How You Define Marketing?

free-teaching

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?

 

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