Marketing Definition Collection

The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.

Marketing:
      
Many people believe that marketing is just about advertising or sales. However, marketing is everything a company does to acquire customers and maintain a relationship with them. Even the small tasks like writing thank-you letters, playing golf with a prospective client, returning calls promptly and meeting with a past client for coffee can be thought of as marketing. The ultimate goal of marketing is to match a company's products and services to the people who need and want them, thereby ensure profitability. 

Marketing:

Process associated with promoting for sale goods or services. The classic components of marketing are the Four Ps: product, price, place, and promotion-the selection and development of the product, determination of price, selection and design of distribution channels place, and all aspects of generating or enhancing demand for the product, including advertising promotion. 

Definition of Digital Marketing:

Digital Marketing is the practice of promoting products and services using digital distribution channels to reach consumers in a timely, relevant, personal and cost-effective manner.

Whilst digital marketing does include many of the techniques and practices contained within the category of Internet Marketing, it extends beyond this by including other channels with which to reach people that do not require the use of The Internet. As a result of this non-reliance on the Internet, the field of digital marketing includes a whole host of elements such as mobile phones, sms / mms, display / banner ads and digital outdoor.

Previously seen as a stand-alone service in its own right, it is frequently being seen as a domain that can and does cover most, if not all, of the more traditional marketing areas such as Direct Marketing by providing the same method of communicating with an audience but in a digital fashion.

Definition of Global Marketing:

The Oxford University Press defines global marketing as “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.” Oxford University Press, Glossary of Marketing Terms.

Global Marketing:

When a company becomes a global marketer, it views the world as one market and creates products that will only require tweaks to fit into any regional marketplace. Marketing decisions are made by consulting with marketers in all the countries that will be affected. The goal is to sell the same thing the same way everywhere. (Levitt, 'Harvard Business Review) These marketers are considered geocentric. (Kotabe & Helsen, pp.7-18)

Global Marketing Pros and Cons:

Advantages:
Economies of scale in production and distribution
Lower marketing costs
Power and scope
Consistency in brand image
Ability to leverage good ideas quickly and efficiently
Uniformity of marketing practices

Disadvantages:
Differences in consumer needs, wants, and usage patterns for products
Differences in consumer response to marketing mix elements
Differences in brand and product development and the competitive environment
Differences in the legal environment
Differences in marketing institution
Differences in administrative procedures

Definition of International Marketing:

If the exporting departments are becoming successful but the costs of doing business from headquarters plus time differences, language barriers, and cultural ignorance are hindering the company’s competitiveness in the foreign market, then offices could be built in the foreign countries. Sometimes companies buy firms in the foreign countries to take advantage of relationships, storefronts, factories, and personnel already in place. These offices still report to headquarters in the home market but most of the marketing mix decisions are made in the individual countries since that staff is the most knowledgeable about the target markets. Local product development is based on the needs of local customers. These marketers are considered polycentric because they acknowledge that each market/country has different needs. (Kotabe & Helsen, p.16).

Definition of Multinational Marketing:

 At the multi-national stage, the company is marketing its products and services in many countries around the world and wants to benefit from economies of scale. Consolidation of research, development, production, and marketing on a regional level is the next step. An example of a region is Western Europe with the US. But, at the multi-national stage, consolidation, and thus product planning, does not take place across regions; a regiocentric approach. (Kotabe & Helsen, pp.16-17).

Definition of Export Marketing:

Generally, companies began exporting, reluctantly, to the occasional foreign customer who sought them out. At the beginning of this stage, filling these orders was considered a burden, not an opportunity. If there was enough interest, some companies became passive or secondary exporters by hiring an export management company to deal with all the customs paperwork and language barriers. Others became direct exporters, creating exporting departments at headquarters. Product development at this stage is still focused on the needs of domest customers. Thus, these marketers are also considered ethnocentric. (Kotabe & Helsen, pp.15-16).

