OVERVIEW OF MARKETING KNOWLEDGE FROM AZ [2024]

Have you ever wondered why some brands stay ingrained in our minds, while others fade into oblivion? What makes us choose one product over another, even though they seem similar?

The answer lies in the power of Marketing. So, what is Marketing?

Simply put, Marketing is a set of activities to promote and sell products or services, from market research, and product development to advertising and customer care. However, Marketing doesn’t just stop at selling. It is also a bridge between businesses and customers, helping businesses understand customers’ needs and desires, thereby creating products and services that best meet those needs.

In this article, we will explore Marketing together in an overview, from basic concepts to practical applications. We will learn about different types of Marketing, from Traditional Marketing to Digital Marketing, as well as the steps in the Marketing process. Besides, we will also discuss the role of Marketing in building brands, growing sales, and creating competitive advantages for businesses.

• What is marketing?
• The role of Marketing for businesses
• Basic Marketing Process
• Types of Marketing Today
• Future Marketing Trends
• Distinguish between Marketing and Branding
• Frequently Asked Questions about Marketing

What is marketing?

According to the American Marketing Association (AMA),

Marketing is an activity, a set of organizations and processes to create, communicate, distribute and exchange valuable products/services for customers, partners and society as a whole.

According to the “father” of modern marketing – Philip Kotler,

Marketing is the responsible management process of identifying, predicting, and satisfying customer needs profitably.

Both definitions emphasize that Marketing does not only focus on selling products or services but also aims to understand and satisfy customer needs, thereby creating value for both customers and businesses. career.

The ultimate goal of Marketing is to attract consumers to the brand through messages. Ideally, that message will be useful and educational to your target audience so you can convert consumers into leads.    

Marketing Mix and 4Ps in Marketing

Marketing Mix, also known as marketing mix, is the combination of marketing tools and tactics that businesses use to achieve business goals. It includes all the activities businesses undertake to reach and attract customers, from product development to advertising and distribution.

Marketing Mix is ​​not simply the use of a single marketing tool but the harmonious combination of many different tools to create a synergistic effect. The goal of Marketing Mix is ​​to optimize the effectiveness of marketing activities, thereby achieving the business goals of the enterprise.

4P is one of the most popular Marketing Mix models, widely used in the marketing field. 4P stands for four main elements in the Marketing Mix:

• Product:  Product is the core element of the Marketing Mix. It covers all aspects related to the product, from design, features, and quality to packaging and after-sales service. Products need to meet the needs and wants of target customers to be successful in the market.
• Price:  Price is the amount a customer must pay to purchase a product or service. Product pricing directly affects the revenue and profits of the business. Businesses need to consider many factors when pricing products, including production costs, product value, competitors’ prices, and customers’ ability to pay.
• Place (Distribution):  Distribution is the process of bringing products from manufacturers to consumers. Distribution channels can be direct (direct sales from manufacturers to consumers) or indirect (through intermediaries such as wholesalers and retailers). Choosing the right distribution channel will help the product reach the right customers and increase sales.
• Promotion:  Promotion is all communication activities that businesses use to promote products or services to target customers. Promotional activities include advertising, public relations, sales promotions, direct marketing, and digital marketing. The goal of promotion is to create product awareness, stimulate demand, and drive customer purchasing behavior.

The 4Ps are a simple but effective model to help businesses build a comprehensive marketing strategy. By considering and adjusting these four factors appropriately, businesses can create an optimal Marketing Mix that meets customer needs and achieves business goals.

