Marketing is the activity, set of institutions, and processes for creating, communicating, deliver ring, and exchanging offerings that have value for customers, clients, partners and. society at large
Type of marketing
• Influencer Marketing –
influencer marketing focuses on leveraging individuals who have influence over potential buyers and orienting marketing activities around these individuals to drive a brand message to the larger market.
• Relationship Marketing –
relationship marketing refers to strategies and tactics for segmenting consumers to build loyalty. Relationship marketing leverages database marketing, analytics to target consumers precisely and create loyalty programs.
• Viral Marketing –
Viral marketing is a marketing phenomenon that facilitates and encourages people to pass along a marketing message.Nicknamed “viral” because the number of people exposed to a message mimics the process of passing a virus or disease from one person to another.
• Green Marketing –
Green marketing refers to the development and marketing of products that are presumed to be environmentally safe (i.e., designed to minimize negative effects on the physical environment or to improve its quality).
General Advantages of Marketing
- An obvious advantage of marketing is the promotion of your business; getting the recognition and attention of your target audience across a wide ranging or specific market.
- Goinghand-in-hand with this is the enhanced brand recognition. Over time potential customers and members of the public will begin to associate your logo and your brand with your business.
- Every business needs to ‘spend money to make money’. Investing in marketing is no different. The most important advantage of marketing is therefore quite simply improving the businesses profits by boosting sales.
General Disadvantages of Marketing
- The first disadvantage of marketing in general is the cost. Adverting and marketing costs money. If you don’t do the proper research then you might end up throwing money away. Wasting marketing efforts by targeting the wrong audience using an inappropriate medium would be a serious and costly mistake. So it is important to do your research beforehand and keep your costs to a minimum.
- As well as the financial cost, marketing your business will require investment of time. Researching the appropriate marketing strategy, designing and writing the adverts, getting them published, dealing with any response. It’s important to spend time keeping track of how successful or not your marketing campaign is.