Definition of Domestic Marketing:

A company marketing only within its national boundaries only has to consider domestic competition. Even if that competition includes companies from foreign markets, it still only has to focus on the competition that exists in its home market. Products and services are developed for customers in the home market without thought of how the product or service could be used in other markets. All marketing decisions are made at headquarters.

Definition of Marketing Strategy:

Dimano Marketing Providing information to develop, implement and imporve strategic marketing efforts Matthew Sherborne’s Marketing Strategy Get effective marketing strategy for your online business. A marketing strategy is a process that can allow an organization to concentrate its (always limited) resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
      
A marketing strategy also serves as the foundation of a marketing plan. A marketing plan contains a set of specific actions required to successfully implement a marketing strategy. For example: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service
Definition of Mobile Marketing:  

Mobile Marketing can refer to one of two categories of marketing First, and relatively new, is meant to describe marketing on or with a mobile device, such as a mobile phone. Second, and a more traditional definition, is meant to describe marketing in a moving fashion - for example - technology road shows or moving billboards.

Marketing on a mobile phone has become increasingly popular ever since the rise of SMS(Short Message Service) in the early 2000s in Europe and some parts of Asia when businesses started to collect mobile phone numbers and send off wanted (or unwanted) content.

Over the past few years SMS has become a legitimate advertising channel. This is due to the fact that unlike email over the public internet, the carrier who police their own networks have set guidelines and best practices for the mobile media industry (including mobile advertising). The IAB (Interactive Advertising Bureau) and the MMA (Mobile Marketing Association), as well, has established guidelines and evangelizing the use of the mobile channel for marketers.

Mobile Marketing via SMS has expanded rapidly in Europe and Asia as a new channel to reach the consumer. SMS initially received negative media coverage in many parts of Europe for being a new form of spam as some advertisers purchased lists and sent unsolicited content to consumer's phones; however, as guidelines are put in place by the mobile operators, SMS has become the most popular branch of the Mobile Marketing industry with several 100 million advertising SMS sent out every month in Europe alone.

In North America the first cross-carrier SMS shortcode campaign was run by Labatt Brewing Company in 2002. Over the past few years mobile short codes have been increasingly popular as a new channel to communicate to the mobile consumer. Brands have begun to treat the mobile shortcode as a mobile domain name allowing the consumer to text message the brand at an event, in store and off any traditional media.

SMS services typically run off a short code, but sending text messages to an email address is another methodology. Short codes are 5 or 6 digit numbers that have been assigned by all the mobile operators in a given country for the use of brand campaign and other consumer services. The mobile operators vet every application before provisioning and monitor the service to make sure it does not diverge from its original service description.

One key criterion for provisioning is that the consumer opts in to the service. The mobile operators demand a double opt in from the consumer and the ability for the consumer to opt out of the service at any time by sending the word STOP via SMS. These guidelines are established in the MMA Consumer Best Practices Guidelines which are followed by all mobile marketers in the United States. The guidelines can be accessed at Such is the emergence of this form of advertising, that there is now a dedicated global awards ceremony organised every year by Visiongain.

Mobile Marketing via MMS:

Brands are delivering promotional content such as mobile music to mobile games to drive consumer engagement. This mobile content is delivered via MMS(Multimedia Message Service). Brands are also leveraging consumer generated content.

A good example of this is Motorola’s ongoing campaigns at House ofBlues venues where the brand allows the consumer to send their mobile photos to the LED board in real-time as well as blog their images online.

Mobile Web Marketing:

Advertising on web pages specifically meant for access by mobile devices is also an option. The MMA (Mobile Marketing Association) provides a set of guidelines and standards that give the recommended format of ads, presentation, and metrics used in reporting. Google, Yahoo, and other major mobile content providers have been selling advertising placement on their properties for years already as of the time of this writing. Advertising Networks focused on mobile properties and advertisers are also available.

