Whether you’re new to the world of marketing, or just in need of a refresher, this video – “Marketing 101: What is Marketing?” will help you define and understand what marketing really is.
When we talk about marketing, we often talk about “Sales” and “Promotion”, but, in reality, marketing has evolved as a technology that enables new ideas, strategies. And “Sales” and “Promotion” are just some of the marketing enabled capabilities.
There are many of you who don’t have an accurate idea of what it means or how it differs from other channels and strategies, even I was confused when I started my career in marketing. So, I’ve decided to create a video that will walk you through from “what marketing is not about” to “what marketing is actually about”.
Marketing is more than Sales, Promotion, Advertising, and Branding
Because these are closely intertwined, it’s hard for people to know what the actual difference is. For example, Sales focuses on the business needs and transfers the ownership of a product/service from business to the customer. On the other hand, Marketing understands people, product/service and what the market needs in a way that the product/service sells itself.
Another difference is that sales or promotion mostly consist of one to one relationship, on the other hand, marketing tries to cover one to many relationships on a broader scope for the long term.
Marketing is not a single technology, strategy, or a channel – rather it’s an entire interdependent system which also involves Storytelling, Relationship Building, Creative Ideas, People, Place, and Data-Driven Insights along with Sales and Promotion Techniques.
Universally Accepted Definition of Marketing by Dr. Philip Kotler
“Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential.
It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
What do you think about marketing? Have anything to add to this video post? I’d love to hear you in the comments section below.