAssociationofNationalAdvertisers(ANA), relationshipmarketing referstostrategiesandtacticsforsegmentingconsumerstobuildloyalty. Relationshipmarketing leverages databasemarketing, behavioraladvertising and analytics totargetconsumerspreciselyandcreateloyaltyprograms.  ViralMarketing Viralmarketing isa marketing phenomenonthatfacilitatesandencouragespeopletopassalongamarketingmessage. Nicknamed“viral”becausethenumberofpeopleexposedtoamessagemimicstheprocessofpassingavirusordiseasefromonepersontoanother.[1] GreenMarketing Greenmarketing referstothedevelopmentand marketing of products thatarepresumedtobeenvironmentallysafe(i.e.,designedtominimizenegativeeffectsonthephysicalenvironmentortoimproveitsquality). Thistermmayalsobeusedtodescribeeffortstoproduce,promote,package,andreclaimproductsinamannerthatissensitiveorresponsivetoecologicalconcerns. KeywordMarketing Keywordmarketing involvesplacinga marketing messageinfrontof users basedonthespecific keywordsandphrases theyareusingtosearch.[1] Akeyadvantageofthismethodisthatitgivesmarketerstheabilitytoreachtherightpeoplewiththerightmessageattherighttime.Formanymarketers,keywordmarketingresultsintheplacementofan ad whencertainkeywordsareentered. Notethatin SEO,thistermreferstoachievingtopplacementinthesearchresultsthemselves. GuerillaMarketing Guerillamarketing describesanunconventionalandcreative marketing strategyintendedtogetmaximumresultsfromminimalresources. OutboundMarketing Outboundmarketing isanewertermfortraditionalmarketingcoinedwhentheterm inboundmarketing cameintopopularuse.  Inoutboundmarketing,themarketerinitiatescontactwiththecustomerthroughmethodssuchasTV,radioanddigitaldisplayadvertising. Itisoftenusedtoinfluenceconsumerawarenessandpreferenceforabrand.  InboundMarketing Inboundmarketing ismarketinginwhichcustomersinitiatecontactwiththemarketerinresponsetovariousmethodsusedtogaintheirattention.Thesemethodsincludeemailmarketing,eventmarketing,contentmarketingandwebdesign. Onepurposeof inboundmarketing,whichincludes contentmarketing,istoestablishthebusinessasasourceforvaluableinformationandsolutionstoproblems,therebyfosteringcustomertrustandloyalty. SearchEngineOptimization Searchengineoptimization (SEO)istheprocessofdevelopinga marketing/technicalplantoimprovevisibilitywithinoneormore searchengines.Typically,thisconsistsoftwoelements. Onatechnicalside,SEOreferstoensuringthata website canbeindexedproperlybythemajorsearchenginesandincludestheuseoftheproperkeywords,content,code,andlinks. Onthemarketingside,SEOreferstotheprocessoftargetingspecifickeywordswherethesiteshould“win”insearches.Thiscanbedonebymodifyingawebsitetoscorewellinthealgorithmssearchenginesusetodeterminerank,orbypurchasingplacementwithindividualkeywords.Often,SEOprogramsareablendofseveralelementsandstrategies. [2] Note:When SEO isusedtodescribeanindividual,itstandsforsearchengineoptimizer. ContentMarketing Contentmarketing isatechniqueofcreatinganddistributing valuable, relevant andconsistentcontenttoattractandacquireaclearlydefined audience—withtheobjectiveofdrivingprofitable customer action. AccordingtotheAssociationofNationalAdvertisers(ANA), contentmarketing involvesvariousmethodstotellthebrandstory.Moreandmoremarketersareevolvingtheiradvertisingtocontentmarketing/storytellingtocreatemorestickinessandemotionalbondingwiththeconsumer.  4PsofMarketing Product A product isdefinedasabundleofattributes(features,functions,benefits,anduses)capableofexchangeoruse,usuallyamixoftangibleandintangibleforms. Thusaproductmaybeanidea,aphysicalentity(goods),ora service,oranycombinationofthethree.Itexistsforthepurposeofexchangeinthesatisfactionofindividualandorganizationalobjectives. Whiletheterm“productsandservices”isoccasionallyused, product isatermthatencompassesboth goods and services. Price Price istheformalratiothatindicatesthequantityofmoney, goods,or services neededtoacquireagivenquantityofgoodsorservices. Itistheamounta customer mustpaytoacquirea product.  Place(orDistribution) Distributionreferstotheactofmarketingandcarryingproductstoconsumers.Itisalsousedtodescribetheextentofmarketcoverageforagivenproduct. Inthe 4Ps,distributionisrepresentedby place or placement. Promotion AccordingtotheAssociationofNationalAdvertisers(ANA), promotionmarketing includestacticsthatencourageshort-termpurchase,influencetrialandquantityofpurchase,andareverymeasurableinvolume,shareandprofit. Examplesinclude coupons, sweepstakes,rebates, premiums,specialpackaging,cause-relatedmarketingand licensing. VisittheMarketingDictionaryforadditionaldefinitions. 2017Panel BernardJaworski,PeterF.DruckerChairinManagementandtheLiberalArts,ClaremontGraduateUniversityRichardLutz,J.C.PenneyProfessorofMarketing,UniversityofFloridaGregW.Marshall,CharlesHarwoodProfessorofMarketingandStrategy,RollinsCollegeLindaPrice,PhilipH.KnightChairandProfessorofMarketing,UniversityofOregonRajanVaradarajan,UniversityDistinguishedProfessorandDistinguishedProfessorofMarketingandFordChairinMarketing&E-Commerce,TexasA&MUniversity KeepReading MarketingNews HowtoCreateaDigitalMarketingStrategy Mostofourconsumptionofcontenttodayexistsonline.Becauseofthis,companieshavehadtoshifttodigitalmarketinginordertogetthewordoutabouttheirproductsandservices.However,youcannotsimplymakecontentforonlineplatformsandhopeforthebest.Youneedtobuildadigitalmarketingstrategyto[…] MarketingNews WhatIsSEOMarketing? SEOmarketingisasubsetofdigitalmarketingthatinvolvestheoptimizationofwebsitesandwebpagesformajorsearchengineslikeGoogle.Asthesesearchenginesbecameapredominantwayoffindingjustaboutanything,variouspracticeshaveemergedtohelporganizationsimprovethevisibilityoftheirdigitalassets.Theterm“searchengineoptimization[…] Article AdvertisingEffectiveness ByPeterJ.DanaherTheinternethasenabledmanybusinessdevelopments,butithasturnedmediaallocationandplanningonitshead.Intraditionalmassmedialiketelevision,advertiserscanpurchaseacommercialslotandexpectlargeaudiences.However,manyofthosereachedarenotinterestedintheadvertisedproductorservice,soalarge[…] Bycontinuingtousethissite,youaccepttheuseofcookies,pixelsandothertechnologythatallowsustounderstandourusersbetterandofferyoutailoredcontent.Youcanlearnmoreaboutourprivacypolicyhere Gotit Dismissnotification