What is Marketing?
The word covers more than you think.
You might be surprised to hear marketing covers more than just advertising and sales. It's a broad topic, despite popular belief.
According to CIM (The Charted Institute of Marketing):
"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably."
BUT WHAT DOES THAT REALLY MEAN?
You may have heard that good marketing can be the difference between a businesses' success and failure. This is because marketing is all about connecting with your audience, understanding the marketplace and consumer needs to create a successful marketing strategy for your business.
Marketing involves, but is not limited to these 7 P’s:
Product - should fit customer needs.
Price - good value for money.
Place - accessibility and ease of purchase.
Promotion - communication tools for your audience, e.g. advertising, personal selling, social media etc.
People - having the right individuals representing your company/business.
Process - mechanism flow between customer and business.
Physical - any element a customer can touch.
Marketing is an ever growing area in the world of business. Before the internet, one might have thought they knew everything that is to come. Much was reduced to newspapers and billboards, something that's often referred to as ‘traditional marketing’. However, the emergence of social media continues to change the landscape of the way businesses can engage with an audience. Social media brought the ability to connect in a way which was once not possible. But even social media keeps rapidly evolving. Where once it was simple profiles and ads, now it's influencer marketing and virtual events.
Anyone who said they know everything about marketing would be lying. Its ever evolving nature in combination with its vast contents renders it almost impossible to know in its entirety.
That’s why there are two of us ;)
