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Marketing Basics Marketing Definition Marketing is 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." The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably." Marketing Disciplines To effectively build your marketing foundation the following disciplines are followed: Situation Analysis - Understand the competition and how your company compares Target Market & Segmentation - Identify the target market and the various segments that you service Marketing Goals - Define and clarify your marketing goals for the year Positioning, Differentiation & Messages - Develop positioning to separate your company's offerings from the competition Marketing Strategy- Develop the marketing mix for each target segment at the strategic level Brand Image & Identity - Determine your ideal brand identity and discuss the type of image you want to project Marketing Communication Tools - Identify the tools needed to fulfill the call to action of the different marketing activities Marketing—Simple Definitions 1. Marketing: aligning solutions and needs to everyone's mutual benefit 2. Outbound Marketing: getting seen, heard and hopefully some attention 3. Inbound Marketing: getting found through different and unusual places 4. Content Marketing: sharing what you know and have to help people make decisions 5. Social Marketing: leveraging human interactions to convey a message 6. Search Marketing: increasing the odds of being in a prominent position when people look 7. Email Marketing: saying or offering something of value to those interested in hearing from you 8. Direct Marketing: targeting a single individual in the hopes of eliciting a response 9. Affiliate Marketing: encouraging and rewarding others to market to their audience 10. Inline Marketing: leveraging media in ways that meet customer/prospect expectations Common Forms of Marketing 1. Brand Marketing 2. Promotions 3. Direct Marketing 4. Public Relations 5. Research 6. Online Marketing 7. Search Engine Optimization 8. Search Marketing 9. Social Media Marketing 10. Mobile Marketing Customer Focused Marketing Product → Solution Price → Value Place → Access Promotion → Information