Marketing Defined in 68 Seconds

By on June 12, 2011 in Art of Marketing

Market Research comes First.

Marketing is first the research of “market needs”and then the collective of activities involved in the transfer of goods/services from the producer/seller to the consumer/buyer, including advertising, storing, selling, and fulfillment.

Video of Marketing Defined in 68 Seconds

Understanding Market Needs

This step has been artificially truncated from the role of many modern marketing organizations.
You do NOT market what you have, you Develop products needed for a market.
Product development and market place assessment are a critical and ongoing function of Marketing.

The famous 4 P’s of Marketing are all fundamentally altered by the Web

  • Product: All the value & benefits.

  • Price: relative to market & ideally does not invite competition.

  • Place: Now an interesting mix of fixed & virtual.

  • Promotion: includes advertising, public relations, personal selling and sales – all exacerbated by the virtual world

The pace of Market Changes requires new responses.

  • Marketing needs to evolve/adapt.

  • Social Media accelerates the Pace

  • Companies need to get ahead of the Social Media curve.

  • Allowing competition to master it first could be a death knell.

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