Defining marketing is not exactly as straightforward as it seems. The term, plain on the surface, goes deep when examined. Various renowned marketers and marketing organizations have explained marketing in their own words. What is indeed very interesting is that most of the definitions mention a set of familiar keywords.
Marketing (CIM) defines the term as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” American Marketing Association defines it 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.”
From the above definitions, it is noticeable that the keywords “process” and “customer” have reoccurred. This goes on to say that marketing is a process and it has a great focus on the customer. In simple words, we define marketing as a process of promoting products or services in other to convince customers to patronize the brand. Our simple definition, though different in word choice, captures the idea inherent in the previous definitions. It goes on to emphasize that marketing is not a one-off experience but a process of regularly trying to convince and retain customers. A business will die naturally with a lack of customers. Thus, brands carry out marketing for the main purpose of an increase in sales and customers.
Marketing has maintained its stance as the key to any business. No matter the quality of a product, without marketing the product would not be achieving its full potentials. We have seen terrible products make good sales and great products make bad sales. The difference is in nothing but marketing. It lies in the marketing objectives of the brand. Also, its marketing strategy, plan, and execution. Proper integration of these helps a brand to achieve success. Marketing has also moved on from its traditional form to a more modern form which lays emphasis on digital. Hence, the growth of digital and online marketing.
At the core of marketing is the marketing mix. This is summed up in what is also referred to as the 4Ps should be considered. They are; Price, People, Place, and Promotion. There has, however, been adrift from the basic stance of the 4Ps. The marketing mix is not exactly customer-centric. Thus, there arose a need to develop the marketing mix to place more emphasis on customers. Marketing is a broad topic that entails a whole lot more than is public knowledge. It starts from the basics of product development and distribution to branding to sales and a so on.
In conclusion, marketing is a broad term capturing a large idea of convincing customers to purchase a product. Marketing under a microscope reveals advertising, sales, promotion and other forms of marketing.