Marketing is a term that can elicit different responses from people, many people seem to have their own definition on what it means.
Dictionary.com defines marketing as, “the action or business of promoting and selling products or services, including market research and advertising.”
The American Marketing Association defines marketing as “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.” The term developed from the original meaning which referred literally to going to market with goods for sale.
Philip Kotler defines marketing as :-marketing is about Satisfying needs and wants through an exchange process.
The Chartered Institute of Marketing defines marketing as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
So essentially, marketing is an umbrella that covers market research, targeting and segmentation, product development, pricing strategy, sales, advertising, promotions, communications and more. It is present in all stages of business, from the beginning to the end.
The essential 4Ps of marketing cover Product, Price, Place and Promotion.
What is the product you wish to sell/promote. Who is your target audience. Is there a need for your product or service. How will you reach this target audience.
Determine the price point using different methods including focus groups, surveys, competitor checks etc. Pricing is crucial to any business. Too high and your target audience may not be willing to pay, too low and you run the risk of undervaluing your product or service.
How or where will you sell your product or service. Via a physical store or using e-commerce to try it out? This is where the information obtained during market research and development stage is useful to help offer more insight.
This is where you actively promote your product / service to create the awareness and generate interest and ultimately sales. There are different vehicles that can be used, advertising, sponsorship, product launch events, public relations, social media promotions and so on.
Another different approach to marketing that has been the driving success behind Apple is best explained by the quote below:
“THE AIM OF MARKETING IS TO KNOW AND UNDERSTAND THE CUSTOMER SO WELL THE PRODUCT OR SERVICE FITS HIM AND SELLS ITSELF.” ~ PETER F. DRUCKER
Knowing what the customer needs is essential, most innovations and inventions through history are the result of a desire to solve a specific need or requirement.
A regular feature in Amazon’s Top 10 Bestsellers in Marketing and Business category is the “The 1-Page Marketing Plan: Get New Customers, Make More Money, And Stand out From The Crowd” by Allan Dib.
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For this week’s video, here is a very inspirational TED Talk presentation on “How to Achieve Your Most Ambitious Goals” by Stephen Duneier.