Mobile Marketing via Bluetooth:

The rise of Bluetooth started around 2003 and a few companies in Europe have started establishing successful businesses. Most of these businesses offer "Hotspot-Systems" which consist of some kind of content-management system with a Bluetooth distribution function. This technology has the advantages that it is permission-based, has higher transfer speeds and is also a radio-based technology and can therefore not be billed (i.e. is free of charge).

Location Based Services:

Location-based services (LBS) are offered by some cell phone networks as a way to send custom advertising and other information to cell-phone subscribers based on their current location. The cell-phone service provider gets the location from a GPS chip built into the phone, or using radiolocation and trilateration based on the signal-strength of the closest cell-phone towers (for phones without GPS features). In the UK, networks do not use trilateration; LBS services use a single base station, with a 'radius' of inaccuracy, to determine a phone's location.

Meantime, LBS can be enabled without GPS tracking technique. Mobile WiMAX technology is utilized to give a new dimension to mobile marketing. The new type of mobile marketing is envisioned between a BS(Base Station) and a multitude of CPE(Consumer Premise Equipment) mounted on vehicle dashtops. Whenever vehicles come within the effective range of the BS, the dashtop CPE with LCD touchscreen loads up a set of icons or banners of individually different shapes that can only be activated by finger touches or voice tags. On the screen, a user has a frame of 5 to 7 icons or banners to choose from, and the frame rotates one after another. This mobile WiMAX-compliant LBS is privacy-friendly and user-centric, when compared with GPS-enabled LBS.

Future of Mobile Marketing:

According to a survey conducted by a mobile marketing provider, approximately 89% of major brands are planning to market their products through text and multimedia mobile messaging by 2008. One-third are planning to spend about 10% of marketing budgets through mobile marketing. Also, in about 5 years over half of brands are expected to spend between 5% and 25% of their total marketing budget on their mobile marketing. Already, 40% of the firms that responded have implemented this feature for their audiences.

What will and already has given mobile marketing's attraction are: the ability to reach a specific target audience; information about how the user responded to a marketing message; and proof that a message has been received by the user's handset.
Definition of Sports Marketing:

Sport marketing (or "sports marketing" in the US) (1) the specific application of marketing principles and processes to sport products (e.g., teams, leagues, events, etc.) and (2) the the marketing of non-sports products (e.g., cigarettes,beer,long-distance phone service, etc.) through associations with sport.

The first sports management firms, which managed endorsement deals and contract negotiations for professional coaches and athletes, began forming in the 1960s and early 1970s with Mark McCormack's International Management Group (IMG), Bob Woolf (Woolf Associates), and Donald Dell’s ProServ.

World Class Events out of Sweden operates the World's Strongest Man Super Series which is a new, unorthodox and effective form of sports marketing.

Similarly, the first full-service sports marketing and sponsorship agencies were founded in the mid-1970s with Millsport LLC(now part of The Marketing Arm) and ProServ. which had expanded beyond athlete management into event production and sponsorship negotiations.

Definition of Social Marketing:

Promotion of social programs and ideas such as recycling, highway safety, family planning, energy conservation, and use of libraries. Social marketing typically relies on donated funds and may be engaged in by public, nonprofit, or for-profit institutions.

Social Marketing:

Toward the end of the twentieth century, public health professionals embraced a new strategy for promoting healthful behaviors and increasing the utilization of health services. The Centers for Disease Control and Prevention (CDC), the United States Department of Health and Human Services (USDHHS), the United States Department of Agriculture (USDA), and other federal and state agencies began using social marketing practices to promote protective and preventive health behaviors—such as fruit and vegetable consumption, physical exercise, and breastfeeding—and to increase utilization of programs and services like the Supplemental Food and Nutrition Program for Women, Infants and Children (WIC), prenatal care, and family planning.

