Marketing
The Marketing Mix
The marketing mix is how we build our marketing strategy. It is the mix of elements that marketers use to formulate a marketing strategy.
The marketing mix has many models. The 4Ps model is the most widely accepted. The 7Ps and 4Cs marketing mix are also accepted models.
The 4Ps Marketing Mix
The original, and most widely adopted models of the marketing mix.
The 4Ps of marketing are product, price, place, and promotion.
The 7Ps Marketing Mix
A popular marking mix theory is the 7Ps marketing mix.
It expands the 4Ps adding people, physical evidence, and process.
The 4Cs Marketing Mix
The 4Cs marketing mix is a customer centric strategy.
The elements are consumer, cost, communication, and convenience.
What is a Product?
A product is a good or service that satisfies a need or want to a target market.
It’s a solution to a markets problem. It can come in the form of a physical good, a digital product, or a service.
What is Price?
Price is what customers pay for a product or service. It’s a measure of the value placed on a product.
Price is a key component in the marketing mix and a direct value communicator.
What is Place?
Place, as it pertains to the marketing mix, is the movement of a producer’s goods to the producers intended user.
Place can also be called placement or distribution in the marketing mix.
What is Promotion?
Promotion in the marketing mix is all the communication activities a company performs.
Promotion is how companies establish their brand, company voice, and communication strategy.
What is People?
People in the marketing mix are all the people within your organization including employees, management, and customer service.
The people component of the marketing mix is all people.
What is Process?
Process is part of the 7Ps marketing mix. It’s how a company deals with the delivery of their product and the customer experience.
It is most pertinent to the delivery of service products.
What is Physical Evidence?
As a component of the marketing mix, physical evidence is the location and environment where the company and customer interact in the exchange of the product.
It is most pertinent to service products.
What is Consumer?
Consumer, or the customer, is the individual who uses your product.
In the 4Cs marketing mix, the consumer is the first C. It establishes that all marketing should be customer focused.
What is Cost?
Cost is the concept in the 4Cs marketing mix model that looks at the cost of acquiring and using a product.
It includes every aspect of cost that a customer faces.
What is Communication?
Communication is the process by which a company communicates with their customers.
As a component of the 4Cs marketing mix, this not only includes the traditional one-way communication flow of promotion. But, it also includes the concept of two-way communication with customers.
What is Convenience?
Convenience, as a component of the 4Cs marketing mix, is how convenient it is for a customer to purchase, acquire, or use a company’s product.
Convenience addresses all aspects of the buying experience. That includes finding information about solutions to the customers need.
Areas of Marketing
What is Content Marketing?
Content marketing is providing valuable content to our prospects and customers. Not a new marketing channel, but one that has gained significant traction in the last decade.
Also, it generates a positive ROI.
What is Product Marketing?
Product marketing is the process of researching and identifying target markets.
Then, creating, launching, and selling products within those markets.
What is Business Development?
Business development is about generating value for the business.
The value is generated from three key areas, including our customers, building relationships through things like partnerships, and developing markets.
What is Advertising?
Advertising is sponsored communication about a product. It’s a message to a targeted audience.
It is most common that a company purchases space in order to promote a particular product or message.
What is Account Based Marketing?
Account-based marketing (ABM) is a marketing strategy that targets specific companies to market to.
It is a strategic approach that identifies key accounts and markets directly to them.
What is Business to Business Marketing?
Business to business marketing, or simply B2B marketing, is the process of marketing and selling products to businesses. These products and services allow companies to create, build, manufacture, and market their own products.
What is Business to Consumer Marketing?
Business to consumer (B2C) marketing is the marketing and sale of products to end consumers.
This is a process where the purchaser of the product is the user of that product.
What is Brand Marketing?
Brand marketing is the process of marketing a product through its brand equity.
The brand drives sales for the product and company.
What is Channel Marketing?
Channel marketing is the promotion – as a component of the marketing mix – efforts that are directed at the place marketing mix component.
It is using its distribution levels.
What is Demand Generation Marketing?
Demand generation is the process of generating demand for products or brands through various awareness and interest generation strategies.
It is a form of pull marketing.
What is Digital Marketing?
Digital marketing is the concept we use to encompass the execution of the marketing mix through digital mediums.
This can include all components of the marketing mix, or just a few.
What is Direct Marketing?
Direct marketing is a marketing strategy which presents information about a company, product, or features directly to the end users.
This is a form of marketing that directly reaches the target audience.
What is Growth Marketing?
Growth marketing is a marketing function that focuses on the entire customer acquisition funnel to acquire, convert, and retain more engaged customers.
What is Guerrilla Marketing?
Guerrilla marketing is a marketing strategy that uses unconventional, lesser known tactics to generate high results with little budget.
The fundamental principle to guerrilla marketing is that there is little to no budget.
What is Inbound Marketing?
Inbound marketing is a marketing strategy that uses various awareness and demand generation techniques to attract prospects to your product or service.
What is Outbound Marketing?
Outbound marketing is a marketing strategy where a company is pushing their marketing message in front of an audience.
It is typically a message that interrupts the consumer.
What is SEM – Search Engine Marketing?
Search engine marketing (SEM) is a website traffic generation strategy that is paying for ad space on search engines.
This is usually done through keyword bidding.
What is Social Media Marketing?
Social media marketing is an area of marketing that uses social media channels to promote, market, and communicate a company’s products or messaging.
What is Marketing Operations?
Marketing operations is a function within a marketing organization that focuses on data, processes, technology, and budgeting for the marketing organization.
It is the backbone of the marketing team that ensures all the creative, value driving work functions seamlessly across the organization.
What is SEO – Search Engine Optimization?
Search engine optimization (SEO) is the process of making your content and website visible on the internet by the most, right people.
The people that find your content, as it relates to SEO, is organic traffic. This is the traffic that comes from people searching on internet search engines.
Marketing Glossary
What is a Marketing Campaign?
A marketing campaign is a set of related activities used to achieve a specific marketing goal.
The activities within a marketing campaign are usually planned and executed so that they work together.
What is a Marketing Channel?
A marketing channel, or a distribution channel, is the mechanism that moves products from the manufacturer to the end consumer.
Often, this is referred to as distribution or place in the marketing mix.
What is Copy?
Copy, in the context of writing, is written text. This includes digital and print text. It is most commonly used in the world of marketing and advertising.
But, it is also used in the traditional publishing.
What is Copywriting?
Copywriting is the practice of writing text that is persuasive and causes the reader to act.
Copywriting is most commonly referred to in marketing and advertising writing.
What is a Value Proposition?
A value proposition is the reason a prospective customer should buy from you and not your competitors.
It is a statement of promise for what your product or service will deliver to your customer.
What is Consumer Behavior?
Consumer behavior is how consumers interact and behave when purchasing goods and services.
The concept refers to all the activities, decisions, and factors that a consumer makes during the buying process.
What is Storytelling and What Makes a Good Story?
Storytelling is the act of telling stories. It’s the process of engaging with an audience to paint a picture with words.
Telling a story is creating a narrative to help your audience understand a particular message. This can be fact, fiction, or a mix of both.
What is Suspense?
Suspense is uncertainty that leads to tension, anxiety, and conflict. And that, keeps a reader intrigued by the story that’s being told.
It is a storytelling that’s used in fiction and non-fiction writing alike. While marketers also use it in their marketing campaigns.