The role of Marketing for businesses

Marketing plays an extremely important role in the development and success of businesses. It is not simply advertising or sales activities, but an overall strategy that affects every aspect of the business. Below are some outstanding roles in Marketing for businesses:

• Understanding customers:  Marketing helps businesses better understand their target customers, from their needs, desires, and shopping behavior to the problems they are facing. Through market research, customer surveys, and data analysis, Marketing provides detailed information for businesses to develop appropriate products and services that best meet customer needs.
• Building and developing a brand: A brand is a valuable intangible asset of a business. Marketing helps build and develop brands by creating unique, distinct, and memorable images, messages, and core values. A strong brand will help businesses attract and retain customers, create trust, and increase product value.
• Communication and promotion of products/services:  Marketing helps businesses convey messages about products and services to the right target customers through appropriate communication channels. Product promotion not only helps increase sales but also raises brand awareness and builds trust with customers.
• Increase sales and profits:  The ultimate goal of Marketing is to promote sales and profits for businesses. By attracting new customers, encouraging current customers to shop more, and increasing the average value of each order, direct marketing contributes to business growth.
• Building and maintaining relationships with customers:  Marketing does not stop at selling but also aims to build long-term and sustainable relationships with customers. Through providing good customer service, solving problems, and listening to feedback, Marketing helps build customer loyalty and satisfaction.
• Create competitive advantage:  In a fiercely competitive market, Marketing helps businesses create differences and competitive advantages over competitors. By uniquely positioning their brands, developing innovative products, and implementing effective marketing campaigns, businesses can attract and retain customers, while creating barriers for competitors.
• Measure and optimize effectiveness:  Marketing is not only about carrying out advertising activities but also about measuring and evaluating the effectiveness of campaigns. Through data collection and analysis, businesses can better understand the effectiveness of Marketing activities, thereby making adjustments and optimizations to achieve better results.

Basic Marketing Process

1. Market Research

This is a fundamental step, in helping businesses understand their target market, competitors, and potential customers. Main activities include:

• SWOT analysis:  Evaluate the strengths, weaknesses, opportunities, and threats of the business. This helps determine the business’s position in the market and devise appropriate strategies.
• Customer research:
  • Identify target customer portraits (buyer persona): demographics (age, gender, income, occupation…), psychology (hobbies, lifestyle, values…), behavior (habits) shopping habits, and favorite information channels…).
  • Collect information about customer needs, desires, and problems through surveys, interviews, and focus groups…
  • Analyze customer data to better understand behavior and make data-driven decisions.
• Research competitors:
  • Identify direct and indirect competitors.
  • Analyze marketing strategies, products, prices, distribution channels, and communication activities of competitors.
  • Look for differences and competitive advantages of your business compared to your competitors.
• Research market trends:
  • Follow the latest trends in industry, technology, and consumer behavior.
  • Predict market changes to devise appropriate strategies.

To be able to accurately determine the customer’s purchasing journey and have an effective marketing plan in each stage, you should clearly understand the Marketing funnel – an effective model that is widely used by marketers in their marketing process. customer research program.

2. Segmentation, Targeting, and Positioning (STP)

After researching the market, businesses need to divide the market into smaller groups (segments) based on common characteristics, thereby choosing one or more segments to focus on (targeting) and creating a unique position. unique position in the customer’s mind (positioning).

• Market segment:
  • Use criteria such as demographics (age, gender, income…), geography (region, country…), psychographics (lifestyle, values…) and behavior (buying habits). shopping, product usage level…) to divide the market into smaller groups.
• Select target market:
  • Evaluate the potential and suitability of each segment with the resources and goals of the business.
  • Select one or more segments with the highest profit potential and most suitable for the business.
• Brand positioning:
  • Identify differences and competitive advantages of products/services.
  • Build a unique, consistent message and brand image that attracts target customers.

3. Marketing Planning

This is an important step in turning information collected from market research into specific strategies and actions.

• Determine marketing goals:
  • Goals should be specific, measurable, feasible, appropriate to resources, and have a clear deadline (SMART).
  • For example: increase sales by 20% in the next quarter, and increase brand awareness by 15% within 6 months…
• Building Marketing Strategy:
  • Choose Marketing Mix strategies (4Ps or 7Ps) that suit your goals and target customers.
  • Identify appropriate marketing channels (traditional, digital, or a combination of both).
• Marketing budget allocation:
  • Determine the total budget for Marketing activities.
  • Allocate the budget for each specific activity (advertising, PR, events, content…).
• Make an implementation plan:
  • Make a detailed schedule for each Marketing activity.
  • Assign responsibilities to each team member.
  • Develop effective measurement and evaluation tools.