Within the last thirty years, social marketing's application to public health problems has grown rapidly. Today, a wide range of public health and social service organizations in the United States are using social marketing, including the Centers for Disease Control and Prevention (CDC), the National Cancer Institute (NCI), the United States Department of Agriculture (USDA), the United States Department of Health and Human Services (USDHHS), and the American Association of Retired Persons (AARP). Public health administrators and health educators at the state and local level have also begun using social marketing as an approach for developing programs to bring about behavior change. Social marketing organizations have emerged to meet the growing demand for technical assistance with consumer research, strategic planning, communications, media advocacy, and other components in the social marketing process. Although formal degrees and credentialing are not awarded at this time, social marketing courses are now offered in many colleges of public health and business schools.

Social marketing:

Social marketing is the systematic application of marketing alongside other concepts and techniques to achieve specific behavioural goals for a social good. Social marketing began as a formal discipline in 1971, with the publication of "Social Marketing: An Approach to Planned Social Change" in the Journal of Marketing by marketing experts Philip Kotler and Gerald Zaltman. Speaking of what they termed "social change campaigns," Kotler and Roberto introduced the subject by writing, “A social change campaign is an organized effort conducted by one group (the change agent) which attempts to persuade others (the target adopters) to accept, modify, or abandon certain ideas, attitudes, practices or behavior." Their 1989 text was updated in 2002 by Philip Kotler, Ned Roberto and Nancy Lee.

While social marketing initially developed from a desire to capitalise on commercial marketing techniques it has in the last decade matured into a much more integrative and inclusive discipline that draws on the full range of social sciences and social policy approaches as well as marketing. Increasingly social marketing is being described as having 'two parents' - a 'social parent' = social sciences and social policy, and a 'marketing parent' = commercial and public sector marketing approaches.

Definition of Advertising:

Paid form of a nonpersonal message communicated through the various media by industry, business firms, nonprofit organizations, or individuals. Advertising is persuasive and informational and is designed to influence the purchasing behavior and/or thought patterns of the audience. Advertising is a marketing tool and may be used in combination with other marketing tools, such as sales promotions, personal selling tactics, or publicity.  
Advertising:

Paid message communicated through the various media by industry, business firms, nonprofit organizations, or individuals. Advertising is persuasive and informational and is designed to influence the purchasing behavior and/or thought patterns of the audience. Advertising is a marketing tool and may be used in combination with Sales Promotions, Personal Selling tactics, or publicity.  

Direct-Mail Advertising:

Direct-Mail Advertising Catalogues, flyers, letters, and postcards are just a few of the direct-mail advertising options. Direct-mail advertising has several advantages, including detail of information, personalization, selectivity, and speed. But while direct mail has advantages, it carries an expensive per-head price, is dependent on the appropriateness of the mailing list, and is resented by some customers, who consider it "junk mail."

Informational Advertising:

Informational Advertising In informational advertising, which is used when a new product is first being introduced, the emphasis is on promoting the product name, benefits, and possible uses. Car manufacturers used this strategy when sport utility vehicles (SUVs) were first introduced.

Switch back:

Switchback Companies subscribe to this advertising objective when they want to get back former users of their product brand. A company might highlight new product features, price reductions, or other important product information in order to get former customers of its product to switchback.

Advertising Budget:

Once an advertising objective has been selected, companies must then set an advertising budget for each product. Developing such a budget can be a difficult process because brand managers want to receive a large resource allocation to promote their products. Overall, the advertising budget should be established so as to be congruent with overall company objectives. Before establishing an advertising budget, companies must take into consideration other market factors, such as advertising frequency, competition and clutter, market share, product differentiation, and stage in the product life cycle.

