The term “marketing” has sure seen its fair share of misuse, misconceptions and incomplete definitions.
When people think of “marketing” they generally think of advertising, public relations, or collateral. These are all important subsets of marketing, but they are tactics, they are not strategic drivers of your company.
Somewhere along the line, three of the “4 P’s” of marketing (Product, Price, Place, and Promotion) were forgotten.
Marketing is about increasing sales and cash flow for your company. The danger in having an incomplete definition of marketing is a lack of coordination inside your company, and a lack of clarity and consistency with your target market.
At its core, Marketing is about:
- Finding an appropriate market opportunity and understanding the needs of that market
- Building products and services to meet those needs
- Convincing those people to use your product or service
- Doing all of the above profitably
In other words…“Big M” Marketing is about doing business.
