Marketing

Marketing is the process of exploring, creating, and

delivering value to meet the needs of a target market in
terms of goods and services;[1][2] potentially including
selection of a target audience; selection of certain
attributes or themes to emphasize in advertising;
operation of advertising campaigns; attendance at trade
shows and public events; design of products and
packaging attractive to buyers; defining the terms of
sale, such as price, discounts, warranty, and return
policy; product placement in media or with people
believed to influence the buying habits of others;
agreements with retailers, wholesale distributors, or
resellers; and attempts to create awareness of, loyalty Advertising boards behind a rugby union match,
to, and positive feelings about a brand. Marketing is showing the logos of the companies Nike,
typically done by the seller, typically a retailer or Peugeot, and Pétrole Hahn
manufacturer. Sometimes tasks are contracted to a
dedicated marketing firm or advertising agency. More
rarely, a trade association or government agency (such as the Agricultural Marketing Service) advertises on
behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific
area, or a city or region as a tourism destination.

It is one of the primary components of business management and commerce.[3] Marketers can direct their
product to other businesses (B2B marketing) or directly to consumers (B2C marketing).[4] Regardless of
who is being marketed to, several factors apply, including the perspective the marketers will use. Known as
market orientations, they determine how marketers approach the planning stage of marketing.[5]

The marketing mix, which outlines the specifics of the product and how it will be sold,[6][7] is affected by
the environment surrounding the product,[8] the results of marketing research and market research,[9][10]
and the characteristics of the product's target market.[11] Once these factors are determined, marketers must
then decide what methods of promoting the product,[4] including use of coupons and other price
inducements.[12]

The term marketing, what is commonly known as attracting customers, incorporates knowledge gained by
studying the management of exchange relationships[13][14] and is the business process of identifying,
anticipating and satisfying customers' needs and wants.

Definition
Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large".[2] However, the definition of marketing has
evolved over the years. The AMA reviews this definition and its definition for "marketing research" every
three years.[2] The interests of "society at large" were added into the definition in 2008.[15] The
development of the definition may be seen by comparing the 2008 definition with the AMA's 1935 version:
"Marketing is the performance of business activities that direct the flow of goods, and services from
producers to consumers".[16] The newer definition highlights the increased prominence of other
stakeholders in the new conception of marketing.

Recent definitions of marketing place more emphasis on the consumer relationship, as opposed to a pure
exchange process. For instance, prolific marketing author and educator, Philip Kotler has evolved his
definition of marketing. In 1980, he defined marketing as "satisfying needs and wants through an exchange
process",[17] and in 2018 defined it as "the process by which companies engage customers, build strong
customer relationships, and create customer value in order to capture value from customers in return".[18] A
related definition, from the sales process engineering perspective, defines marketing as "a set of processes
that are interconnected and interdependent with other functions of a business aimed at achieving customer
interest and satisfaction".[19]

Besides, some definitions of marketing highlight marketing's ability to produce value to shareholders of the
firm as well. In this context, marketing can be defined as "the management process that seeks to maximise
returns to shareholders by developing relationships with valued customers and creating a competitive
advantage".[20] For instance, the Chartered Institute of Marketing defines marketing from a customer-
centric perspective, focusing on "the management process responsible for identifying, anticipating and
satisfying customer requirements profitably".[21]

In the past, marketing practice tended to be seen as a creative industry, which included advertising,
distribution and selling, and even today many parts of the marketing process (e.g. product design, art
director, brand management, advertising, inbound marketing, copywriting etc.) involve the use of the
creative arts.[22] However, because marketing makes extensive use of social sciences, psychology,
sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely
recognized as a science.[23] Marketing science has developed a concrete process that can be followed to
create a marketing plan.[24]

Concept
The "marketing concept" proposes that to complete its organizational objectives, an organization should
anticipate the needs and wants of potential consumers and satisfy them more effectively than its
competitors. This concept originated from Adam Smith's book The Wealth of Nations but would not
become widely used until nearly 200 years later.[25] Marketing and Marketing Concepts are directly related.

Given the centrality of customer needs, and wants in marketing, a rich understanding of these concepts is
essential:[26]

Needs: Something necessary for people to live a healthy, stable and safe life. When needs
remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be
objective and physical, such as the need for food, water, and shelter; or subjective and
psychological, such as the need to belong to a family or social group and the need for self-
esteem.
Wants: Something that is desired, wished for or aspired to. Wants are not essential for
basic survival and are often shaped by culture or peer-groups.
Demands: When needs and wants are backed by the ability to pay, they have the potential
to become economic demands.

