A recent "Linked In" discussion, addressing the definition of 'marketing', generated over more than 2,600 heated replies debating the difference between sales and marketing. Even executives with a "Marketing Manager" title seemed confused... so what is marketing?
"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." - American Marketing Association Board of Directors (October 2007)
.... or more simply, "The management of exchange" - School of Marketing, UNSW (Mar 1982)
Even extremely capable sales & marketing executives don't understand the varying functions within marketing management, that THERE ARE FOUR, DISTINCT, LEVELS OF MARKETING.
Many people, working in professional marketing capacities, don't really understand the word marketing, but do not need to, in order to do a great job.
Administrative Marketing people and Operational Marketing Managers keep your daily business humming. With years on hands-on experience, their routine marketing management activities are key to smooth operational marketing performance.
These gems do NOT need to know the definition of marketing, because they operationally manage a limited field, such as sales, advertising, promotions, print collateral, merchandising, packaging, etc.
But, to catapult a business into new heights of performance, Managerial Marketing & Corporate (Strategic) marketing experts DO know how to find new realms of possibility.
The dangerous ground occurs when great marketing people are expected to operate beyond their field of expertise or competency, sometimes not knowing how much they don't know.
Advanced understanding of sophisticated brand management strategies, marketing models, and marketing methods builds and maintains sustainable competitive advantage.
When you use the marketing input of highly trained marketing experts, at the highest level of management, improved marketing management flows down into all levels of marketing activity... increasing your business efficiency and return on equity.More Information
Ask anyone who has studied 'marketing' and you'll usually find a basic definition is management of the "marketing mix" of PRICE, PROMOTION, PRODUCT & PLACE.
More sophisticated marketing experts include PEOPLE and PROCESSES as the 5th and 6th P's of Marketing.
The 7th "P", PHYSICAL EVIDENCE, was originally identified to deal specifically with marketing of services. For example, where no real way of judging the quality of the product exists, perceptual reinforcement comes to play in buying decisions, such as an expensive and well-designed foyer might be the crucial consistent factor in buyers' decision making in selecting an advertising agency, an accounting firm, or a legal practice.
However, the principle can be extended to all industries... in FMCG we promote "Packaging" as the 7th "P"... the perception it creates being so significant in point-of purchase evaluation. In some industries, the 7th "P" is better thought of in terms of "Positioning".
As for the 8th "P", larger companies have accepted significance of POLITICS... politely coined "Organisational Behaviour" in some circles... if you can't play the politics, even the best marketing plan can be "white-anted" by destructive 'political' agenda.
No marketing plan can work without an internal marketing component that addresses ALL stakeholders... which is why the 8th "P" of Marketing is the lynchpin.
Business schools around the world have developed commercially sophisticated methods to manage all the elements of the 8 "P's" of Marketing. You can too!
If you want to embrace the 'science' in Marketing, or train your people to be better marketers, call 02 80-114355 now, or click this button.
The role of marketing is being elevated as we become recognized revenue contributors and key business leaders. As we embrace this new found affluence these are 11 vital concepts needed to ensure this stature.
Businesses can't afford to ignore implementing these ideas or competitors will rise because the marketplace will demand them.
If you have read this far, you may want to talk with someone who can assist you to squeeze more from your Marketing... Why not get started now... Just email us by clicking this button or fill out this form and a consultant will get back to you ASAP. Remember, "Procrastination is the thief of time" and the sooner you know which direction you are going in, the sooner you'll achieve your goals!
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