What is Marketing?
– The Definition of Marketing –
Everybody has their own definition for Marketing and for what it stands for.
We believe it’s important to clarify what Marketing really is and its contribution to the Community.
What does Marketing mean to you?
For many people,
Marketing = Advertising + little bits and pieces.
It encompasses having products available at stores, having sales promoters, on stores, calling your phone or even knocking on your door. For many, Marketing also stands for maximization of selling.
Marketing stands for all of that, but not in the way you might think.
Some Marketing Definitions
“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.”
“Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Dr. Philip Kotler
The “Father” of Modern Marketing
“Marketing is profitably using the results of studying short term and long term needs of those who can pay for a one-time, or in most cases, a steady flow of service or product placement. In 2017 The New York Times described it as “the art of telling stories so enthralling that people lose track of their wallets.”
Wikipedia
Consulted on the 14th of September 2020
WMF Comment over these Definitions
The opening statement in Wikipedia’s Marketing English page misleads the reader. For first-timers, it might even seem like Marketing is an immoral activity. Thankfully, you’re in the right place and nobody is going to mislead you here.
Dr. Philip Kotler Marketing Definition guides you in the right direction. A Marketing Expert should master all of these tasks but before that, there’s something more important that he should have.
Kotler is considered the “Father” of Modern Marketing by no accident, with more than 150 Articles and 80 Books dedicated to Marketing. Kotler stands for Marketing as Adam Smith stands for Economics.
The Marketing definition presented by the AMA goes along the same line as Kotler but is more concise.
What is Marketing?
Marketing is a Management Philosophy.
“Phi” – 21st Letter of Greek Alphabet
A Marketing Professional understands that the sole existence of the company relies on providing the market (consumers) with goods and/or services that they value and demand.
Success is achieved in constantly providing more value to the consumer.
A Marketer should know exactly how his company and its competitors operate, and what they offer to the market. What the market is demanding and also where its heading (trends). A Marketing Expert should plan ahead and with the collaboration of all departments, conceive design, plan, develop and produce new products and/or services that attend to the consumer’s unmet needs and wants.
Applying Marketing Philosophy maximizes sales, profitability, sustainability, and consumer welfare, it’s a win-win relationship where the customer continuously has its needs satisfied at a much lower cost of opportunity and the company, by providing that, can guarantee higher profits and be more sustainable.
Only the companies that apply the Marketing Philosophy will be able to succeed in the Market.