AN INTRO TO MARKETING: TYPES OF MARKETING AND THE 4 Ps
AN INTRO TO MARKETING: TYPES OF MARKETING AND THE 4 Ps
Marketing can mean a lot of different things, depending on the context. There are many different forms, but at the most basic level it can be defined as follows:
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. —American Marketing Association
Most marketing starts with market research. This is a critical step that provides the marketer with information about the audience, thereby improving the marketing process. How does market research help? It may identify problems and, more importantly, opportunities for the marketers. It can also help evaluate the performance and success of a marketing campaign.
Let’s dive into the different types of marketing, as outlined by the AMA.
Relationship marketing
This type of marketing segments the audiences and seeks to build a relationship with customers. Strategies used in relationship marketing target specific consumers and aim to build brand loyalty.
Influencer marketing
In the age of Instagram, influencer marketing has blown up. Rather than going to the audience directly, companies engage (and compensate) ‘influencers’ who have sway over a wider audience to market their products or services. In the past, influencers were typically celebrities—but now you’ll find influencers all over social media (Instagram and YouTube, specifically).
Viral marketing
Have you heard the term ‘going viral’ before? Viral marketing relies on the phenomenon of a marketing message being passed person to person, not dissimilar to the spread of a virus or disease. Due to the instantaneous nature of technology, viral marketing campaigns tend to take place on social media or other online platforms.
Keyword marketing
Keyword marketing has also risen significantly with technological developments—and if you’ve ever run a search for an item and then seen an ad for it a few minutes later, you’ve experienced keyword marketing. This method targets users depending on the keywords they use in search engines and provides marketers with the ability to reach the right people at exactly the right time.
Green marketing
Green marketing refers to the promotion of products that minimize negative impact on the environment. It includes not only the product itself, but also production, promotion, and packaging that adheres to the same environmentally conscious mindset.
Guerrilla marketing
Guerilla marketing relies on surprise or unconventional tactics to promote a product or service. It includes a range of strategies that employ creativity and often unused means of promotion.
Marketing mix: the 4 Ps
No matter which type of marketing you’re engaging in, the 4 Ps in the marketing mix stay consistent. They help promote the unique selling points of a product or service (or, indeed, a brand).
- Product. An idea, physical good, or service (or combination of these) that is created for exchange with a customer or audience. A product may be tangible, intangible, or a mix of both.
- Price. The amount of money, goods, or services a customer will pay to acquire the product.
- Promotion. Defines strategies to share relevant information to potential customers and to encourage the purchase of a product. It may include advertising, public relations, social media or email marketing, and more.
- Place. The ideal location to convert a potential customer into an actual customer. Today, this place is often online.
Conclusion
Marketing is an essential part of any business, and there are many tools and techniques to help you successfully marketing your product. Engaging in marketing ensures the growth of your business, informs your audience about your product, and helps build a relationship between your company and your customer, eventually creating a brand.