1.1:
Defining Marketing
Marketing is about knowing what the customers need, creating a product that satisfies that need, effectively communicating its value to the customer, and eventually delivering that promised value.
An example is Patagonia, an outdoor clothing brand that creates and promotes durable, eco-friendly products for environmentally conscious consumers.
It once ran an ad campaign titled 'Don't buy this jacket,' showcasing a well-worn jacket. The ad provided reasons not to purchase it, emphasizing its environmental impact on future generations.
Despite the anti-shopping message, this unconventional campaign led to a 30 percent increase in sales.
But why?
Patagonia recognized the audience's desire for sustainability and created a product and an advertisement that strongly connected with this sentiment, which led to its success.
That is because marketing is not just advertising or selling. It is about showing how products can solve problems, fulfill desires, or improve lives.
Think of it as a bridge between businesses and customers, connecting products and services to those needing them.
In return, businesses capture customer value, leading to growth and success.
1.1 Defining Marketing
The American Marketing Association (AMA) defines marketing 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."
The renowned marketing scholar Philip Kotler defines marketing as "the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit."
Management consultant and educator Peter Drucker views marketing as "the whole business seen from the customer's point of view."
Regis McKenna, a Silicon Valley marketing expert, defines marketing as "everything you do after you have a product."
Collectively, these definitions emphasize that marketing is not limited to selling products or services. It is a strategic process that involves understanding customer needs, creating value, communicating effectively, and delivering solutions that satisfy consumers and businesses.
In essence, marketing is a vital business function that bridges the gap between a company's products or services and its customers. It is both an art and a science, requiring creativity, strategic thinking, and analytical skills. Businesses can effectively leverage marketing to enhance their visibility, build strong customer relationships, and drive growth and profitability.