Marketing research, conducted for the purpose of new product development or product improvement, is
often concerned with identifying the consumer's unmet needs.[27] Customer needs are central to market
segmentation which is concerned with dividing markets into distinct groups of buyers on the basis of
"distinct needs, characteristics, or behaviors who might require separate products or marketing mixes."[28]
Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the
forefront of how a company designs and markets products or services."[29] Although needs-based
segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to
segment a market.[30][27] In addition, a great deal of advertising and promotion is designed to show how a
given product's benefits meet the customer's needs, wants or expectations in a unique way.[31]

B2B and B2C marketing

The two major segments of marketing are business-to-business (B2B) marketing and business-to-consumer
(B2C) marketing.[4]

B2B marketing

B2B (business-to-business) marketing refers to any marketing strategy or content that is geared towards a
business or organization. Any company that sells products or services to other businesses or organizations
(vs. consumers) typically uses B2B marketing strategies.

Examples of products sold through B2B marketing include:

Major equipment
Accessory equipment
Raw materials
Component parts
Processed materials
Supplies
Venues
Business services[4]

The four major categories of B2B product purchasers are:

Producers- use products sold by B2B marketing to make their own goods (e.g.: Mattel
buying plastics to make toys)
Resellers- buy B2B products to sell through retail or wholesale establishments (e.g.:
Walmart buying vacuums to sell in stores)
Governments- buy B2B products for use in government projects (e.g.: purchasing contractor
services to repair infrastructure)
Institutions- use B2B products to continue operation (e.g.: schools buying printers for office
use)[4]

B2C marketing

Business-to-consumer marketing, or B2C marketing, refers to the tactics and strategies in which a company
promotes its products and services to individual people.
Traditionally, this could refer to individuals shopping for personal products in a broad sense. More recently
the term B2C refers to the online selling of consumer products.[32]

C2B marketing

Consumer-to-business marketing or C2B marketing is a business model where the end consumers create
products and services which are consumed by businesses and organizations. It is diametrically opposed to
the popular concept of B2C or Business- to- Consumer where the companies make goods and services
available to the end consumers. In this type of business model, businesses profit from consumers'
willingness to name their own price or contribute data or marketing to the company, while consumers
benefit from flexibility, direct payment, or free or reduced-price products and services. One of the major
benefit of this type of business model is that it offers a company a competitive advantage in the market.[33]

C2C marketing

Customer to customer marketing or C2C marketing represents a market environment where one customer
purchases goods from another customer using a third-party business or platform to facilitate the transaction.
C2C companies are a new type of model that has emerged with e-commerce technology and the sharing
economy.[34]

Differences in B2B and B2C marketing

The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets. The main
differences in these markets are demand, purchasing volume, number of customers, customer concentration,
distribution, buying nature, buying influences, negotiations, reciprocity, leasing and promotional
methods.[4]

Demand: B2B demand is derived because businesses buy products based on how much
demand there is for the final consumer product. Businesses buy products based on
customer's wants and needs. B2C demand is primarily because customers buy products
based on their own wants and needs.[4]
Purchasing volume: Businesses buy products in large volumes to distribute to consumers.
Consumers buy products in smaller volumes suitable for personal use.[4]
Number of customers: There are relatively fewer businesses to market to than direct
consumers.[4]
Customer concentration: Businesses that specialize in a particular market tend to be
geographically concentrated while customers that buy products from these businesses are
not concentrated.[4]
Distribution: B2B products pass directly from the producer of the product to the business
while B2C products must additionally go through a wholesaler or retailer.[4]
Buying nature: B2B purchasing is a formal process done by professional buyers and sellers,
while B2C purchasing is informal.[4]
Buying influences: B2B purchasing is influenced by multiple people in various departments
such as quality control, accounting, and logistics while B2C marketing is only influenced by
the person making the purchase and possibly a few others.[4]
Negotiations: In B2B marketing, negotiating for lower prices or added benefits is commonly
accepted while in B2C marketing (particularly in Western cultures) prices are fixed.[4]
 Reciprocity: Businesses tend to buy from businesses they sell to. For example, a business
that sells printer ink is more likely to buy office chairs from a supplier that buys the
business's printer ink. In B2C marketing, this does not occur because consumers are not
also selling products.[4]
Leasing: Businesses tend to lease expensive items while consumers tend to save up to buy
expensive items.[4]
Promotional methods: In B2B marketing, the most common promotional method is personal
selling. B2C marketing mostly uses sales promotion, public relations, advertising, and social
media.[4]

