Marketing is defined by the American Marketing Association 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.
If you read the definition closely, you see that there are four activities, or components, of marketing:
- Creating. The process of collaborating with suppliers and customers to create offerings that have value.
- Communicating. Broadly, describing those offerings, as well as learning from customers.
- Delivering. Getting those offerings to the consumer in a way that optimizes value.
- Exchanging. Trading value for those offerings.
The traditional way of viewing the components of marketing is via the four Ps:
- Product. Goods and services (creating offerings).
- Promotion. Communication.
- Place. Getting the product to a point at which the customer can purchase it (delivering).
- Price. The monetary amount charged for the product (exchanging).
There is no doubt about it—the Internet has changed the world we live in. Never before has it been so easy to access information; communicate with people all over the globe; and share articles, videos, photos, and all manner of media.
The Internet has led to an increasingly connected environment, and the growth of Internet usage has resulted in the declining distribution of traditional media: television, radio, newspapers, and magazines. Marketing in this connected environment and using that connectivity to market is eMarketing.
EMarketing embraces a wide range of strategies, but what underpins successful eMarketing is a user-centric and cohesive approach to these strategies.
While the Internet and the World Wide Web have enabled what we call new media, the theories that led to the development of the Internet have been developing since the 1950’s.
Categories: Rob's notes