What is Marketing
Relationships begin with conversations. However a good conversation cannot occur if we disagree on what we say and the meanings we put to the words we use. Hence I thought this would be a good piece to kick-start this website.
What is Marketing? 3 good official definitions:
- “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing UK)
- “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (American Marketing Association)
- “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.” (Kotler)
The 3 keywords here are process, customers and value. A lack of process means you lack strategy and business, just like wars, needs strategy to succeed. Not prioritizing your customers means you care more about yourself than your customers’ needs. Not considering value means you’re more worried about your paycheck than making your customers, team, even suppliers, happier.
Keeping these 3 factors in mind is important to ensure that your marketing is effective and holistic. Covers the major blind spots.