Marketing vs. Advertising: What's the Difference?
You will often find that many people confuse marketing with advertising or vice versa. While both components are important they are very different. Knowing the difference could be worth thousands of dollars to you. Let's start off by reviewing the formal definitions of each and then I'll go into the explanation of how marketing and advertising differ from one another:
- Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm to its existing and potential buyers.
- Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.
After reading both of the definitions it is easy to understand how people can be confused. Know that you know the difference, let’s break it down a bit further.
Marketing is a process that takes time and can involve hours of research for a marketing plan to be effective. The best way to distinguish between advertising and marketing is to think of marketing as a pie, inside that pie you have slices of advertising, market research, media planning, public relations, product pricing, distribution, customer support, sales strategy, and community involvement. Advertising only equals one piece of the pie. All of these elements must work independently but they also must work congruently towards the bigger goal, selling your product. Think of marketing as everything that a Realtor does to facilitate an exchange between client and Buyer.
Advertising is a single component of the marketing process. It's the part that involves getting the word out. Advertising includes the placement and timing of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and of course the Internet. Advertising is the largest expense of most marketing plans, with public relations following in a close second and market research not falling far behind.
Knowing the difference between marketing and advertising and how they effectively interact could save you thousands of dollars on your sale. If you would like additional assistance developing your marketing and advertising strategies to increase your success, feel free to contact me by email or phone. I look forward to continuing to assist you in the near future.
Brooks Mone – Associate Broker
Coldwell Banker Prime Properties
(315) 671-3591 – Direct