What is marketing Flashcards
What is marketing
The action or business of promoting and selling products or services, including market research and advertising.
What are the principles and purposes of marketing?
- Anticipating demand
- Recognising demand
- Stimulating demand
- Satisfying demand
Why is marketing important?
- It allows you to share your products and services with a niche audience strategically.
- It helps you tell, show, and prove to people how terrific your business is and how you can help them.
- You can also educate people on topics related to your business, including how to solve common problems and which solutions are best.
- Without marketing, your business doesn’t have a voice. Without a voice, you can’t reach people and connect with them. And without connection and communication, you’re left with not much more than a product or service.
- It tells people what you have to offer.
- It helps you get to know your target audience.
- It helps your target audience get to know you.
- It also helps you build trust.
- It helps you grow your business.
Marketing aims and objectives
- Understanding customers wants and needs
- Developing new products
- Improving profitability
- Increasing market share
- Diversification
- Increased brand awareness and loyalty
What is Digital Marketing?
Digital marketing involves promoting your business, educating people, and selling products and services online to a target audience.
What is Content Marketing?
Content marketing is a long - term strategy. Once you gain your target audience’s allegiance, you’ll gain loyal customers and advocates for your brand.
Content marketing is a strategy that focuses on creating content and distributing it in a way that reaches a specific audience. The goal, ultimately, is to get people to convert into customers by making a purchase. But to get there, you often need to build trust over time by offering various types of content, like blog articles, video, email, social media posts, webinars, ebooks, or podcast episodes.
How can you tell if your marketing is working?
Make goals and meassure the goals as you go along.
What is quantitative marketing?
Quantitative marketing is measurable. Think about the number of Facebook likes you have, how many people opened your last email, or how much traffic your website gets monthly. Those are all quantitative measurements.
What is qualitative marketing?
Qualitative marketing involves measuring intangible results. Examples include building credibility and authority online, increasing brand awareness, and creating relationships with potential customers, Qualitative marketing provides your business with deep insight into why your customers interact with you and make purchases.
What is the Buyer’s Journey?
The Buyer’s Journey is a path that consumers follow to make a purchase.
The three stages:
- Awareness - People in the awareness stage are just becoming aware of the problem they have.
- Consideration - They are well aware of their problem and are hunting for solutions.
- Decision - People are ready to make a decision.
What are SMART goals?
- Specific
- Measurable
- Attainable
- Relevant
- Time - bound
What are Conversions?
A conversions happens when you get someone to take the desired action. For example, someone can convert from a potential lead into a real lead by filling out a form or subscribing to your blog. Someone can convert from a lead into a customer by making a purchase.
What is Outsourced marketing?
Outsourcing your marketing is hiring someone outside of your company to handle your marketing for you.
What do we mean by the term ‘market segmentation’
Diving your target market into approachable groups.
Market segmentation helps your business efficiently target resources and messaging at specific groups of consumers.
In what ways do marketers segment to the market?
Demographic (age, gender, income, class, cultural background / religion, family status)
Psychographic (personality, lifestyle, social status, AID [activities, interest, opinions, attitudes])
Behavioral (purchasing, occupation - based purchases, benefits sought, custom loyalty)
Geographic (Location, timezone, climate & season, cultural preferences, languages, population type & density [urban, suburban, exurban or rural])
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