One of the most effective marketing strategies today is Inbound Marketing, which helps attract potential customers in the most natural and cost-effective way.

4. Marketing implementation

This is the stage of implementing planned marketing activities.

• Implement advertising campaigns:
  • Design and implement advertising campaigns on selected channels (traditional, digital).
  • Measure and optimize advertising effectiveness.
• Event organization:  Workshops, exhibitions, product launches, community activities…
• Implement promotional programs:  Discounts, gifts, loyalty programs…
• Building Marketing content:  Blog articles, videos, infographics, ebooks…
• Manage social media channels:  Create engaging content, interact with customers, build community…
• Customer relationship management (CRM):  Building long-term relationships with customers, taking care of customers after sales.

5. Evaluation and Control (Evaluation and Control)

This is the last but not least important step, helping businesses evaluate the effectiveness of marketing activities and make adjustments if necessary.

• Data collection:
  • Use website analysis tools, social networks, email marketing…
  • Collect feedback from customers through surveys, interviews…
• Data analysis:
  • Evaluate the effectiveness of each activity based on Marketing KPIs (Key Performance Indicators) such as website visits, conversion rates, sales…
  • Find trends and patterns in data to make better decisions.
• Evaluate results:
  • Compare actual results with set goals.
  • Identify effective and ineffective marketing activities.
• Adjust plan:
  • Based on the assessment results, adjust the Marketing plan accordingly.
  • Optimize Marketing activities to achieve greater efficiency.

Note:  The Marketing process is not linear but a continuous loop. Steps can be repeated multiple times to optimize efficiency and adapt to market changes.

Refer to our article on 83 common marketing terms to better understand common concepts and terms in this field.

Types of Marketing Today

Traditional Marketing

Traditional marketing includes 6 specific forms as follows: Traditional advertising, public relations (PR), direct marketing, Event Marketing promotions and Print marketing.

Traditional advertising

Traditional advertising includes media such as TV, newspapers, radio, billboards, banners… This is a type of advertising that has a large reach to many potential customers, creating a strong impression that helps enhance brand recognition.

Traditional public relations (PR traditional marketing)

Traditionally, PR focuses on media relations, press releases, and events aimed at attracting attention in print and broadcast media. The goal is to shape public perception and raise awareness through media deemed trustworthy by the audience. This approach relies heavily on building relationships with journalists and media outlets to secure coverage in newspapers, magazines, TV and radio.

Direct marketing

Telemarketing is a marketing method that uses the telephone to contact potential and current customers to understand needs, introduce products/services, provide information, answer questions, make appointments, Send reminders, and collect feedback. Although effective in reaching customers, telemarketing can also be annoying if not done skillfully.

Promotion

Promotion is a popular marketing strategy, including incentives such as discounts, gifts, or points to attract and retain customers. This form creates a feeling of savings and shopping excitement for consumers. As a result, sales increase, creating loyalty from existing customers and attracting new customers. In addition, it also helps enhance brand image and improve relationships with customers.

Event Marketing

Event Marketing is a unique marketing strategy through organizing events to create direct experiences and close interactions with customers. This type helps increase sales, enhance brand awareness, and build deep relationships, creating new business opportunities through networking and direct interaction.

Print Marketing

Print Marketing is the use of printed materials such as newspapers, magazines, business cards, flyers, catalogs, etc. to promote a business’s brand and products.  By sponsoring articles with relevant content, you can generate attention and build a positive brand image. Many customers are people who regularly subscribe to print newspapers and magazines. You should sponsor articles to post related content that your customers are interested in. 

Digital Marketing

Digital Marketing includes  11 main forms, including SEO, Online Advertising, Content Marketing, Social Marketing, Video Marketing, Brand Marketing, Email Marketing, Influencer Marketing, Affiliate Marketing, Webinars and Online Events, and PR in modern marketing.

SEO

SEO is the acronym for Search Engine Optimization – Search engine optimization. And website SEO is a set of methods that help improve the ranking of a website on search engine results pages – SERPs (usually Google). SEO in marketing helps businesses reach the right target customers at the right time when up to  49% of surveyed shoppers said they use Google to discover or find a new item or product.

