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New Post: The Difference Between Marketing and Advertising - https://lnkd.in/gfeNBh9B - If you ask the person next to you about the difference between marketing and advertising, there’s a strong possibility you won’t get a clear answer. That’s because for many people, there’s only a subtle difference between marketing and advertising that’s often difficult to explain. To be honest, advertising and marketing are closely related disciplines that have much in common. Yet they differ in many ways too. To see the differences and how each can benefit you as a small business owner, you must first understand the basics of both. The Difference Between Marketing and Advertising This section aims to unpack the distinct roles and impacts of marketing and advertising, clarifying how each contributes to the success of a small business. While closely related, understanding their unique functions is essential for strategic planning and growth. What is Marketing? Marketing, in simple terms, refers to the means of communication between a company and its target audience. The American Marketing Association defines it 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.” Marketing involves techniques such as market segmentation, target group identification and market analysis to adopt the right strategy for customer engagement and product promotion. Four primary elements that form the crux of marketing include Product, Price, Place and Promotion. These elements were introduced by marketer E. Jerome McCarthy. See the breakdown for each of these elements below. Product A product is seen as an item that addresses a consumer demand/need. It could be a tangible good or an intangible service. Choosing the right product is critical because it’s the cornerstone of your business and what attracts customers in the first place. Price This is the amount customers pay for the product. Price determines the company’s profitability and, thereby, whether or not the company will succeed. Setting the right price requires understanding your market and ensuring value for your customers. Place Products must be located in a place where consumers can access them. Place involves strategies such as selective distribution, franchising, and exclusive distribution. The right location or distribution channel can significantly increase a product’s success by making it easy for customers to find and purchase. Promotion All means of communication that a company adopts to provide information about the product are considered promotion. Promotion may include elements such as public relations, advertising, and sales promotion. Effective promotion increases the visibility and awareness of your product, encouraging more sales. Let’s now try and understand what advertising means. What is Advertising? Advertising is defined as a f

The Difference Between Marketing and Advertising

The Difference Between Marketing and Advertising

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