What’s the Meaning of Marketing?

For several years I’ve interviewed lots of people for marketing leadership positions, mostly manager and company directors.I’d an effective role call of questions which i would pose to those newbies and veteran marketers and one of these was “What’s your meaning of marketing?”.

Because of the pressure to be placed on the place, I had been generally very impressed with many solutions, most so using the lesser experienced folk. Actually, I wondered basically would be as good under such conditions. To avert this kind of embarrassment I gave the subject some thought and created my very own definition. Here you go (it’s intentionally short, but I’ll expand on every element shortly):

Getting a lucrative product to promote that fits the requirements of customers such that they’ll buy my product on the sustained basis.

(You can substitute the term product with service if that is your factor.)

Let us break this lower, briefly:

Getting: This really is all of the needed work which goes into creating a service or product, things i call the rear finish marketing function: Identifying market needs, market niches, unfulfilled market wants, market sizing, researching the market, competitive research, product, product testing, etc. This can be a large area of the overall marketing effort, the “behind the curtain” stuff that’s the reason for next stages from the marketing task.

a lucrative product: This can be apparent (obviously you want to make profits) however i include it included in the definition because Marketing is among the primary proprietors of profitability, particularly in the product level. Also, there are lots of instances where its recognized (even planned) that the product won’t be lucrative to start with. This must be articulated by marketing.

to promote: How can all this be introduced to promote? What exactly are all of the communications that has to occur to achieve success? Fundamental essentials strategies and tactics to advertise the merchandise. Internal: Customer support plan, sales plan, sales training, sales tools and materials, intranet info, etc. Exterior: The communication plan and tactics, budgets, targeting, selected mediums, duration, etc.

that fits the requirements of customers: In a nutshell, this is actually the effective articulation from the value proposition for that product. Particularly, why would anybody purchase your product more than a competitor’s product? Why is your’s various and special?

such that they’ll buy my service or product: This is actually the purchase, as soon as if somebody moves from awareness, predispotion, preference and trial to actual purchase transaction.

on the sustained basis: Consider this as retention that could be ongoing usage, service renewal, product upgrade, etc. This is very carefully associated with client satisfaction. Its marketing’s role not to just launch an item but you may anticipate ongoing satisfaction and also the medium and lengthy term health from the product.