Marketing Terms - Difference between Direct and Indirect Marketing


Marketing:

Marketing is nothing but to tell about your product and to sell it.

The technical definition is

Marketing is the process of planning and executing the concepts, pricing, promotion and distribution of ideas/goods/services to satisfy individual's / organizational”.

Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.


There are several types of marketing are there, some of them are

Bench Marketing: Bench Marketing is nothing but the comparison of the business processes with competitors and improving prevailing ones.

Drip Marketing: Drip Marketing is sending promotional items to Clients.

Viral Marketing: Viral Marketing is marketing by word of the mouth, having a high pass rate from person to. The best example of this is creating a 'buzz' in the industry.

Guerilla Marketing: Guerilla Marketing is Unconventional marketing intended to get maximum results from minimal resources (Maximum results from Minimum resources)
Social Media Marketing: Marketing using online communities, social networks, blog marketing, etc is called social media marketing.

Internet Marketing: M marketing of products or services over the Internet is called Internet Marketing. It is also known as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM), and e-Marketing.

Digital Marketing: The marketing which uses digital advertising is called digital marketing. Television, Radio, Internet, mobile, etc.

Direct Marketing: If the company directly reaches the customers on a personal basis (ex: phone calls, private mailings, etc) rather than a traditional channel of advertising (like TV, Newspapers, etc) then that type of marketing is called Direct Marketing. There are a number of types in direct marketing. Some of them are

Direct Mail Marketing: Advertising material sent directly to home and business addresses (This is the most common form of direct marketing)

Telemarketing: It is the second most common form of direct marketing, in which marketers contact consumers by phone.

Email Marketing: This type of marketing targets customers through their email accounts (you might have observed them in your emails too)
Indirect Marketing: It is the distribution of a particular product through a channel that includes one or more re-sellers.


Difference between Direct and Indirect Marketing:

  • Direct marketing is where the consumer hears about a product or service from a salesperson or associate, representing the company offering the product or service.
  • Indirect marketing is where the consumer hears about a product or service from a third party. The third-party could consist of word of mouth from another customer, radio, television, newspaper, or billboards.
  • For example, an advertisement may ask the prospect to call on a free phone number, mail in a response or order, or click on a link to a website. This is an example of marketing is Direct Marketing.
  • An example of Indirect marketing is Katrina Kaif, as she markets LUX but she doesn’t own that company.

Product Life Cycle (PLC): A product life cycle is a business analysis that attempts to identify a set of common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used to map the lifespan of the product such as the stages through which a product goes during its lifespan.



IMPORTANT ABBREVIATIONS:


Ad: Advertising

MKT: Marketing

B2B: Business to Business

F500: Fortune 500

EM: Email

DM: Direct Mail

ABM: Account-Based marketing

TAP: Targeted account programs

DM: Digital Marketing

SE: Search Engine

SERP: Search Engine Results Page

SEM: Search Engine Marketing

SEO: Search Engine Optimization

SMM: Social Media Marketing

SMO: Social Media Optimization

PPC: Pay Per Click

PPA: Pay Per Action

PPI: Pay Per Impression

PPL: Pay Per Lead

CTR: Click-through rate

CPC: Cost Per Click

CPL: Cost Per Lead

CPS: Cost Per Sale

CMS: Content Management System

CRM: Content Relationship Management

MAP: Marketing Automation Platform

SFA: Sales Force Automation

BI: Business Intelligence

MLM: Multi-Level Marketing

FDI: Foreign Direct Investment

POP: Point of Purchase Display

R&D:  Research and Development

UPC: Universal Product Code

POS: Point of Sale Display

ROI: Return on Investment

CLS: Costumer Location System

RPM: Resale Price Maintenance

VAT: Value Added Tax

CR: Concession Rate

DRA: Direct Response Advertising

CLV: Customer Lifetime Value

eCommerce: Electronic Commerce

CRM: Customer Relationship Management

NPD: New Product Development

ROMI: Return on Marketing Investment

LTV: Life Time Value

BDI: Brand Development Index

CDI: Category Development Index

MR: Market Research

AIM: Alternative Investment Market

MS: Market Share

TMV: True Market Value

MAA: Marketing Authorization Application

MS: Market Surveillance

WOMM: Word of Mouth Marketing

IDRA: Industries Development and Regulation Act

UX: User Experience

GRS: Gross rating Point

BEP: Break-Even Point

PAN: Permanent Account Number

IMF: International Monetary Fund

EOQ: Economic Order quality.

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