Basics of Marketing

Definition of Marketing

• Marketing involves promoting, selling, and distributing goods/services.
• Marketing includes advertising, selling, and delivering items to consumers/businesses.

The 4 Ps of Marketing

• Product refers to what is being sold.
• Place refers to where the product is sold.
• Price is how much the product costs.
• Promotion refers to how the product is advertised and communicated.

Types of Marketing

• Traditional marketing uses print ads, TV, and radio commercials.
• Digital Marketing uses online platforms like social media, search engines, and email.
• Content marketing attracts customers via valuable content.
• Influencer marketing promotes products by partnering with influencers.

Market Segmentation

• Market segmentation divides a broad consumer/business market into subgroups.
• Segmentation is based on shared consumer characteristics.
• Demographic segmentation is based on age, gender, income, and education.
• Geographic segmentation considers location, like country, city, and climate.
• Psychographic Segmentation considers lifestyle, personality, and values.
• Behavioral Segmentation considers purchase habits and brand loyalty.

Consumer Behavior

• Consumer behavior includes understanding purchasing decisions, influencing factors (price, quality, brand), and brand interactions.

Marketing Strategies

• Branding creates a unique product/company identity.
• Positioning creates a specific image/identity for a product relative to competitors.
• Differentiation makes a product/service stand out.

Marketing Channels

• Direct marketing communicates directly via email, phone, or mail.
• Retail marketing focuses on selling products directly to consumers in retail.
• Affiliate marketing promotes another's products for a commission.

Advertising & Promotion

• Advertising is paid communication to promote a product/service.
• Sales promotions are short-term incentives (discounts, coupons, giveaways).
• Public Relations (PR) manages image and reputation through media and non-paid channels.

Marketing Research

• Market research gathers/analyzes/interprets market information including target audience, competitors, and the industry.
• Qualitative research provides in-depth understanding of consumer attitudes/behaviors (interviews, focus groups).
• Quantitative research uses numerical data/statistics for decision-making (surveys, polls).

Digital Marketing Terms

• SEO (Search Engine Optimization) optimizes online content for higher search engine rankings.
• PPC (Pay-Per-Click) involves advertisers paying a fee when their ad is clicked.
• Social Media Marketing uses platforms to promote a product, service, or brand.

Ethical Marketing

• Ethical marketing promotes products/services responsibly, respectfully, and considerately of consumer rights.

Marketing Metrics and KPIs

• ROI (Return on Investment) measures the profitability of marketing.
• CTR (Click-Through Rate) is the percentage of ad viewers who click the ad.
• Conversion Rate is the percentage of visitors taking a desired action (buy, sign-up).
• Customer Lifetime Value (CLV) predicts net profit from the customer relationship.

Common Marketing Theories

• AIDA Model represents consumer purchase stages: Attention, Interest, Desire, Action.
• SWOT Analysis evaluates Strengths, Weaknesses, Opportunities, and Threats.

Recent Trends in Marketing

• AI and Machine Learning personalizes marketing efforts.
• Sustainability Marketing focuses on environmentally friendly promotions.
• Omnichannel Marketing creates a seamless customer experience across platforms/devices.