Marketing management orientations

A marketing orientation has been defined as a "philosophy of business management."[5] or "a corporate
state of mind"[35] or as an "organizational culture"[36] Although scholars continue to debate the precise
nature of specific concepts that inform marketing practice, the most commonly cited orientations are as
follows:[37]

Product concept: mainly concerned with the quality of its product. It has largely been
supplanted by the marketing orientation, except for haute couture and arts marketing.[38][39]
Production concept: specializes in producing as much as possible of a given product or
service in order to achieve economies of scale or economies of scope. It dominated
marketing practice from the 1860s to the 1930s, yet can still be found in some companies or
industries. Specifically, Kotler and Armstrong note that the production philosophy is "one of
the oldest philosophies that guides sellers... [and] is still useful in some situations."[40]
Selling concept: focuses on the selling/promotion of the firm's existing products, rather than
developing new products to satisfy unmet needs or wants primarily through promotion and
direct sales techniques,[41] largely for "unsought goods"[42] in industrial companies.[43] A
2011 meta analyses[44] found that the factors with the greatest impact on sales performance
are a salesperson's sales related knowledge (market segments, presentation skills, conflict
resolution, and products), degree of adaptiveness, role clarity, cognitive aptitude, motivation
and interest in a sales role).

Marketing concept: This is the most common concept used in contemporary marketing, and
is a customer-centric approach based on products that suit new consumer tastes. These firm
engage in extensive market research, use R&D (Research & Development), and then use
promotion techniques.[45][46] The marketing orientation includes:
Customer orientation: A firm in the market economy can survive by producing goods that
people are willing and able to buy. Consequently, ascertaining consumer demand is vital
for a firm's future viability and even existence as a going concern.
Organizational orientation: The marketing department is of prime importance within the
functional level of an organization. Information from the marketing department is used to
guide the actions of a company's other departments. A marketing department could
ascertain (via marketing research) that consumers desired a new type of product, or a
new usage for an existing product. With this in mind, the marketing department would
inform the R&D department to create a prototype of a product/service based on
consumers' new desires. The production department would then start to manufacture the
product. The finance department may oppose required capital expenditures since it
could undermine a healthy cash flow for the organization.

Societal marketing concept: Social responsibility that goes beyond satisfying customers and
providing superior value embraces societal stakeholders such as employees, customers,
 and local communities. Companies that adopt this perspective typically practice triple bottom
line reporting and publish financial, social and environmental impact reports. Sustainable
marketing or green marketing is an extension of societal marketing.[47]

The marketing mix

A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix
represents the basic tools that marketers can use to bring their products or services to the market. They are
the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing
mix.

The 4Ps

The traditional marketing mix refers to four broad levels of marketing decision, namely: product, price,
promotion, and place.[6][48]

Outline

Product
The product aspects of marketing deal with the
specifications of the actual goods or services,
and how it relates to the end-user's needs and
wants. The product element consists of One version of the marketing mix is the 4Ps
product design, new product innovation, method.
branding, packaging, labeling. The scope of a
product generally includes supporting
elements such as warranties, guarantees, and support. Branding, a key aspect of the
product management, refers to the various methods of communicating a brand identity for
the product, brand, or company.[49]
Pricing
This refers to the process of setting a price for a product, including discounts. The price
need not be monetary; it can simply be what is exchanged for the product or services, e.g.
time, energy, or attention or any sacrifices consumers make in order to acquire a product or
service. The price is the cost that a consumer pays for a product—monetary or not.
Methods of setting prices are in the domain of pricing science.[50]
Place (or distribution)
This refers to how the product gets to the customer; the distribution channels and
intermediaries such as wholesalers and retailers who enable customers to access
products or services in a convenient manner. This third P has also sometimes been called
Place or Placement, referring to the channel by which a product or service is sold (e.g.
online vs. retail), which geographic region or industry, to which segment (young adults,
families, business people), etc. also referring to how the environment in which the product
is sold in can affect sales.[50]
Promotion
This includes all aspects of marketing communications: advertising, sales promotion,
including promotional education, public relations, personal selling, product placement,
branded entertainment, event marketing, trade shows, and exhibitions. This fourth P is
 focused on providing a message to get a response from consumers. The message is
designed to persuade or tell a story to create awareness.[50]

