What is Marketing? Definition and Strategies

Marketing is the strategic art of connecting businesses with their audiences to drive growth and achieve lasting success. In 2023, marketing accounted for 13.6% of a company’s budget, according to a study by Deloitte. This was an increase of 3.9% compared to the previous two years.  

A marketer’s goal is to promote a company’s products, engage with customers, and address their needs. By understanding consumer needs and delivering offerings through appropriate channels, marketing ensures customer satisfaction and loyalty. This will help establish long-term relationships and increase sales.  

What is the Definition of Marketing?  

The American Marketing Association (AMA) defines marketing as the activities, institutions, and processes involved in creating, communicating, delivering, and exchanging offerings that provide value to customers, clients, partners, and society as a whole. At its core, marketing involves identifying, predicting, and fulfilling customer needs and wants by effectively communicating the benefits of a product or service. Continued education, like earning a Master of Science in Marketing, is paramount for marketers to stay on top of emerging trends and refine their skills in the ever-changing world of marketing. 

Types of Marketing Strategies  

Businesses need to provide value to keep their customers happy and stay competitive. This benefits customers by giving them better quality, more choices, and affordable prices.  

To achieve this, marketers must leverage an array of marketing strategies to effectively reach and engage their target audiences. Utilizing different types of marketing allows businesses to maximize their visibility and impact across various platforms and consumer touchpoints. Below are seven effective strategies that you can integrate into your business’s marketing plan:  

Digital Marketing: Leveraging online platforms and technologies to reach and engage with customers. This includes email marketing, social media, pay-per-click (PPC) advertising, and search engine optimization (SEO). 

Traditional Marketing: Utilizing conventional channels such as print media, television, radio, and outdoor advertising.  

Inbound Marketing: Attracting customers through valuable content and experiences tailored to their needs. This strategy focuses on building long-term relationships and providing solutions that address customer pain points.  

Outbound Marketing: Initiating contact with potential customers through direct marketing efforts such as cold calling, direct mail, email and telemarketing. This approach often aims for immediate response and conversion.  

Content Marketing: Creating and delivering relevant content that attracts and retains a defined audience. It aims to drive profitable customer actions by providing informative and engaging material.  

Social Media Marketing: Creating and using social media accounts on Facebook, Instagram, and LinkedIn to connect with customers and build brand awareness. It involves creating content, running ads, and analyzing performance metrics.  

Influencer Marketing: Collaborating with influencers, who are individuals with a large following on social media and can influence a target audience, to promote products or services.  

Event Marketing: Promoting products, services, or brands through in-person and virtual events, such as trade shows, conferences, or webinars, to engage potential customers and create memorable experiences. 

How to Create a Marketing Strategy?  

When choosing from the above marketing strategies it’s important to create a detailed plan focusing on company goals and understanding what customers want. Choosing an effective marketing strategy will help to establish a unique competitive edge for a business. It spans from identifying target customers to selecting the most effective channels to engage them. 

Creating a marketing strategy involves some crucial steps. Here are key considerations to keep in mind as you develop your plan:  

1. Set Your Goals: Establish some short-term and long-term objectives such as building authority, enhancing customer engagement, or generating leads provides tangible milestones for evaluating progress.  
2. Understand Your Audience: Understand the demographics, preferences, and behaviors of your target customers. Identify the consumer journey and how your product or service can address their needs. Tailor your marketing ideas to resonate with your ideal customer.  
3. Allocate Your Budget: Allocate resources wisely by determining how much you can afford to invest in marketing activities. Consider whether you’ll allocate funds towards advertising, social media promotion, or other strategies.  
4. Choose Your Channels: Choose the most effective channels for reaching your target audience. Choose platforms that match your audience’s preferences and behavior, such as blogs, social media, emails, or traditional media.  
5. Use Data to Drive Decisions: Establish metrics to measure the effectiveness of your marketing initiatives. Track key performance indicators (KPIs) such as website traffic, conversion rates, and customer engagement. Regularly evaluate your progress to identify areas for improvement to refine your strategy.  

UIC’s Online Master of Science in Marketing  

Businesses can achieve their goals and enhance customer relationships by implementing diverse marketing strategies that deliver added value. The University of Illinois Chicago (UIC) offers an online Master of Science in Marketing program. This 100% online program provides students with a comprehensive education to help professionals excel in key domains. 

Housed in the UIC Business Liautaud Graduate School, the online MS in Marketing degree is a 32-credit hour program and can be completed in 12 months. Students will learn from a renowned faculty involved in research and practice. The program’s curriculum integrates theory with practical application and covers a range of topics, such as consumer behavior, branding, digital marketing, and strategic marketing management. UIC’s online MS in Marketing program is an excellent choice for professionals working in marketing or looking to break into the field.