We will not just give a marketing definition; we will overturn your idea of marketing.
What is marketing
1. American Marketing Association (AMA, American Marketing Association).
Marketing definition is a set of institutions and processes for creating, positioning, displaying benefits and selling a product that is valuable to consumers, customers, partners, and the public at large.
2. Philip Kotler (Philip Kotler) – Professor of International Marketing.
Marketing definition is the science and art of studying, creating and selling a particular value to satisfy consumers and make a profit.
The marketer determines the unsatisfied needs of potential customers, analyzes the value of the offered offers for individual segments of the target audience, studies the scale of the target market and predicts the ROI of the advertising campaign.
3. Jay Baer (Jay Baer) – President of Convince & Convert.
Marketing definition is an action/message that prompts the fulfillment of a targeted action or the dissemination of a message.
4. Julie Bariley (July Bariley) – Vice-President of the Fairway Market.
Traditionally, marketing definition has represented a set of tools and practices through which business contacts potential buyers and involves them in an advertising campaign to display the value of their product and sell it.
But with the advent of digital media – in particular, social media – marketing has become a process of building strong relationships with consumers.
The constant differentiation of digital media channels makes it difficult for marketers to establish a connection with potential buyers, but at the same time opens up incredible opportunities to attract new segments of the target audience.
5. Mary Ellen Bianco – Director of Marketing and Communications, Getzler Henrich & Associates.
Marketing includes targeting, analytics, communication (via advertising and mailing), and PR (public relations).
This practice is connected with sales, as plowing of the land is related to the planting of the harvest marketing prepares consumers for the purchase.
Market economy definition
The market economy is an economy based on the principles of free enterprise, the diversity of forms of ownership of the means of production, market pricing, contractual relations between economic entities, and limited state intervention in the economic activities of the subjects.
Marketing management definition
Management and marketing to connect with each other that it is even difficult to imagine their work separately. But, despite this, they have entirely different functions and goals and tasks. Often, the goals of a company’s management may run counter to the strategic goals of marketing. For example, the company’s manager has a goal to increase profits. There are two options: to cut costs or increase revenues. Most often, managers choose the first choice, because as the growth in income, in most cases, leads to a proportional increase in costs, and the rate of profit remains at the same level.
With a reduction in spending, income is most often not reduced immediately, which in the short term gives a positive effect on the numbers. So, marketers will never choose the way to cut costs. They, like advertisers, only increase costs. So we get that both seem to want to act for the benefit of the company, but they will strive to attract the company’s management to their side, arranging a serious competition to each other.
The primary purpose of marketing is to connect the producer and the consumer, help them find each other. The solution of this problem relates to goal-setting.
A goal should understand as a precise quantitative or qualitative result, which will achieve at a particular point in time. Goals should formulate in such a way that they can express quantitatively. They must be mobilizing, achievable, ranged, controlled and approved by the organization. Each goal implies a time frame for execution, a person responsible for achieving it and incentives to make it. The more precisely formulated the goal and realized by each employee, the more likely it will understand.
Goals in marketing can be classified as follows:
- Market – gaining a particular share or identifying promising markets;
- Marketing – creating an image of the company, activities to create a favorable attitude to the business, sales volume, profit volume, competition;
- Managerial – improving the management structure;
- Providing – price policy, sales promotion, consumer characteristics of the product;
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