Criticisms

One of the limitations of the 4Ps approach is its emphasis on an inside-out view.[51] An inside-out approach
is the traditional planning approach where the organization identifies its desired goals and objectives, which
are often based around what has always been done. Marketing's task then becomes one of "selling" the
organization's products and messages to the "outside" or external stakeholders.[49] In contrast, an outside-in
approach first seeks to understand the needs and wants of the consumer.[52]

From a model-building perspective, the 4 Ps has attracted a number of criticisms. Well-designed models
should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model
has extensive overlapping problems. Several authors stress the hybrid nature of the fourth P, mentioning the
presence of two important dimensions, "communication" (general and informative communications such as
public relations and corporate communications) and "promotion" (persuasive communications such as
advertising and direct selling). Certain marketing activities, such as personal selling, may be classified as
either promotion or as part of the place (i.e., distribution) element.[53] Some pricing tactics, such as
promotional pricing, can be classified as price variables or promotional variables and, therefore, also exhibit
some overlap.

Other important criticisms include that the marketing mix lacks a strategic framework and is, therefore, unfit
to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of
the marketing environment.[54]

Modifications and extensions

To overcome the deficiencies of the 4P model, some authors have suggested extensions or modifications to
the original model. Extensions of the four P's are often included in cases such as services marketing where
unique characteristics (i.e. intangibility, perishability, heterogeneity and the inseparability of production and
consumption) warrant additional consideration factors. Other extensions have been found necessary for
retail marketing, industrial marketing, and internet marketing

include "people", "process", and "physical evidence" and are often applied in the case of services
marketing[55] Other extensions have been found necessary in retail marketing, industrial marketing and
internet marketing.

The 4Cs

In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps
approach, the 4Cs has emerged as a modern marketing mix model.

Outline

Consumer (or client)

The consumer refers to the person or group that will acquire the product. This aspect of the model focuses
on fulfilling the wants or needs of the consumer.[7]

Cost
Cost refers to what is exchanged in return for the product. Cost mainly consists of the monetary value of the
product. Cost also refers to anything else the consumer must sacrifice to attain the product, such as time or
money spent on transportation to acquire the product.[7]

Convenience

Like "Place" in the 4Ps model, convenience refers to where the product will be sold. This, however, not
only refers to physical stores but also whether the product is available in person or online. The convenience
aspect emphasizes making it as easy as possible for the consumer to attain the product, thus making them
more likely to do so.[7]

Communication

Like "Promotion" in the 4Ps model, communication refers to how consumers find out about a product.
Unlike promotion, communication not only refers to the one-way communication of advertising, but also
the two-way communication available through social media.[7]

Environment
The term "marketing environment" relates to all of the factors (whether internal, external, direct or indirect)
that affect a firm's marketing decision-making/planning. A firm's marketing environment consists of three
main areas, which are:

The macro-environment (Macromarketing), over which a firm holds little control, consists of a
variety of external factors that manifest on a large (or macro) scale. These include:
economic, social, political and technological factors. A common method of assessing a firm's
macro-environment is via a PESTLE (Political, Economic, Social, Technological, Legal,
Ecological) analysis. Within a PESTLE analysis, a firm would analyze national political
issues, culture and climate, key macroeconomic conditions, health and indicators (such as
economic growth, inflation, unemployment, etc.), social trends/attitudes, and the nature of
technology's impact on its society and the business processes within the society.[8]
The micro-environment, over which a firm holds a greater amount (though not necessarily
total) control, typically includes: Customers/consumers, Employees, Suppliers and the
Media. In contrast to the macro-environment, an organization holds a greater (though not
complete) degree of control over these factors.[8]
The internal environment, which includes the factors inside of the company itself[8] A firm's
internal environment consists

of: Labor, Inventory, Company Policy, Logistics, Budget, and Capital Assets.[8]

Research
Marketing research is a systematic process of analyzing data that involves conducting research to support
marketing activities and the statistical interpretation of data into information. This information is then used
by managers to plan marketing activities, gauge the nature of a firm's marketing environment and to attain
information from suppliers. A distinction should be made between marketing research and market research.
Market research involves gathering information about a particular target market. As an example, a firm may
conduct research in a target market, after selecting a suitable market segment. In contrast, marketing
research relates to all research conducted within marketing. Market research is a subset of marketing
research.[9] (Avoiding the word consumer, which shows up in both,[56] market research is about
distribution, while marketing research encompasses distribution, advertising effectiveness, and salesforce
effectiveness).[57]

The stages of research include:

Define the problem

Plan research
Research
Interpret data
Implement findings[10]

Segmentation
Market segmentation consists of taking the total heterogeneous market for a product and dividing it into
several sub-markets or segments, each of which tends to be homogeneous in all significant aspects.[11] The
process is conducted for two main purposes: better allocation of a firm's finite resources and to better serve
the more diversified tastes of contemporary consumers. A firm only possesses a certain amount of
resources. Thus, it must make choices (and appreciate the related costs) in servicing specific groups of
consumers. Moreover, with more diversity in the tastes of modern consumers, firms are noting the benefit of
servicing a multiplicity of new markets.

