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John Spacey, January 26, 2018 updated on March 15, 2023
Marketing is the process of developing, promoting, pricing, selling and delivering products and services. The following are common examples of marketing.PromotionThe process of generating demand for a brand, product or service.
Developing a valuable identity that customers can recognize in a crowded market.Paying to reach your target audience with a message.Reaching customers directly person-to-person or using digital tools such as email.Social Media MarketingDirect marketing conducted using social media.
Content MarketingDeveloping content and media such as promotional videos to attract customer attention.Marketing that makes use of partnerships. For example, an agreement that a partner will promote and distribute your products in a foreign market.Promoting products where they are sold using in-store events, displays and promotions such as coupons.
Physical locations designed to promote a brand to customers and influencers such as the media.PriceThe process of setting competitive prices or prices that maximize revenue based on the willingness to pay of customers.Prices based on customer expectations such as sticky prices.
Challenge complex variable pricing with a flat price that can be more easily communicated and sold. For example, a telecom company that offers a flat rate internet access plan without extra fees for data usage.Finding ways to charge price sensitive customers less and price insensitive customers more. For example, a coupon that budget sensitive customers are more likely to find and use.
Competitive PricingKeeping an eye on the prices of the competitive across different markets and channels to adjust prices to be competitive.Selling every item at a unique price based on demand, competition and what you know about the customer. Revenue management is commonly used for inventory that expires such as a seat on a flight or stay in a hotel room.
The process of negotiating price and terms with customers to close a deal.PlaceThe process of reaching the customer to sell to them and deliver products and services.Reaching the customer with a physical location.EcommerceSelling and/or delivering products and services electronically.Selling to partners who add value to your products. For example, a bicycle tire manufacturer who sells to a bicycle manufacturer.Developing partners who distribute your products such as a retailer, franchisee, wholesaler or ecommerce seller.ProductDeveloping and improving products and services.The work of understanding customer needs, competitive advantage and markets in your industry.Using creativity and experimentation techniques to develop products, services and experiences that are a significant improvement over the state of the art.Developing ways to capture value.Engaging customers who are pushing your products to their limits to help you develop products. For example, engaging professional snowboarders to help design snowboards.Developing a unique position for products that serves customer needs and stands out against the competition.Finding ways to improve the quality of products and services to command a premium price on the market.Product development is often a process of design that requires creative insight. For example, designing a mobile device that customers view as stylish and refined.PeopleMarketing based on person-to-person interactions with the customer.The process of identifying your target market, engaging them and closing deals.Maintaining a positive and productive relationship with customers to continue to sell to them and generate positive word of mouth.Any person-to-person exchange with a customer can be considered marketing. For example, the service on an airline is key to its brand image, reputation and customer satisfaction.Customer experience is the process of extending marketing to every interaction with the customer including elements such as the usability of products and services.|
| Type | | | Definition | The process of developing, promoting, pricing, selling and delivering products and services. | | Related Concepts | |
Marketing
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