What is Marketing? A 30,000′ View of Building Value and Relationships
Editor, MGI
March 2023
What is Marketing?
Marketing is the process of creating value for customers and building strong customer relationships to capture value in return. It involves understanding and satisfying customer needs and wants through creating, promoting, and distributing products, services, or ideas.
Traditional View
The traditional view of marketing focuses on the four P’s: Product, Price, Place, and Promotion. These are the key components of a marketing strategy and refer to the decisions a company must make to bring a product or service to market successfully.
Customer-Centric
However, the current view of marketing goes beyond the four P’s. It emphasizes the importance of creating a customer-centric marketing approach. This means putting the customer at the center of everything a company does and building long-term relationships.
Marketing is about selling products or services and creating a strong brand identity and image that resonates with customers. It’s about understanding the needs and wants of customers and tailoring products, services, or ideas to meet those needs.
Communications
Marketing also involves creating and implementing effective communication strategies that inform and persuade customers about a company’s products or services. This includes advertising, public relations, personal selling, direct marketing, and sales promotion.
Value Exchange
Ultimately, marketing aims to create value for customers and capture value in return for the company through various strategies, such as creating innovative products, implementing effective pricing strategies, and managing distribution channels.
In conclusion, marketing is a critical component of any business strategy. It involves creating value for customers and building strong relationships with them to capture value in return. By understanding the needs and wants of customers, tailoring products and services to meet those needs, and implementing effective communication and distribution strategies, companies can successfully bring their products and services to market and achieve long-term success.
For more on Marketing check out this article on AI’s impact.
