Marketing Abbreviations

What is marketing?

Marketing is the set of techniques and methods applied to the study of market needs and their main components, such as audiences, sales and products for the development of companies.

It is a word derived from the English term market, which means market, that is, the study of the causes, objectives and results produced through the different ways in which companies deal with the market.

What does marketing study?

Marketing studies the causes and mechanisms that govern exchange relationships (goods, services or ideas) carried out within four main axes: price, distribution, communication and product.

He intends that the result of a relationship be a transaction (sale) satisfactory to all parties participating in the process.

Marketing is the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and wants. It defines, measures and quantifies the identified market size and profit potential. (Philip Kotler)

Despite this, marketing means more than selling, because selling is a one-way process. It is a two-way process aimed at ensuring the greatest possible benefit is obtained. In this area, advanced knowledge regarding market prospecting and opinion polling is applied.

Marketing is a philosophy: a mental posture, an attitude, a way of conceiving exchange relationships. It is also a technique: a specific way of executing an exchange relationship (ie identifying, creating, developing and serving demand). Marketing aims to maximize consumption, consumer satisfaction, choice and quality of life.

The 4P’s of Marketing

Philip Kotler created a concept that is still used today called Marketing Mix, also known as the 4P’s of marketing: product, price, place and promotion.

This concept brings together the four main characteristics that are worked on by marketing to achieve the best possible result in their strategies.

• Product: the product is the key part of the marketing process , which is placed on the market to meet the needs of a group of potential customers. Thus, it is part of the study of marketing to understand the need of potential customers to make a product available in the market that can meet the existing demand.
• Price: is the final amount that a customer must pay for a service, which is directly related to the way in which the sale takes place. This feature involves all aspects related to the final price of the product, such as ways and strategies used to facilitate payment.
• Place: the concept of place refers directly to the way the product is sold to the customer, as well as the choice of the best way to establish communication with consumers.
• Promotion: promotion refers to the strategies that are used to demonstrate the potential of the product placed on the market, that is, the techniques that will be used to publicize the service or product offered for sale.

Marketing areas of activity

Marketing has a very broad area of activity, with specific concepts directed to each related activity . For example: cultural marketing, political marketing , relationship marketing, social marketing, among others.

The marketer ‘s job begins long before the product is manufactured and continues long after the product is sold. He is a market researcher, a psychologist, a sociologist, an economist, a communicator, a lawyer, all in one person.

In Business Administration, marketing is a set of activities that involves the process of creating, planning and developing products or services that satisfy consumer needs. It also refers to communication and sales strategies that outperform the competition.

In marketing, the concept of value can be defined as all the benefits generated for the customer as a result of the sacrifice made by the latter in the acquisition of a product or service. Offering or adding value is a concept directly related to customer satisfaction, one of the main objectives of marketing.

The marketing concept states that the most important task of the company is to determine what the needs and wants of consumers are and to try to adapt the company to provide the satisfaction of those wants.

Types of marketing

Marketing digital

With the reach provided by the internet and the explosion of social networks, the concept of Marketing 3.0 emerged , in which companies seek to approach consumers and potential customers, monitoring their opinions about the services or products offered by the company.

Digital marketing consists of an approach that uses the internet and other digital media as a tool to achieve its goals.

In this way, consumers have a fundamental role in the creation of new products and services, adapted to the real needs of the market.

Personal marketing

Personal marketing is a tool used for self-promotion as a way to achieve success. It is a strategy used to “sell” the image itself, in addition to influencing the way other people look at those who use it.

On most occasions, this expression is used to designate a way of expressing oneself, which contributes to the achievement of a certain objective, such as a job, for example.

Relationship marketing

This type of marketing uses a set of actions and strategies to create and maintain a positive relationship with customers.

The main objective of relationship marketing is to conquer and retain customers, creating a close relationship between them and the brand, to the point that they become defenders and promoters of the same.

Marketing digital

Digital marketing is a set of dissemination and communication actions that a company or person uses on digital platforms, through the internet and electronic media.

It adopts practices to promote products or services through the use of electronic distribution channels, so that they reach consumers quickly in a relevant, personalized and more efficient way.

Marketing viral

Viral marketing is all advertising material that, when used, produces greater publicity of a brand, service or product, through the encouragement to carry out the message conveyed in the material.

This dissemination action uses techniques that use other existing means of communication, such as social networks and the internet in general, to achieve its main objective.

Inbound marketing

Inbound marketing is a set of marketing strategies that aim to voluntarily attract potential customers to the company.

This set of strategies is based on the idea of creating and sharing content aimed at a target audience, so that it is possible to gain permission to communicate with them in a more direct way.

Within inbound marketing there is content marketing, an area that has been growing a lot in recent years. It is an area specialized in producing content with the aim of increasing engagement and bringing new customers to a company.

The main strategy to achieve this objective is to be able to produce specialized content aimed at the target audience, to attract consumers’ attention and increase the number of new customers.

List of Acronyms Related to Marketing