Formal Job Market

All advertised positions and all opportunities pursued through recruitment consultants or head hunters.
What makes it formal is that it is competitive and the selection process will be formally structured.

Pros

Cons

Virtual lottery, too competitive
You must fit the job spec exactly...no changing industries here
Demotivating, because you will lose out most of the time no matter how much you have to offer

Applying for advertised jobs

Do your homework. Make them feel special, that you are genuinely interested in them.
That means emphasizing their attractive qualities not just your own. Otherwise your application is too impersonal. Just like junk mail!
Phone in advance or do other research to help you learn what the employer's goals are and to help you think about how to tailor what you have to offer them.
Ask questions of contacts who can tell you what's going on in the company. Phone for more information in advance of your interview.
Specifically, find out what are their current burning issues and how they affect the prospective position.
Don't rely on the job advertisement alone as it is usually no more than a condensed job description which tells you little about what is really going on in the company.
Try to speak to the manager to whom the position reports. This is before you even apply.
Don't spend more than 10 to 20% of your weekly job search efforts on formal job applications. You should be spending 80 to 90% of your time on direct approaches and networking.