In 2021 Magna estimates the U.S. ad marketplace will grow by 4 percent, reaching $230 billion for the year.
If you’ve used the terms marketing and advertising interchangeably, you’re not alone. The misconception that these two words serve the same purpose in business is a common one and it’s easy to see why! Both require a deep understanding of one’s target market, well-crafted messaging, and high visibility placement.
Although marketing and advertising are equally important for promoting your product or service, recognizing their differences can be a game-changer for your business. At theBLOQparq (tBp), we are committed to assisting entrepreneurs in their endeavor to get their brands attention that is well-deserved. Providing opportunities for collaboration, sources of inspiration, and strategic insight regarding the overall promotion of your business.
It’s worthwhile for every entrepreneur to review the basic definitions of marketing and advertising, following it up with a deeper exploration into how they differ.
Marketing And The 4 Ps
The first thing to understand about marketing is that it’s not narrowed to a particular event or action. It is a much bigger picture comprising smaller (yet important) details such as advertising, market research, media planning, public relations, community relations, customer support, and sales strategy.
It all kicks off with your product’s design or service offering, identifying the sweet spot of your customers’ wants and needs. When it comes to a full-on marketing strategy, it’s necessary to take the plunge into the 4 P’s:
1. Product
This refers to a good (or service) that your company offers to its customers. Successful marketers need to understand their product’s life cycle. As a marketer you should know how much to charge for it, where you should place it, and how to promote it.
2. Price
Marketers link the price to their product’s real and perceived value. But there are other considerations; supply costs, seasonal discounts, and competitors’ prices. Marketing approaches include raising the price of a product or service to increase its perceived value or lowering the price so more consumers will act on purchasing.
3. Place
Here is where a marketer must determine where they should sell a product and deliver the product/service to the market. Placing a product or service in front of consumers who are most likely to buy it is always job number one!
4. Promotion
Promotion includes public relations, promotional strategy, and, yes, advertising! To promote a product is to share with consumers why they need it and why they should pay a specific price. Promotion and placement elements often go hand in hand as a way of reaching core audiences.
“Stopping advertising to save money is like stopping your watch to save time.”
– Henry Ford
Advertising And All Its Mad Men Glory
Now that we know advertising falls under the 4 P’s of marketing, it’s time to define what sets it apart. Advertising is how you expose your intended audience to your product or service. It is the way in which you generate interest and curiosity, captivating them with the need to purchase it. Advertising includes the placement of an ad in such mediums as newspapers, magazines, direct mail, billboards, TV, radio, and online.
This all leads to the original, end goal of marketing and advertising – the actual purchase of your product or service. Marketing and advertising are a partnership, working in tandem to help your business achieve higher levels of success.
Understanding the nuances between will increase the odds of your brand making it big time. At tBp, we invite small business owners and entrepreneurs to take center stage by building a supportive community and providing the perfect space where your dreams insist on being brought to life.