Outline of marketing


The following outline is provided as an overview of and topical guide to marketing:
Marketing - social and managerial processes by which products, services, and value are exchanged in order to fulfill individuals' or groups' needs and wants. These processes include, but are not limited to, advertising, promotion, distribution, and product management.

Core concepts in marketing

Marketers may sell goods or services directly to consumers, known as business to customer ; commercial organisations, to government; to not-for-profit organisations or some combination of any of these.

Actors and relationships

Needs, wants and demands

Marketers typically begin planning with a detailed understanding of customer needs and wants.

Nature of exchange

, the act of giving or taking one thing of value in return for another is central to marketing activities. Not all exchange involves Financial transactions, but may also involve barter, contra dealing or other form of trade. The object of exchange can include: Goods; services or experiences; concepts or ideas; causes and may even involve celebrity marketing

Perceptions of value

Foundation economic concepts

Given that marketing has its roots in economics, it shares many foundation concepts with that discipline. Most practicing marketers will have a working knowledge of basic economic concepts and theories.
;Competitive advantages & comparative advantages
Businesses seek to compete by achieving competitive advantages or comparative advantages. Competitive advantages often focus on reducing costs through achieving one or more of the following: Economies of scope; Economies of scale; Experience effects; First-mover advantages. Alternatively a business may seek to develop uniqueness through product differentiation or developing unique competencies such as market sensing, rapid market response or delivering superior customer value.
superior value.
;Competition:types
Different types of competitive markets can be identified: Duopoly; Monopoly; Monopolistic competition; Imperfect competition; Oligopoly
;Demand
Understanding demand and supply is essential for determining market size and market potential as well as in the price-setting function.
;Economic systems
In Western economies, the capitalist economy dominates. However, other types of economic systems such as barter economies and the Sharing economy can be identified.
;Markets
;Value
Value-in-ownership
Value-in-use

Planning levels

Marketing planning is just one facet of the overall company's planning. Marketing plans must therefore take their guidance from the overall strategic plan or business plan. Most companies produce both a strategic plan and a managerial plan. The distinction between strategic planning and management planning is that they are two phases with different goals.

Strategic planning tools and techniques

Strategic planning requires sophisticated research and analysis to document the firm's current situation as well as to identify opportunities with the potential to be developed.

Strategic research methods

Strategic research is primarily concerned with the identification of new business opportunities and threats, which derive from the external operating environment. Accordingly, strategic analysts rely less on traditional market research methods. Instead, they use methods such as: Environmental scanning; Marketing intelligence and Futures research

Strategic analysis methods

Marketers draw on a very wide variety of techniques and tools when analysing the market and the broader operating conditions. The technique selected depends on the nature of the situation or problem to be investigated and the analyst's skill and experience. Strategic analysts employ some 200 different quantitative and qualitative analytical techniques including:
Brand Development Index ; Category development index ; Brand/ Category penetration; Benchmarking; Blindspots analysis; Functional capability and resource analysis; Impact analysis; Counterfactual analysis; Demand analysis; Emerging Issues Analysis; Experience curve analysis; Gap analysis; Herfindahl index; impact analysis; se Analysis ; Management profiling; Market segmentation analysis; Market share analysis; Market Segmentation analysis; Perceptual mapping; PEST analysis or its variants including PESTLE, STEEPLED and STEER; Portfolio analysis, such as BCG growth-share matrix or GE business screen matrix; Positioning analysis; Precursor Analysis or Evolutionary analysis; Product life cycle analysis and S-curve analysis ; Product evolutionary cycle analysis; Scenario analysis; Segment Share Analysis; Situation analysis; Strategic Group Analysis; SWOT analysis; Trend Analysis; Value chain analysis

Marketing strategies

and control is an important feature of the planning process. From time to time, marketers will use appropriate measures of performance to gauge whether plans are achieving the desired results. If necessary, corrective action can be taken to get back on track.

