Dynamic content
Dynamic content is content that changes based on how your visitor behaves. It is also called 'adaptive content' or 'smart content'.
Examples of dynamic content
Facebook is a good example. What a user sees depends entirely on their interests (their likes), so everyone gets the news that is most interesting to them. Practically every large company is working or experimenting with dynamic content right now.
Marketing and dynamic content
Marketing and dynamic content go together well. Think of personal recommendations based on what someone bought, but also different conversion forms depending on how someone behaves online.
Dynamic content lets you get the right information to the right person at the right time. This often works with online personas: fictional people who stand for a larger group of visitors. You work out an online strategy for each persona. Based on how someone interacts with the site, you assign them to a persona and adapt your website to match.