Marketing Redefined

January 8, 2010
By Fred Victor

It’s a jungle … which is why there are countless Marketing-related scripts hanging all over the globe, whether off or on –line; and why it would probably take you a four-year Degree before pursuing a Master.

Again, there are pretty much definitions of Marketing too. Some quotes have been summarized as below.

Peter F. Drucker, the “Father of Modern Management”, had once suggested: “Marketing is not only much broader than selling, it is not a specialized activity at all It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.”

Philip Kotler, the Marketing Guru, has put: “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”

According to The Chartered Institute of Marketing (CIM), Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably.

With that, a more modern and redefined explanation of what Marketing is; more importantly, what makes it effective is:-

Continual improved process, in brief, is the name of the game in today’s context of Marketing. It’s the keyword which involves repetitive cascading activities like researching, advertising, promoting, selling, and then distributing a particular product or service to the customer.

Accordingly, Marketing ought to go beyond some old-fashions like price theory. Marketing, in contrast, incorporates the dynamic of repetitive cascading activities into exploring, analyzing and predicting future outcomes.

Marketing is used to identify the target customer, to satisfy the customer, and to keep the customer too; the “customer” is the center of such repetitive cascading activities, the “continual improved process” which can be concluded as that Marketing Management is the major component of a sustainable business. In other words, Marketing serves as a means to ensure the business is in play – day by day, month by month, and year by year.

... to be continued.