What is Marketing, and What's Its Purpose?

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What is Marketing, and What's Its Purpose?

Why is marketing important?

*Marketing builds brand loyalty and customer relationships *Marketing guides smart pricing decisions *Marketing builds brand recognition *Marketing helps you understand customer behavior *Marketing sells the experience and JTBDs (definition: jobs to be done) *Marketing gives a competitive edge

What is the purpose of marketing?

*Marketing is the process of getting people interested in your company's product or service *It happens through market research, analysis, and understanding your ideal customer's interests *Marketing pertains to all aspects of a business, including product development, distribution methods, sales, and advertising

3 Pillar Types of Marketing

*Two main categories of marketing: digital and traditional *Neuromarketing - effective but not as popular

Examples of traditional marketing *Focuses on offline connections with people *Print marketing - newspaper and magazines *Broadcast marketing - TV ads *Telemarketing - phone calls to reach potential or existing customers directly (Outbound: Businesses initiate cold calls to promote products, services, or gather feedback from customers. Inbound: Customers call businesses in response to ads or promotions for inquiries, orders, or support.)

Examples of digital marketing *Digital marketing is the use of online channels and platforms *social media, email, and search engines are used to promote and sell products or services *Search Engine Optimization, Blog Marketing, and Social media marketing/video marketing are also examples

Examples of neuromarketing *Neuromarketing blends neuroscience with digital and traditional marketing to understand how people make choices and react to ads *Brain scans *Electrical brain activity *Body Reactions *Eye tracking *Behaviour tracking *Neuroeconomics

What is marketing?

*Any actions a company takes to attract an audience to the it's product or services it is offering through high-quality messaging *Aims to deliver standalone value for prospects and consumers through content *The Long-term goal is to demonstrate the product value, to strengthen brand loyalty, and ultimately increase sales