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