Definition of Bank:

A bank is a financial institution that accepts deposits and makes loans. The bank has a unique, characteristic balance sheet showing long-term assets (loans) offset by short-term liabilities (deposits). Any other company would be insolvent with the balance sheet of a bank. Resolving this mismatch of borrowers’ and savers’ time horizons is the function of a bank. Bank oversight (i.e. FDIC) tries to reduce bank failures from the inherent risk. The US bank thus faces vigorous competition, compelling it to offer a wide range of convenient services such as taking deposits, issuing checking and savings accounts, lending money, cashing checks, providing wire transfers, issuing cashiers checks, debit cards and credit cards, providing safe deposit boxes plus a network of ATMs, and offering online banking.

Bank:

An organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks.  

Online Banking:

Is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty four hours, seven days a week, regardless of the bank’s working hours. Today, most banks offer online banking services.

Online banking:

A system allowing individuals to perform banking activities at home, via the internet. Some online banks are traditional banks which also offer online banking, while others are online only and have no physical presence. Online banking through traditional banks enable customers to perform all routine transactions, such as account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer online loan and credit card applications. Account information can be accessed anytime, day or night, and can be done from anywhere. A few online banks update information in real-time, while others do it daily. Once information has been entered, it doesn't need to be re-entered for similar subsequent checks, and future payments can be scheduled to occur automatically. Many banks allow for file transfer between their program and popular accounting software packages, to simplify record keeping. Despite the advantages, there are a few drawbacks. It does take some time to set up and get used to an online account. Also, some banks only offer online banking in a limited area. In addition, when an account holder pays online, he/she may have to put in a check request as much as two weeks before the payment is due, but the bank may withdraw the money from the account the day that request is received, meaning the person has lost up to two weeks of interest on that payment. Online-only banks have a few additional drawbacks: an account holder has to mail in deposits (other than direct deposits), and some services that traditional banks offer are difficult or impossible for online-only banks to offer, such as traveler's checks and cashier's checks.

Account:

In its simplest bookkeeping form, is a record of money paid and owed. A banking account is an arrangement for safekeeping of money, which may or may not pay interest. In business accounting, each of the following will have a separate account: assets, liabilities, equities, revenues, and expenses. A management account gives information on sales, expenditure, credit and profitability. In merchant banking, an account is an underwriting relationship as well as a record of securities sold and owned as a result. In the field of securities, account means both the relationship between a client and a broker, as well as the record of transactions done on behalf of the client. At the national level, current account is a record of inflows and outflows of money. Capital account gives the status of a country’s external investments. Thus the term account shows contextual differences, while still retaining the basic form of financial inflow and outflow.

Balance sheet:

A balance sheet is a snapshot of the financial position of a company. On the left side are the assets, and on the right side are the liabilities and owners' equity. Thus the balance sheet represents the fundamental accounting equation: Owners Equity (or Net Worth) = Assets – Liabilities (or Net Assets). The assets are listed in the order they can be converted to cash; the liabilities, in the order they must be liquidated. Thus the balance sheet shows whether the company is liquid, ie, whether it can meet its short-term obligations. The balance sheet also shows the company's leverage, ie, the ratio between capital supplied by creditors and capital supplied by owners. The balance sheet has several drawbacks, however. Some asset values on the balance sheet are historical and don't accurately reflect current values. Moreover, not all of the company's assets (like customer loyalty) and not all of its actual liabilities (like off balance sheet items) are reflected in the balance sheet. Despite these negatives, the balance sheet is a primary tool for both credit and equity analysts.
 
Definition International Labour Organization (ILO):

The International Labour Organization (ILO) is devoted to advancing opportunities for women and men to obtain decent and productive work in conditions of freedom, equity, security and human dignity. Its main aims are to promote rights at work, encourage decent employment opportunities, enhance social protection and strengthen dialogue in handling work-related issues. In promoting social justice and internationally recognized human and labour rights, the organization continues to pursue its founding mission that labour peace is essential to prosperity. Today, the ILO helps advance the creation of decent jobs and the kinds of economic and working conditions that give working people and business people a stake in lasting peace, prosperity and progress.