Branches of Marketing

The book titled, The Marketing Book, 7th ed., Routledge, Oxon, UK, 2016 edited by Michael J. Baker and Susan Hart identifies the distinct branches of marketing practice as:
For a more detailed breakdown of the relevant topics for each of these key branches of marketing, see on this page. For special applications of marketing including marketing of specific types of products or marketing to specific target groups.

Marketing orientations

Marketing orientations are the philosophies or mindsets that guide and shape marketing planning and marketing practice. Some marketing historians believe that different philosophies have informed marketing practice at different times in marketing's history. Although there is no real agreement amongst scholars about the precise nature or number of distinct marketing orientations, the most commonly cited include:
Marketing planning or the process of developing a marketing program requires a detailed understanding of the marketing framework including Consumer behavior; Market segmentation and Marketing research. In the process of understanding the consumer market to be served, marketers may need to consider such issues as:

Consumer basics

The main steps in the consumer's purchase decision process are:
Need or problem recognition → Information search → Evaluation of alternatives → Product/Brand Choice → Post purchase behaviour
Consumers purchase decisions are influenced by a range of internal and external factors including:

Market research and marketing research

refers to research activities designed to understand the marketing environment, including competitors, the socio-cultural environment and the politico-legal operating environment. Market research specifically refers to research concerned with understanding the market, that is consumers and is designed to yield actionable customer insights.

Quantitative research methods

Quantitative methods may also be known as Scientific methods.

Market segmentation

; Segmenting consumer markets
The main bases for segmenting consumer markets include:
; Segmenting business or industrial markets
The main bases for segmenting business or industrial markets include:
To support, market segmentation analysis marketers may require access to databases with large sample sizes. A number of commercial companies provide such data which typically includes proprietary software designed to interrogate the data and backed by algorithms that support different types of segmentation approaches. These commercial databases are often country or region specific.
Popular geo-demographic segmentation databases include:
Popular psychometric tools include:
The marketing program, also known as the marketing mix or the 4 ps consists of the product, price, place and promotion.

Product

and New product development are an important part of a firm's long term growth strategy.
The steps in a basic new production development process are:
The NPD process can be applied to:
A recent trend in NPD is the use of participatory design, also known as co-design or co-operative design, which involves stakeholders such as employees or consumers in the design process.
Sources of new product ideas include: Research and development; Consumers or Users; distributors, suppliers or crowdsourcing.
Types of innovation
NPD represents a high risk activity. It requires substantial investment and a list of product failures suggests that the probability of failure is relatively high.
New product adoption and diffusion
In order to develop a superior understanding of how new products are adopted by the market place and the factors that influence adoption rates, marketers often turn to a number of models or theories of the adoption/diffusion process:
New product development, including the design of product features, manufacturing processes, packaging design etc. involves creative work and therefore constitutes intellectual property. A number of different legal avenues are available to protect different types of intellectual property.
The following methods are prohibited in most nations:

Advertising

;Main types of internet promotion: E-mail spam, e-mail marketing, post-click marketing, Website monetizing, Search engine marketing, search engine optimization, Display advertising, * Contextual advertising
;Internet advertising methods: Advertising methods: Ad filtering, ad serving, central ad server, pop-up ad, contextual advertising, web banner
;Search engine marketing payment methods: pay per click, click fraud, paid inclusion
;Internet metrics: Click through rate, cost per action, cost per click, cost per impression, cost per mille, effective cost per mille

Advertainment

The extended marketing mix is used in the marketing of services, ideas and customer experiences and typically refers to a model of 7 Ps and includes the original 4 Ps plus process, physical evidence and people. Some texts use a model of 8 Ps and include performance level as an 8th P.

Process

Marketing activities are costly and represent an investment in a company or brand's long term future. With the increased emphasis on accountability, marketers must consider how they measure marketing's performance and communicate that to stakeholders. Various types of metrics that are in widespread use may be classified as:
Measures of market/ competitive performance
Measures of advertising and promotional effectiveness
Measures of brand health
Customer-oriented measures

Business Marketing

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