There are many definitions of marketing, and much confusion about what it is. Here’s how one of my favourite marketers, Malcolm McDonald (2007) defines marketing.
“Marketing is a process for:
- defining markets
- quantifying the needs of customer groups (segments) within these markets
- determining the value propositions to meet these needs
- communicating these value propositions to all those people in the organisation responsible for delivering them, and getting their buy-in to their role
- playing an appropriate role in delivering these value propositions (usually only communications)
- monitoring the value actually delivered.”
Pretty long definition, huh? Yes. Clear as mud? I hope not. But if it still is, here’s a shorter one that you may prefer, “Identifying customers’ wants and needs and satisfying them at a profit.”
So, here’s my question: how do you define marketing? Got a better definition that you want to share?