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Social media marketing is the use of social media platforms and websites to promote a product or service. [1] Although the terms e-marketing and digital marketing are still dominant in academia, social media marketing is becoming more popular for both practitioners and researchers.
Social media use by businesses includes a range of applications. Although social media accessed via desktop computers offer a variety of opportunities for companies in a wide range of business sectors, mobile social media, which users can access when they are "on the go" via tablet computers or smartphones, benefit companies because of the location- and time-sensitive awareness of their users.
This includes advertising, sales promotions, public relations, social media marketing, and any other methods used to create awareness and generate interest in the offering. [1] The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market". [2]
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Consequently, social marketing scholars are beginning to advocate for a broader definition of social marketing: "Social marketing is the application of marketing principles to enable individual and collective ideas and actions in the pursuit of effective, efficient, equitable, fair and sustained social transformation".
[9] 67% of all Internet users globally use social media. [10] Mass communication has led to modern marketing strategies to continue focusing on brand awareness, large distributions and heavy promotions. [8] The fast-paced environment of digital media presents new methods for promotion to utilize new tools now available through technology.
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.