Digital Marketing and Multi-Channel Communications:

Mobile Marketing can refer to one of two categories of marketing. First, and relatively new, is meant to describe marketing on or with a mobile device, such as a mobile phone. Mobile marketing can provide customers with time and location sensitive, personalized information that promotes goods, services and ideas. Second, and a more traditional definition, is meant to describe marketing in a moving fashion - for example - technology road shows or moving billboards.

Push and pull message technologies can be used in conjunction. For example, an email campaign can include a banner ad or link to a content download. While digital marketing is effective when using one message type, it is much more successful when a marketer combines multiple channels in the message campaigns. For example, if a company is trying to promote a new product release, they could send out an email message or text campaign individually. This, if properly executed, could yield positive results. However, this same campaign could be exponentially improved if multiple message types are implemented. An email could be sent to a list of potential customers with a special offer for those that also include their cell phone number. A couple of days later, a follow up campaign would be sent via text message (SMS) with the special offer. Push and pull message technologies can also be used in conjunction with each other. For example, an email campaign can include a banner ad or link to a content download. This enables a marketer to have the best of both worlds in terms of their marketing messaging. Digital marketing is marketing that makes use of electronic devices (computers) such as personal computers, Smartphone’s, cell phones, Tablets and game consoles to engage with stakeholders. Digital marketing applies technologies or platforms such as websites, e-mail, apps (classic and mobile) and social networks. Many organizations cross traditional and digital marketing channels.

Online Marketing Articles & Tips:

Search Engine Marketing (SEM):

Search Engine Marketing, or SEM, is designed to increase a website's visibility in search engine results pages (SERPs). Search engines provide sponsored results and organic (non-sponsored) results based on a web searcher's query. Search engines often employ visual cues to differentiate sponsored results from organic results. Search engine marketing includes all of an advertiser's actions to make a website's listing more prominent for topical keywords.

Search Engine Optimization (SEO):

Search Engine Optimization, or SEO, attempts to improve a website's organic search rankings in SERPs by increasing the website content's relevance to search terms. Search engines regularly update their algorithms to penalize poor quality sites that try to game their rankings, making optimization a moving target for advertisers. Many vendors offer SEO services.

Sponsored search:

Sponsored search (also called sponsored links or search ads) allows advertisers to be included in the sponsored results of a search for selected keywords. Search ads are often sold via real-time auctions, where advertisers bid on keywords. In addition to setting a maximum price per keyword, bids may include time, language, geographical, and other constraints. Search engines originally sold listings in order of highest bids. Modern search engines rank sponsored listings based on a combination of bid price, expected click-through rate, keyword relevancy, and site quality.

Social media marketing:

Social media marketing is commercial promotion conducted through social media websites. Many companies promote their products by posting frequent updates and providing special offers through their social media profiles.

Email Advertising:

Email advertising is ad copy comprising an entire email or a portion of an email message. Email marketing may be unsolicited, in which case the sender may give the recipient an option to opt-out of future emails, or it may be sent with the recipient's prior consent (opt-in).

Chat advertising:

As opposed to static messaging, chat advertising refers to real time messages dropped to users on certain sites. This is done by the usage of live chat software or tracking applications installed within certain websites with the operating personnel behind the site often dropping adverts on the traffic surfing around the sites. In reality this is a subset of the email advertising but different because of its time window.

Online classified advertising:

Online classified advertising is advertising posted online in a categorical listing of specific products or services. Examples include online job boards, online real estate listings, automotive listings, online yellow pages, and online auction-based listings. Craigslist and eBay are two prominent providers of online classified listings.

Adware:

Adware is software that, once installed, automatically displays advertisements on a user's computer. The ads may appear in the software itself, integrated into web pages visited by the user, or in pop-ups/pop-unders. Adware installed without the user's permission is a type of malware.

Affiliate Marketing:

Affiliate marketing (sometimes called lead generation) occurs when advertisers organize third parties to generate potential customers for them. Third-party affiliates receive payment based on sales generated through their promotion.