Marketing tools are the strategies and techniques used by companies for development and promotion of their goods and services.
For example a company may use advertising, including print ads and television and radio commercials. Companies may also use direct mail marketing where catalogues, brochures, flyers, posters, reports or magazines are directly mailed to current and prospect consumers.
The newer techniques are social media marketing, online marketing and email marketing, for which various software solutions (also called tools) are available.
Another new marketing tool is membership cards that help the customers earn and store reward points. The company may allow these points to be used as currency for buying its new product or availing its new service.
Another important tool is market research and data analysis. Market research includes market research surveys that maybe be taken before or after the launch of a new product/service/practice. Data analysis consists of reaching conclusions about the market and consumer behavior by analyzing data collected through market research (surveys and other sources). For both market research and data analysis also there are several software solutions or tools available, like Survey-Monkey, Google Analytics etc.
Marketing tools maybe used increase sales of a product and to launch and promote a new product.
Marketing tools are more widely used by organisations that sell directly to the customer as compared to those that sell to businesses. Market research and analysis, and integrated marketing communication are the two most important marketing tools used by companies to market their offerings of goods and services.
Hence, this concludes the definition of Marketing Tools along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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