Market segmentation can be defined in terms of the STP acronym, meaning Segmentation, Targeting, and
Positioning.

Segmentation involves the initial splitting up of consumers into persons of like needs/wants/tastes.
Commonly used criteria include:

Geographic (such as a country, region, city, town)

Psychographic (e.g. personality traits or lifestyle traits which influence consumer
behaviour)
Demographic (e.g. age, gender, socio-economic class, education)
Gender
Income
Life-Cycle (e.g. Baby Boomer, Generation X, Millennial, Generation Z)
Lifestyle (e.g. tech savvy, active)
Behavioral (e.g. brand loyalty, usage rate)[58]

Once a segment has been identified to target, a firm must ascertain whether the segment is beneficial for
them to service. The DAMP acronym is used as criteria to gauge the viability of a target market. The
elements of DAMP are:

Discernable – how a segment can be differentiated from other segments.

Accessible – how a segment can be accessed via Marketing Communications produced by
a firm
Measurable – can the segment be quantified and its size determined?
Profitable – can a sufficient return on investment be attained from a segment's servicing?

The next step in the targeting process is the level of differentiation involved in a segment serving. Three
modes of differentiation exist, which are commonly applied by firms. These are:
 Undifferentiated – where a company produces a like product for all of a market segment
Differentiated – in which a firm produced slight modifications of a product within a segment
Niche – in which an organization forges a product to satisfy a specialized target market

Positioning concerns how to position a product in the minds of consumers and inform what attributes
differentiate it from the competitor's products. A firm often performs this by producing a perceptual map,
which denotes similar products produced in the same industry according to how consumers perceive their
price and quality. From a product's placing on the map, a firm would tailor its marketing communications to
meld with the product's perception among consumers and its position among competitors' offering.[59]

Promotional mix
The promotional mix outlines how a company will market its product. It consists of five tools: personal
selling, sales promotion, public relations, advertising and social media

Personal selling involves a presentation given by a salesperson to an individual or a group

of potential customers. It enables two-way communication and relationship building, and is
most commonly seen in business-to-business marketing but can also be found in business-
to-consumer marketing (e.g.: selling cars at a dealership).[4]
Sales promotion involves short-term incentives to
encourage the buying of products. Examples of these
incentives include free samples, contests, premiums,
trade shows, giveaways, coupons, sweepstakes and
games. Depending on the incentive, one or more of the
other elements of the promotional mix may be used in
conjunction with sales promotion to inform customers of
the incentives.[4]
Public relations is the use of media tools to promote and
monitor for a positive view of a company or product in the
public's eye. The goal is to either sustain a positive
opinion or lessen or change a negative opinion. It can
include interviews, speeches/presentations, corporate
literature, social media, news releases and special
events.[4]
Advertising occurs when a firm directly pays a media
channel, directly via an in-house agency[60] or via an
advertising agency or media buying service, to publicize
its product, service or message. Common examples of Personal selling: Young female beer
advertising media include: sellers admonish the photographer
that he also has to buy some, Tireli
TV
market, Mali 1989
Radio
Magazines
Online
Billboards
Event sponsorship
Direct mail
Transit ads[4]
Social media is used to facilitate two-way communication between companies and their customers.
Outlets such as Facebook, Twitter, Tumblr, Pinterest, Snapchat and YouTube allow brands to start a
conversation with regular and prospective customers. Viral marketing can be greatly facilitated by social
media and if successful, allows key marketing messages and content in reaching a large number of target
audiences within a short time frame. These platforms can also house advertising and public relations
content.[4]

The marketing plan

The area of marketing planning involves forging a plan for a firm's marketing activities. A marketing plan
can also pertain to a specific product, as well as to an organization's overall marketing strategy. An
organization's marketing planning process is derived from its overall business strategy. Thus, when top
management is devising the firm's strategic direction/mission, the intended marketing activities are
incorporated into this plan.

