Marketing- A definition
Marketing involves intense research on customer needs and then providing them with what would best suit their requirements. Marketing not only focuses on meeting the requirements of the customers but also focuses on revenue generation at the same time.
Advertising- A Brief Definition
Advertising brings forth numerous brands, services, products, and ideas for its customers and potential prospects. It is a paid method of reaching the target audience.
Distinguishing between Marketing and Advertising- Their role in Modern Business
The role of technology has only evolved with time making it heavy on the competition for businesses to reach their audience and mark a place among the countless others offering the same products and services.
Therefore, marketing and advertising have risen to greater heights for businesses to reach their true potential.
Companies have been able to reach unparalleled targets with the help of these two strategies.
Advertising is a part of marketing, marketing being the larger strategy.
Significance of Marketing- Why is it needed?
Marketing is either based on B2B marketing or B2C marketing. B2B (Business to Business) marketing deals with other businesses and Business to Customer marketing directly targets the customers.
Some common factors based on which both B2B and B2C marketing operate are given below:
- Marketing Orientation– This term is used to refer to the effective strategies churned out purely based on the needs of the customers. These orientation strategies act as guiding principles for business growth.
- Marketing Mix– The latest and modern marketing mix involves the right blend of communication, client, cost, and convenience. This strategy focuses on directing the company’s efforts toward making the right decisions.
- Marketing Environment– This involves all those factors which can be held responsible for impactful decision-making within the organization.
- Target Market– This term involves the segregation of the client base of a company on the basis of its geographical location and demography.
A company’s marketing efforts must be a perfect blend of all the above factors.
Types of Marketing that exist today
Initially what existed was the traditional marketing approach with all channels of Print, Television, Email, and Telephone. Gradually, it evolved with more focus on media channels such as Print and Broadcast.
By the 21st Century, it further evolved into marketing and advertising through Social Media channels and E-commerce.
With Digital Marketing reaching its zenith in the modern digital era, the way businesses communicate with their clients has drastically changed. Social media platforms have reduced the gap between business providers and clients making it a further two-way communication process.
Also, the modern techniques have led to businesses getting a fair idea of how their clients feel and act. The ever-changing behavior patterns of the consumers are now easily tracked through marketing strategies. This also gives ample chances to businesses and brands to modify their offers, products, and services as per the demands of their existing clients and potential customers.
Exploring the details of the various types of marketing
There are various marketing types that are available today to make ends meet they are given below:
- Digital Marketing Strategies: Digital Marketing Strategies include marketing through online devices such as electronic gadgets, computers, and mobiles with emails, blogs, search engines, websites, etc.
- Social Media Marketing Strategies: This type of marketing remains focused on the social media platforms such as Instagram, Facebook, Twitter, and more to reach out to their customers. Influencer Marketing is an intrinsic part of this marketing type. Influencer marketing focuses on the popular names who are hired to promote the brands through social media channels.
- Brand Management: Brand Management deals with the packaging, logo, design, and other important elements of a brand to eventually create a strong bond between the customers and the specific brand of a company.
- Global Marketing and its role: Reaching an audience across the globe is an aim for several companies. With a lot of companies curating global brands, Global Marketing has developed unique strategies based on a unified approach to reaching potential prospects at the local, regional, and international levels.
- Relationship Marketing Strategy: Relationship Marketing strategies are specially curated for the satisfaction of customer needs and this aims at developing long-term bonds and loyalty.
- Emphasizing Product Development: This type of strategy involves intense research on customer behavior and it often deals with the existing or new products, converting them into products and services that can be sold.
Advertising and its relevance in today’s modern era
Advertising, if used strategically, can help in enhancing sales and also drive customer acquisition. Advertising is usually a practice that enables businesses and brands to promote their products and services before people.
Advertising helps in establishing a brand and is regarded as a one-way communication channel devoid of any personalized messaging.
Navigating through the benefits of Advertising
There are a few noteworthy benefits of advertising given below:
- Making customers aware of the value offered by the products and services.
- Persuading the audience that the products and services are unique in comparison to others.
- Improving the perception of the brand’s image in the eyes of potential customers.
- Make the customers feel that the products and services offered to them hold the solution to their existing problems.
- Execution of freshly developed applications for products and services.
- Make the new version of products and services known to the customers.
- Building loyal customers so that they never leave using your product and services.
- Developing a new customer base for your products and services.
Common Advertising Types
With smartphones available and handy everywhere today, it has become extremely easy for the Advertising world to take over completely.
Businesses use the following few advertising techniques:
- Online Advertising– Online Advertising caters to online ads on the internet and on websites and it refers to a wide range of ads in the form of banners existing on sites, sponsored content, and video promotion.
- PPC Advertising– Customer data can be extracted from the website on a larger level with customers clicking on links on the website. You pay when a user clicks on the link.
- Advertising on Mobile: Ad placement on mobiles in the form of banners on downloaded apps and click-to-call ads.
- Advertising Outdoors: This type of advertising focuses on audiences on a massive scale with Billboards, Banners, the exterior of buildings, and vehicles that are branded.
- Traditional Advertising Method: This type of advertising method simply includes commercial ads on Television, Print, News, Radio, etc.
Marketing Vs Advertising: Comparison and Contrast
Marketing is research and investigation bound whereas advertising is a crucial part of marketing itself. Advertising advocates the promotion of products and services with effective and compelling marketing strategies.
The types of media that are available are given below:
Earned Media crucially involves endorsements at the social media level, client demos, online reviews, and articles in the newspaper and magazines. When the third-party actors speak about a company, it is a form of Earned Media.
Paid Media is a method through which publishers are paid by the company for strategic placements of marketing communication in the form of print ads, broadcasts, Billboards, ads on social media, emails, and search engines.
Self-developed media channels including blogs concerning business, brochures, websites, press releases, and existing social accounts are effectively used for communication.
Advertisements intrinsically have payment attached to them, since they’re a form of paid media only. Marketing on the other hand looks after how a company chooses to advertise in the form of paid media.
Marketing or Advertising- What holds more value?
Global companies incorporate advertising strategies that work effectively on multiple levels as a crucial part of their marketing plan. They consider global customers with special advertising placement strategies. Small and medium-level businesses also generate a lot of business growth through search engines and social media.
Marketing plans are far more important than advertisements and essentially hold the key for start-up businesses and companies not focusing on spending too much money on advertising.