What is the definition of marketing?
Marketing is a term that is used widely – but understood rarely. The only goal of marketing is to compel a defined person or group of people to take a specific action; to purchase something; to sign up for a demo; to recommend you to others; to choose your company over a competitor. If they don’t take the action you ask them to then marketing has failed.
Marketing has 4 key components – 4 Ps: Product, Price, Place and Promotion. The majority of people that talk about marketing are only talking about the fourth P – promotion. Promotion, as part of marketing is also known as marketing communications.
Marketing communications is NOT marketing
Marketing communications is the use of a variety of tools & channels, including brochures, flyers, targeted adverts, social networks and events, to communicate the 4Ps to an audience. In recent years terms like Facebook, Pinterest, Twitter and Content have been added to the word marketing but should, more accurately have been attached to the word promotion.