Marketing: what is it?
When in doubt, Wiki it! I needed a good definition of marketing…what I thought it is and what Wiki thinks it is are two different things!
Here is what Wiki had to say:
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.
From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response.
Marketing satisfies these needs and wants through exchange processes and building long term relationships.
Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that also benefit the organization and its shareholders.
Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behavior and providing superior customer value.
There are five competing concepts under which organizations can choose to operate their business:
- the production concept,
- the product concept,
- the selling concept,
- the marketing concept,
- and the holistic marketing concept.
The four components of holistic marketing are
- relationship marketing,
- internal marketing,
- integrated marketing, and
- socially responsive marketing.
The set of engagements necessary for successful marketing management includes:
- capturing marketing insights,
- connecting with customers,
- building strong brands,
- shaping the market offerings,
- delivering and communicating value,
- creating long-term growth,
- and developing marketing strategies and plans.
Each one of those points need a whole page of explanation if you are working to understand what marketing really is. I was under the mistaken assumption that marketing was creating an advertisement..either written, printed, with pictures and text or a video that you could run on TV, hit the magazines and newspapers or have the audio played on radio.
I mean you see advertising everywhere…but from what I’m reading..advertising isn’t marketing. Advertising is the final stage of marketing…maybe.
What is your take?
I’d like to hear your 2 cents worth.
Spend it in the Comment Box!