Knowing exactly how to market a product is one of the important things that determine the company’s performance. Therefore, as a business person, you need to know several types of product marketing that are useful for increasing your business development, ranging from word-of-mouth marketing to affiliate marketing using influencers or AI tools for affiliate marketing.
What Is Marketing?
First, it’s good you know in advance what is meant by marketing. Marketing is a planned activity carried out by a company in making various efforts to be able to meet market demand. The main goal is to maximize profits by creating a sales strategy.
It can also be understood that what is meant by marketing is an activity carried out by companies to promote a product or service that they create. When marketing is in accordance with the target, the company will get many buyers and profits can be obtained.
After knowing the meaning of marketing, you need to know the function of marketing. That functions, are:
- Product Introduction
Product introduction by the company becomes the most important marketing function. With marketing, products become better known by consumers. You have to highlight the advantages of the product so that it can attract the attention of consumers.
- Exchange Function
Marketing allows consumers to obtain information and buy products sold by exchanging products for money or products for products. This product can be used for your own purposes or resold for profit.
Marketing can be a great place to do research, either in person or online. Research allows business owners or companies to get precise information about the target market of a product. Things that are usually researched are age, gender, needs to income, and so on. The products produced can adapt to what and how the target market is.
- Physical Distribution
Ensuring that the product can be easily distributed well from the production site to the wide market using land, water and sea routes is the next marketing function. In this way, it can be ensured that the product will be easily obtained by consumers.
Types of Marketing
Here are some types of marketing:
- Word of Mouth Marketing (WoMM)
Word of mouth marketing is product information obtained by consumers from other consumers verbally and directly. Also known as word-of-mouth promotion and delivered directly.
- Public Relations Marketing (PR Marketing)
Public Relations is one of the most important types of marketing. Many companies cooperate with the media to increase their brand or product awareness and the benefits that consumers can get when they have this product.
- Relationship Marketing
Relationship marketing is marketing by building relationships with consumers. Building relationships with consumers is an effective way to market products. The goal is that when consumer loyalty has been built, when the company launches a new product, consumers will voluntarily buy the product.
- Digital Marketing
Digital marketing utilizes all its resources and assets online. Digital marketing or digital marketing maximizes all the potential that exists on the internet in order to achieve company targets. In addition, digital marketing is also an effective way to build a brand at a low cost. The target market can also be determined because many digital marketing service providers have this feature.
- Multi-Level Marketing
Multi-level marketing is a direct, multi-person form of marketing in which a company recruits and sells its products. Multi-level marketing is often known as network marketing because marketing personnel will earn commissions from the products they market as well as marketing and sales commissions from the network.
A product should have a target market, as well as a name or “brand,” to be known. Branding is one of the types of marketing that has a function as a long-term promotion. Branding often includes a name, slogan, and logo.
- Affiliate marketing
Third party co-marketing is where if another user buys a product from a special link, the affiliate will earn a commission. Affiliate is a term for those who promote products or third parties who market. Affiliates can also use AI tools for affiliate marketing in their implementation.
- Broadcast Ads
Radio as a marketing medium is one form of paid advertising that is commonly used by business owners or companies. The concept of marketing to consumers in this way is very potential because when turning on the radio the listeners really listen to what the announcer is saying. Meanwhile, to reach customers widely, apart from radio, you can also use marketing media on television.
That’s the meaning of marketing, some of its functions, and types of marketing ranging from word of mouth to using AI tools for affiliate marketing. From all of the above, it can be concluded that marketing is a very important step in an effort to launch a business.