via Marketing topic on Wikipedia
Definition:
The textbook definition of marketing is:
The act of selling or purchasing in an open market system; OR The techniques and processes of selling, promoting, or distributing a service or product.
In terms of business the definition of marketing is to design processes that will increase the return on investment. In essence the goal of marketing a business is to figure out how to buy products upstream, and turn around and sell them for a profit downstream.
Definition of Marketing – The 4 P’s of Marketing:
- Identify a need and develop a product to fullfil said need.
- Determine a competitive but profitable pricepoint for said product.
- Determine how you will get your product or service to the customer, aka setting up a distribution channel.
- Develop and implement a promotional strategy.
In general marketing is about figuring out and managing customer needs and satisfaction. A good marketer is one who can satisfy customers, and grow their reach via referral and other forms of promotion. Marketing is NOT the same as sales, don’t get them confused.
“Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is NOT concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs.” – Theodore C. Levitt, Harvard Business School emeritus professor of marketing.
Another way to think of marketing is as the process gaining customer interest in your product or service, and then eliciting an action.
In terms of SEO marketing that action is often acquiring a lead, or making a product sale.
The main word in this definition of marketing is the word “process”. Marketing is something that is on-going and never ends. It is something that is always changing, always updating, and always transforming. It involves researching, promoting, selling, distributing – then when you get a system that works – tweak it a little to see if you can make it better. Split testing is a good way of finding out which of your marketing campaigns are more likely to elicit a higher ROI.
Definition of Marketing Recap:
Bottom line: The goal in marketing is attracting new customers, retaining those customers by keeping them satisfied, and tweaking your process to make the system more profitable.
Common Misspellings: Markiting, Markting, Marketeng.
If you have any questions about the definition of marketing please feel free to ask! Also be sure to check out Wikipedia’s definition of marketing.
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