What are different types of Marketing or Marketing Strategies?

Marketing is an art of getting products and services created, priced, communicated, and delivered to potential consumers by meeting the objectives of the organisation.

To address “the types of marketing” question, we will consider marketingas activity for promoting the brand and products of a business for achieving market growth. Itcan be put into two types – Traditional marketing and Digital marketing. The tool of reaching the customer may overlap in these two types. For example, Internet as a tool is also used for Direct marketing purposes like email.

Before the advent of the internet, marketing involved pretty basic activities of communicating with the masses or individuals through TV, radio, personal selling, public relations, sales promotions and (mail) posts, tele-calling, catalogue marketing, etc.

We will discuss major Traditional marketing and Digital marketing types below –

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What is a Market? Also explain various types of markets?

Market is an institution or a mechanism allowing buyers and sellers to make exchanges. The term Market holds different meaning for different people. It originates from the Latin word “Marcatus” which means “a place where business is conducted.” For an average person it is a place where buyers and sellers meet and make exchanges. These exchanges can be done by a personal meet between the two or via intermediaries involved.

Types of Markets-

1. Consumer Market –
The buyers buy products and services for their personal consumption. For example, soaps, office stationary, bread, etc., which fall under the category of Fast Moving Consumer Goods. And the other category in this market is Durable Goods – the products or services utilised over a long period. For example, Refrigerators, cars, insurance products, banking services, etc.

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What do we Market?

According to Marketing Guru Prof. Philip Kotler, marketers market the below 10 entities-

1. Goods —
Good is something tangible that can be offered to market to satisfy a need or want. Physical goods constitute the bulk of most countries production and marketing effort. FMCG products, Newspapers, electronic devices are examples of goods.

2. Services —
A service is an offering that is essentially intangible and does not result in the ownership of anything. For example, hotel services, airlines, banks, insurance companies, transportation corporations etc. Professional services like lawyers, doctors, teachers etc.

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What is a Target Market?

A target market is selected by breaking down a total market into sub-markets. Since an organisations doesn’t has the resources or skills to meet all the demands of the people, it decides on certain preferences of the market that it can fulfil. Not everyone in the market likes the same movie, same sauce, same bathing soap, etc. If it tries to serve all the preferences it will never be able to satisfy all the demands or needs in the market. It will become a mammoth task to direct marketing strategies and getting a product created for everybody. Therefore the marketers divide the markets according to preferences.
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Explain Marketing Concept and its types?

Marketing Concept is the base for Marketing Management. It simplifies conducting business, streamlines the steps involved in decision making process to highlight the hurdles, and helps in taking necessary steps to overcome them.

It is a customer centric philosophy that an organisation adopts to serve customers and achieve organisational goals.

Over a period of time based on the technological developments marketing philosophy has gone through major changes. These have been divided into Traditional Marketing Concepts and Modern Marketing Concepts.
The Traditional Marketing concepts- The focus is mainly on achieving sales objectives. There are three types –

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