Marketing: Definition and Personal Meaning

Subject: Marketing
Pages: 1
Words: 278
Reading time:
2 min
Study level: Master

Marketing refers to the creative identification and implementation of communication strategies to reach a target market. In today’s highly competitive world, marketing means an opportunity to connect products and customers who need them to enrich people’s experiences (Valand and Gaur, 2020). Marketing focuses on promotion and advertising, while it uses products’ benefits and their expected value to make them attractive to customers. On a larger scale, marketing helps in identifying and resolving clients’ problems to improve their lives. It implies applying empathy to customers and relationship building, which can be achieved through such concepts as loyalty creation, feedback, and continuous improvement of promotional activities. Emailing, phoning, sharing brochures and gift cards and banners allow for attracting customers’ attention.

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In recent years, marketing has become concentrated in digital business platforms, such as Google, eBay, and Uber Technologies. The key value of these platforms is that they analyze users’ preferences and organize marketing accordingly (Rangaswamy et al., 2020). They leverage network effects, enhance quality, and foster a culture of data-driven decisions. In turn, Facebook and Instagram are social media platforms that become especially popular as they connect customers and products/services. Valand and Gaur (2020) note that marketing on Facebook means brand loyalty, as well as word of mouth, viral, and stealth marketing. However, Facebook marketing is useful for some products, such as cosmetics, clothing, and sports, while users prefer not being connected to others, including laundry detergents or medication. Consequently, it becomes evident that Facebook marketing is useful to identify the best-selling products and those that need some other marketing tools. Thus, the significant aspects of marketing involve finding target markets, developing strategies to reach customers, and building productive relationships.

Reference List

Rangaswamy, A. et al. (2020) ‘The role of marketing in digital business platforms’, Journal of Interactive Marketing, 51, pp. 72-90.

Valand, J. B. and Gaur, A. (2020) ‘Facebook as tool of marketing in the era of digital marketing’, International Journal of Psychosocial Rehabilitation, 24(5), pp. 957-964.