Marketing - What is it? objectives, functions, and types

Marketing - What is it? objectives, functions, and types
Posted on 06-03-2022

Marketing

The process that is carried out to promote a product or activity.

What is marketing?

Marketing is a process that is carried out to promote a product or activity. This is understood from the moment an idea is raised until the plans and strategies are elaborated, then executed, and finally, when the productivity results are seen, that is, when it has reached the hands of the consumer.

The objective of marketing is to retain customers through the use and employment of various strategies and tools.

The word market derives from the Latin Mercatus, which means to buy. To this term is added the orientation to market research, which results in the word marketing.

Marketing functions

The essential functions on which marketing is concentrated are the following:

  • Execute the market taking into account the consumer.
  • Permanently investigate the consumer, consider the competition, the best-selling products, and the different markets.
  • Select important customers and seek to retain them.
  • Explore innovative markets.
  • Engage and respond quickly to innovation.
  • Protect the product from various market threats.
  • Enhance and promote the brand.
  • Seek to lead the market.

Marketing objective

The main objective of marketing is to detect the best market opportunities, identify the most profitable and feasible ones, have an outstanding market share, and benefit the company by fulfilling its objectives.

In addition, it is responsible for having reliable and important information about the market, achieving satisfactory products and services, distributing them optimally, setting an ideal price, promoting, persuading, and successfully entering markets.

types of marketing

We can classify marketing into 9 different types:

analytical marketing

This is based on analyzing all the external and internal components of the product or market to be promoted, and also carrying out an analysis to evaluate the best strategies.

One of the most used tools in this classification, to analyze and develop strategies, is the use of the SWOT matrix.

strategic marketing

This type of marketing, which is related to analytical, seeks to detect the best strategies to meet the needs of the market.

operational marketing

This can be considered as the last stage of those mentioned above (analytical and strategic) since it seeks to carry out the proposed strategy through different actions.

emotional marketing

Emotional marketing works for those consumers who buy a product or service on emotional impulse.

As it is linked to emotions, it seeks to promote a brand or product through people's emotions, not through rationality, so that they make purchases compulsively.

viral marketing

He is recognized for his use of social networks. It occurs when a product or brand begins to circulate rapidly through electronic media such as social networks, mail, etc.

relationship marketing

This type of market focuses on fostering good relationships between the client and the companies,  to attract the attention of consumers.

profitable marketing

Type of marketing that seeks to produce more profit through the reduction of various costs.

global marketing

This is responsible for performing functions in the international market, applying techniques for distribution logistics in various countries, and the launch of new products and brands.

social marketing

This marketing seeks to satisfy the market through social actions, performing an analysis of the functioning of society.

 

Marketing

Set of activities to determine the needs and demands of an audience.

What is marketing?

Marketing, also called marketing, is a set of activities carried out to determine what the needs and demands of the public or market are, with the aim of satisfying them through products or services.

This takes into account factors such as age, gender, and other important characteristics that contribute to the profit of the company, increasing the demand for products and the profits obtained, and making consumers happy with what they get.

Definition according to authors

To better understand the concept of marketing, let's see the definition proposed by the following authors:

  • Modern marketing specialist Philip Kotler defines it as "a social and managerial process by which groups and individuals satisfy their needs by creating and exchanging goods and services ."
  • Bruce Walker, William J. Stanton, and Michael J. Etzel, in their book "Fundamentals of marketing", define it as "the process that emphasizes customer orientation and the coordination of activities, to achieve the objectives of the company." organization ”.

Marketing Objectives

The objectives that guide marketing are the following:

  • Study the needs of consumers, in order to ensure that the goods and services of the organization satisfy them.
  • Convince people to buy the product being offered.
  • Capture the attention of consumers through advertising.
  • Clarify any type of doubt that consumers present, to guarantee the demand for it.

Marketing functions

Marketing develops important functions within the economy and organizations, such as:

  • Identify and know in detail what the markets are.
  • Satisfy consumers by solving their needs in the best way.
  • That the products offered are profitable for consumers.
  • Determine the prices that products or services should have.
  • Promote the product or service, using all possible means of communication.
  • Distribute the product to buyers, to obtain the expected profits.

types of marketing

We can identify  5 types of marketing :

marketing mix

The marketing mix consists of the implementation of a strategy based on 4 variables, known as the 4Ps :

  • Product.
  • Price.
  • Plaza.
  • Promotion.

Strategic marketing

Strategic marketing focuses on carrying out your long-term goals. To do this, it analyzes how to develop day-to-day actions so that the future of the organization is successful.

operational marketing

Also known as tactical marketing, it is the type of marketing that focuses on carrying out your short-term goals .

However, it also works in conjunction with strategic marketing to achieve long-term goals.

Direct marketing

Direct marketing seeks to provide feedback with the customer in a personalized and direct way, that is, to develop a dialogue between the company and the customer.

Although it is capable of achieving very good results, it is difficult to apply it on a large scale, since a personalized treatment with the client, when there is a large number of clients, is an arduous process.

Digital marketing

This type of marketing, which is gaining more and more participation and importance, is based on directing promotional strategies to the digital world. Some of the tools developed by digital marketing are the following:

  • Websites.
  • Presence in social networks and advertising.
  • Email-marketing.

Importance of marketing

Through the analysis of market behavior, marketing or marketing helps to grow the demand for the products or services that a company offers and uses this information to promote its sales.

It provides the opportunity to innovate and develop more services to offer and, furthermore, by creating products that make everyday life easier, it contributes to making people's lives more placid.

Finally, marketing manages to create more competitive companies, which gives the customer the opportunity to acquire the products they want, at the price that suits them best.

 

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