BWiki 
Marketing encompasses any action a company takes to acquire customers. This may involve research, relationships or any combination thereof.
At its core, this concept follows the old saying “If you build it, they will come.” To ensure success in doing this successfully, however, attracting the appropriate people should be the priority.
Definition of Marketing
Marketing is the practice of identifying and satisfying consumer needs and wants by producing, manufacturing and delivering products or services tailored to them. Marketing involves setting prices of these goods or services and choosing distribution channels; plus promotional activities, customer service functions and research & development.
Marketing can be hard to define because its scope encompasses such a range of activities and disciplines. As a general guideline, marketing is best described as the practice of identifying and fulfilling customer needs while building brand loyalty and demonstrating product value. Marketing also encompasses activities designed to generate leads that convert into customers.
Social media, search engine optimization (SEO), paid advertising, word of mouth and email marketing are among the many forms of promotion available today, each having their own benefits and drawbacks. Social media marketing provides an effective means of reaching potential customers while building brand recognition; search engine optimization on the other hand involves improving website visibility on various search engines.
Business-to-business (B2B) marketing involves selling goods and services directly to other businesses. This may range from raw materials for plastic manufacturers to aircraft for airlines; and can help build relationships and increase revenue while simultaneously selling into multiple markets simultaneously, saving both time and money.
Definition of Product
Most people associate “product” with physical items bought in stores or ordered online; however, in reality it covers much more. A product can refer to any service or good that a business sells in order to meet customer needs or desires – from streaming services or software applications, such as Netflix and Spotify, all the way down to tangible goods like cars and chairs – even hybrid items with their own applications so customers can better utilize them.
To be truly successful, products must stand out from competing products and be distinguished from them through unique selling propositions (USPs). One way of doing this is with an engaging unique selling proposition (USP), or statement which describes what sets your product apart from competition. A memorable USP should clearly outline all its benefits; examples would include iPhone’s user-friendly interface or Chia pets’ humorous experience as prime examples of successful USPs.
Product concepts extend beyond physical aspects to encompass all the benefits consumers gain when they buy it, taking a more customer-centric approach than physical descriptions alone can offer. This approach to product definition is consistent with marketing theory’s total product concept theory.
Definition of Target Market
Target markets are defined as groups of potential customers that a business focuses on when developing its products and services. Targeting is an integral component of effective advertising campaigns; without clearly defined target markets, businesses risk wasting resources focusing on customers unlikely to purchase.
Target market analysis is an integral component of product development for businesses, and can have a major effect on its design, packaging, price, distribution and promotion processes. A company may alter ingredients or packaging of their soft drink product to better appeal to their target market.
There are various strategies for identifying a target market, with demographic, geographic and psychographic segmentation among the most frequently employed approaches. Demographic segmentation refers to customer characteristics such as age, gender and income level while geographical and psychographic segmentation refers to customer’s geographical locations such as countries or cities while psychographic segmentation refers to customer interests, lifestyle choices and values.
Target markets should be carefully defined so as to accurately reflect your ideal customer and allow you to create more effective, targeted marketing campaigns more likely to result in sales. For instance, if you sell hunting and camping gear, your target market might include those who enjoy outdoor activities; you could reach them through flyers and online ads featuring related outdoor content as part of their promotion strategy.
Another way of identifying your target market is to examine your existing customer base. You can do this by analyzing current client data or conducting interviews with clients; using customer information you could determine their gender composition, interests, equipment they own etc.
As well as identifying your target market, it’s also essential to recognize how different audiences may be affected by your marketing campaign. For instance, when targeting men you must avoid stereotypical images or language when advertising the product; similarly when targeting females you must avoid offensive or inappropriate language that might engender negative stereotypes.
Definition of Promotion
Promoting products or brands requires increasing their visibility through multiple channels – such as social media, advertising and events – primarily with the goal of raising brand recognition and sales. A promotion may encourage customer loyalty or brand recognition and can also generate awareness for products such as spray jeans versus an investment consulting firm promotion. It should be noted that definitions may differ depending on type of marketing being employed – for instance promoting spray jeans may generate greater buzz on social media than an event promotion for an investment firm.
Promotion and advertising are two separate concepts, yet often used interchangeably. Advertising is one form of promotion; it can be used alone or combined with other methods – for instance, companies can launch social media campaigns to market their new line of products while simultaneously placing an advertisement in local newspapers.
Promotional strategies for products may target either consumers, trade, or both audiences. Consumer promotions usually consist of discounts, coupons, free trials and demonstrations while trade promotions focus on increasing trial, frequency of purchase and consumption among existing customers. This strategy can be especially helpful in drawing in fence sitters and increasing sales of slow-selling items.
Giveaways are another cost-effective form of promotion that offers items or samples for free to potential buyers in exchange for contact details. While giveaways can be an effective means of increasing brand recognition, they must be carefully planned and executed in order to reap maximum results; for instance, giving away jeans might not be the optimal way to spread awareness of a company.
Promotions can also be tailored specifically for one market segment, such as sports fans or women. A business may advertise its product in sports publications or sell it exclusively in athletic stores to reach its intended market segment. Another great way to expand their target market reach is exhibiting at trade shows or industry events where businesses can showcase their product(s).
