Standard mail is the USPS service that is reserved for mailings over 200 piece that do not contain handwritten or typewritten material, bills, statements of account or invoices, credit cards, personal correspondence, personalized business correspondence, or any matter sealed or otherwise closed against inspection. Essentially standard mail is marketing mail, which is why the USPS now refers to Standard Mail as Marketing Mail.
There are different terminologies used by the USPS and the public to describe Standard Mail. As mentioned, at moment USPS is in the process of changing the name of Standard Mail to Marketing Mail. In the past it has also been referred to as 2nd class mail and bulk mail.
Standard mail has a much slower delivery time than first class mail but the postage rates are also much less. Standard mail also can be inspected by the USPS. There is also no return service on Standard mail so if the address is undeliverable the mail piece will be disposed of instead of sent back.
There are also restrictions on the type and dimensions of the mail piece that can be sent Standard Mail. Typically Standard Mail applies to postcards, letters and magazines.