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Marketing Industry Review

Marketing involves those activities a company undertakes to promote the buying and selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company. 

With the constant advancement and development of technology, the world has shifted from what use to be traditional marketing to what we regard today as digital marketing. Digital marketing, online marketing, internet advertising…whatever you call it, basically refers to marketing your company online. This is a big deal these days. After all, internet usage has more than tripled over the past decade and this shift has massively affected how people purchase products and interact with businesses.

So, what is digital marketing? Digital marketing is like any other type of marketing is a way to connect with and influence your potential customers. The real difference is, you connect with and influence those customers online.

The global marketing industry is now seen with a clearer view, thanks to a survey compiled by equity research firm Redburn and PwCIt calculates that the sector is now worth $1.7 trillion worldwide – far higher than previous estimates. A proprietary study was done on all traditional paid and digital media, in addition to owned media, paid promotions, sales promotions and investments in data and marketing technology to arrive at this attention-grabbing headline number.

Marketing companies employ consultants who advise businesses on ways to improve their marketing tactics, with the goal of understanding what customers want, giving them what they want, and increasing profits. Businesses may hire marketing professionals to conduct marketing and sales research (e.g., public opinion polls, surveys, etc.), sales forecasting, developing marketing objectives and policies, developing and pricing new products, and for other assistance in improving and enhancing their business operations. Governments, educational, religious, social service, and nonprofit organizations hire marketing specialists to help them manage their products and services and promote their brands.

The types of jobs in the marketing industry include marketing managers, market research analysts, and marketing specialists. Marketing professionals may work in-house with companies on a full-time basis or they may be hired as independent consultants. Other business areas that the marketing industry works closely with include brand and product management and development, advertising, promotions, public relations, and media relations.

Professionals who work in a corporation’s marketing and promotion departments seek to get the attention of key potential audiences through advertising. Promotions are targeted to certain audiences and may involve celebrity endorsements, catchy phrases or slogans, memorable packaging or graphic designs and overall media exposure. As a result of the global development of digital marketing, so many marketers, influencers and celebrities are cashing out through this means and thus the industry has become so large that literally every person that has digital presence on social media wants to be a marketer or influencer.

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