Marketing

Selected List of Definitions Related to Marketing

Branding: represents the visual identity and "story" of a company, product, or service. A company's brand may include a name, logo, trademark, symbol, or jingle. It identifies products and/or services of that company /organization and attempts to tell the "story" and visually express the "experiences" of the organization (AMA, 2024)

Marketing: according to the American Marketing Association (AMA), marketing is the activities and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (AMA, 2017).

Marketing mix (5Ps): the 5Ps are closely aligned with product marketing. They include the following components---> Product, Price, Promotion, Place, and People (Myers, 2021)

Marketing mix (7Ps): the 7Ps are closely aligned with services marketing. They include the following components ----- > product, price promotion, place, people, physical evidence, and processes (Bickford, 2023)

Market research:  involves collecting data from customers to learn about their needs, desires, purchasing habits, and expectations. Data from market research can include primary sources (conducting your own interviews, focus groups, surveys) or collecting secondary source data (Census data, statistics from government agencies or non profit organizations or Think Tanks like Pew Research Centre) (AMA, 2024)

Market segmentation: the process of splitting your customers into "segments" so one can tailor marketing activities strategically. The main types of segmentation include demographic, psychographic, geographic, behavioural, and firmographic (Carpenter, 2024)

Promotion mix : a combination of promotional activities, which include advertising, public relations, sales promotion, direct marketing, and personal selling (Monash University, 2024)

Target audience versus target market: target market is the larger group of individuals who will purchase your product or service. The target audience represents the sub-group(s) of the target market with similar characteristics (Singh, 2024)