Outline of the marketing plan

Within the overall strategic marketing plan, the stages of the process are listed as thus:

Executive Summary
Current marketing situation
Threats and opportunities analysis
Objectives and issues
Marketing Strategy
Action programs
Budgets
Control

Levels of marketing objectives within an organization

As stated previously, the senior management of a firm would formulate a general business strategy for a
firm. However, this general business strategy would be interpreted and implemented in different contexts
throughout the firm.

At the corporate level, marketing objectives are typically broad-based in nature, and pertain to the general
vision of the firm in the short, medium or long-term. As an example, if one pictures a group of companies
(or a conglomerate), top management may state that sales for the group should increase by 25% over a ten-
year period.

A strategic business unit (SBU) is a subsidiary within a firm, which participates within a given
market/industry. The SBU would embrace the corporate strategy, and attune it to its own particular industry.
For instance, an SBU may partake in the sports goods industry. It thus would ascertain how it would attain
additional sales of sports goods, in order to satisfy the overall business strategy.
The functional level relates to departments within the SBUs, such as marketing, finance, HR, production,
etc. The functional level would adopt the SBU's strategy and determine how to accomplish the SBU's own
objectives in its market. To use the example of the sports goods industry again, the marketing department
would draw up marketing plans, strategies and communications to help the SBU achieve its marketing
aims.

Product life cycle

The product life cycle (PLC) is a tool used by marketing managers
to gauge the progress of a product, especially relating to sales or
revenue accrued over time. The PLC is based on a few key
assumptions, including:

A given product would possess introduction, growth,

maturity, and decline stage
No product lasts perpetually on the market Product lifecycle, with the
A firm must employ differing strategies, according to assumption of four major phases:
where a product is on the PLC introduction, growth, maturity, and
decline. Curve of sales as a function
In the introduction stage, a product is launched onto the market. of the time of the product on the
To stimulate the growth of sales/revenue, use of advertising may be market. After a plateau in sales at
high, in order to heighten awareness of the product in question. product maturity, a steep decline can
follow.
During the growth stage, the product's sales/revenue is increasing,
which may stimulate more marketing communications to sustain
sales. More entrants enter into the market, to reap the apparent high profits that the industry is producing.

When the product hits maturity, its starts to level off, and an increasing number of entrants to a market
produce price falls for the product. Firms may use sales promotions to raise sales.

During decline, demand for a good begins to taper off, and the firm may opt to discontinue the manufacture
of the product. This is so, if revenue for the product comes from efficiency savings in production, over
actual sales of a good/service. However, if a product services a niche market, or is complementary to
another product, it may continue the manufacture of the product, despite a low level of sales/revenue being
accrued.[4]

See also
Account-based marketing Content marketing
Advertising Database marketing
History of advertising Demand chain
Online Advertising Digital marketing
Sex in Advertising Email remarketing
Advertising management Family in advertising
Affinity marketing Guerrilla Marketing
American business history History of marketing
B2B Marketing Internet marketing
Brand awareness List of marketing terms
Consumer confusion Loyalty marketing
Consumer behaviour Macromarketing
 Marketing management Real-time marketing
Marketing mix Return on marketing investment (ROMI)
Marketing science Relationship marketing
Marketing strategy Search Engine Marketing
Micromarketing Services marketing
Media manipulation Smarketing
Meta marketing Societal marketing
Mobile marketing Social media marketing
Multicultural marketing Sustainable market orientation
Product management Visual marketing
Product marketing Viral Marketing
Production orientation Web marketing
Public Sector Marketing Word-of-mouth marketing

Types of marketing
Agricultural marketing Influencer marketing
Business marketing and industrial Relationship marketing
marketing Services marketing
Destination marketing Social marketing
Global marketing

Marketing orientations or philosophies

Marketing orientation Socially responsible marketing and
Production orientation corporate social responsibility
Selling orientation Relationship marketing and customer
relationship management

References
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2. American Marketing Association, Definitions of Marketing (https://www.ama.org/the-definition
-of-marketing-what-is-marketing/), approved 2017, accessed 24 January 2021
3. Drucker, Peter (1954). The Practice of Management. New York: Harper & Row. p. 32.
4. Lamb, Charles; Hair, Joseph; McDaniel, Carl (2016). Principles of Marketing. Boston, MA:
Cengage Learning. ISBN 978-1-285-86014-5.
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6. McCarthy, Jerome E. (1964). Basic Marketing. A Managerial Approach. Homewood, IL: Irwin.
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External links
The dictionary definition of marketing at Wiktionary
Quotations related to marketing at Wikiquote
Marketing at Wikibooks

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