Online advertising

Online advertising is the use of platforms such as Google Ads, Facebook Ads, and YouTube Ads to deliver messages to target audiences on the Internet. Online advertising helps reach a large audience, target audiences, measure detailed effectiveness, and interact directly with potential customers.

To better understand marketing methods on the Internet environment, you can refer to GTV’s article on What is Online Marketing.

Content Marketing

Content Marketing is a marketing strategy that focuses on creating and sharing valuable content to create trust, long-term engagement, and drive purchases.  Its distinguishing features include creating useful content, using multiple communication channels, SEO optimization, and two-way interaction.

Social Media Marketing

Social Media Marketing is the use of social media platforms such as Facebook, Instagram, and Twitter to create content, interact with customers, and build a brand. Thanks to Social Marketing channels, businesses quickly reach potential customers effectively and increase brand recognition.

Video Marketing

Video Marketing is the production and sharing of videos with advertising content, instructions, and product introductions to connect and motivate customers to take action.  Today, many people invest in designing and publishing videos that are entertaining but still contain a lot of value, thereby attracting more potential customers.

Brand Marketing

Brand marketing is a strategy that focuses on building the long-term reputation and identity of a business. It goes beyond just promoting individual products or services and instead focuses on shaping the overall perception of the brand in the minds of consumers.

Successful brand marketing requires alignment of core values, messaging, and brand experience across all marketing channels.

Email Marketing

Email Marketing is a method of reaching customers by sending advertising messages and business product/service information via email.  This is an important part of your online marketing strategy, helping to maintain engagement with existing customers, build relationships with new customers, and drive purchases.

Influencer Marketing

A method of collaborating with famous and influential people on social networks (Influencers) to promote the brand’s products and services to their followers. The goal is to increase credibility, reach the target audience, and increase brand recognition.

Some activities of this form of Marketing include: Posting reviews, livestreaming sales, participating in events, and creating promotional content on influencer channels.

Affiliate Marketing (Affiliate Marketing)

Is a marketing strategy in which collaborators promote a business’s products to receive commissions based on sales or leads generated through activities such as: placing links, writing reviews, running ads, send marketing emails.

Webinars and Online Events (online events)

This method includes seminars, presentations, and product introductions held online. Some advantages include: saving costs, reaching a large number of potential customers, building a leading position, and increasing customer interaction and conversion.

PR in modern marketing

PR in the digital age has evolved to include online activities such as press releases, content marketing, social media activities, influencer collaborations, and even crisis management in the digital environment. online school. The core purpose of PR is still to position the brand in the minds of customers and enhance the brand’s reputation. However, today PR uses both traditional and digital media channels (such as blogs, social networks, and online news sites) in parallel to achieve this goal.

Future Marketing Trends

The business landscape is constantly changing, leading to the development of Marketing with outstanding new trends. To stay competitive and adapt to the market, businesses need to grasp and apply these trends:

• Personalization:

No longer the era of mass marketing campaigns, modern marketing aims to personalize the experience for each customer. Thanks to the support of technology and big data (Big Data), businesses can collect and analyze information about the preferences, behaviors, and needs of each customer, thereby creating content and products. products and services tailored to each individual. Personalization helps increase customer interaction, engagement, and loyalty to the brand.

• Artificial Intelligence (AI) and Machine Learning:

AI and Machine Learning are revolutionizing the way we approach Marketing. AI tools can automate repetitive tasks, analyze big data to generate customer insights and predict market trends. AI chatbots support 24/7 customer care, while Machine Learning algorithms help personalize experiences and optimize advertising campaigns.

• Omnichannel Marketing:

Multi-channel marketing is a strategy that integrates different marketing channels such as websites, social networks, email, and mobile applications… to create a seamless and consistent experience for customers across every touch point. This helps businesses reach customers anywhere, anytime, and increases the effectiveness of marketing campaigns.

• Social Responsibility Marketing:

More and more consumers are concerned about social and environmental issues. Socially responsible marketing is how businesses demonstrate their commitment to sustainable values, contributing to the community, and protecting the environment. This not only helps build a positive brand image but also creates differentiation and attracts customers with similar values.

