After chatting to so many people, I realize that there is a mystery around ‘marketing’ where some business people believe it is only advertising or getting a company identity. So I thought that I should address this issue in brief. This is just a snippet of the basics. Do not worry about the definitions here but pick out things that you need to address as you daily run your business.
- 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: Approved October 2007)
- “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. (Chartered Institute of Marketing)
So taking the two above definitions, would you agree that marketing is not only advertising but involves activities that you do to attract customers and satisfy their needs at a profit. Your activities should demonstrate the value that you are offering and that way you generate interest from the right target market and hopefully close a sale. Your product or service should meet the customer’s expectation the first time for you to get repeat business. Do not build expectation and not meet customer needs- you will lose customer trust.
So what are you doing in line with the above definitions? Let’s chat!