• E-commerce and Mobile Marketing:

The growth of e-commerce and the increasingly popular use of mobile phones have created new opportunities for Marketing. Businesses need to optimize the online shopping experience and design mobile-friendly marketing campaigns to effectively reach and serve customers.

Distinguish between Marketing and Branding

Marketing and Branding are two concepts that are often used together in business activities, however, they have important differences that need to be clarified:

• Marketing is a set of activities to promote sales and business growth through promoting products and services and reaching target customers.
• Branding is the process of building and managing brand images, values, ​​and identities in the minds of customers, to create differentiation and loyalty.

Marketing and Branding are not separate but complement each other in achieving common business goals. Marketing helps bring brands closer to customers, while Branding helps build trust and value for the brand, thereby promoting purchasing behavior and maintaining long-term relationships with customers.

Frequently Asked Questions about Marketing

Is learning Marketing difficult?

Learning Marketing is easy or difficult depending on each person’s own efforts, level of passion, determination, and ability. This is a subject that requires thinking, creativity, and a quick grasp of the necessary information. If you find yourself suitable and determined to study this field, do not hesitate to venture into this interesting field.

What do you do after studying Marketing?

Studying Marketing opens up many diverse and attractive career opportunities. With knowledge and skills in Marketing, you can take on many different positions in businesses, and organizations and even start your own business. Below are some popular jobs that Marketing graduates can choose from:

1. Marketing Specialist:

• Job description:  Plan and implement marketing campaigns, manage communication channels, analyze data, and evaluate campaign effectiveness.
• Specific positions:  Content Marketing Specialist, Social Network Marketing Specialist, SEO/SEM Specialist, Email Marketing Specialist…

2. Brand Specialist:

• Job description:  Build and manage the brand image, develop brand communication strategies, and ensure consistency in brand messages and images across media channels.

3. Public Relations Specialist (PR Specialist):

• Job description:  Build and maintain good relationships with the public, press, and stakeholders, organize media events, and manage media crises.

4. Market Research Analyst:

• Job description:  Collect, analyze, and interpret market data, and research consumer behavior, competitors, and market trends to make informed business decisions.

5. Product Manager:

• Job description:  Manage the entire product lifecycle, from research and development to launch and product marketing.

6. Business Development Specialist:

• Job description:  Search and develop new business opportunities, build relationships with potential customers and partners, and negotiate and sign contracts.

7. Content Creator:

• Job description:  Create attractive and quality content for business communication channels, including blog articles, videos, images, infographics…

8. Marketing Consultant:

• Job description:  Provide consulting and support services to businesses on marketing-related issues, from strategy formulation to implementation and effectiveness evaluation.

9. Marketing Lecturer/Researcher:

• Job description:  Teach marketing courses at universities, colleges, or training centers, and research and publish scientific works on marketing.

10. Start a business:

• With Marketing knowledge and skills, you can confidently start and build your own business.

In addition, you can also work in Marketing-related fields such as advertising, communications, event organization, retail, e-commerce…

Which school should I study marketing?

You should study Marketing at the following schools:

• National Economics University
• Academy of Finance
• University of Commerce
• Posts and Telecommunications Institute of Technology
• Hanoi University
• RMIT International University Hanoi
• edX University
• University of Finance and Marketing
• University of Economics – Law – National University, Ho Chi Minh City
• Ho Chi Minh City University of Economics and Finance
• Ho Chi Minh City University of Economics

Can I learn marketing by myself?

You can self-study Marketing if you have a previous foundation because Marketing is an open field.  If you are a thoughtful, creative, passionate, and disciplined person, self-learning marketing is not too difficult to do. You can refer to books, newspapers, specialized magazines, websites sharing about marketing, forums, groups about marketing,…

In this article,  GTV SEO  has helped you better understand marketing through the concept of what marketing is. And especially, helped students answer questions about what marketing is all about.

Surely every marketing department must set up their daily plans because marketing is not simple at all. But don’t worry too much! I guarantee that just by following the above habits, you will soon be a professional!

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