“The art and science of creating demand to drive profitable growth. ” David W. Mischler – President, Altascend Consulting This definition describes marketing as an art and a science which is perfectly correct as marketing practice tended to be seen as a creative industry in the past, which included advertising, distribution and selling. However, because the academic study of marketing makes extensive use of social sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely recognized as a science.
It is also related to many of the creative arts as marketing involves creating the right product for the right customer and frequently creating demands for consumers to provoke their urge for buying. “Driving profitable growth” is another strong point in this definition as the word driving implicates the need for long term planning and gardening of the value delivered to customers to maintain the profit gained through this exchange of mutual benefits and of course, ensure sustained and thriving growth of this profit.
Marketing Strategy Essay Example
The weak points in this definition include failure to mention that marketing is a process that involves different steps including segmenting, targeting and positioning. The definition focuses only on creating demand and gaining profit with no reference to delivering value to customers or to managing customer relationships. Marketing is defined by the AMA as “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. This replaces the previous definition, which still appears in the AMA’s dictionary as: “An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. ” This new definition has a more extensive view of marketing describing it as an activity and a set of institutions along with its original definition of being a multi-step process.
It also highlights the fact that marketing is beneficial not only to customers, organizations and stakeholders but also to the society as a whole. “Exchanging offerings that have value for customers” replaces “Delivering value to customers” in the old definition to empathize, from my point of view, the transactional spirit of the marketing process being one of mutual benefits exchange and to convey the idea that the value delivered to customers is not stagnant and should be continuously updated to satisfy their evolving needs and wants.
I do not see any points of weakness in this definition except my failure to understand the exclusion of mentioning marketing as an organizational function requiring the involvement of several departments as well as not referring to managing customer relationships which is an important milestone in the marketing process. My Definition of Marketing “Marketing is the process of gaining insight to what customers really want, creating demands based on this insight and making profitable exchanges to customers, clients, partners and society. ” N. B. Underlined words justify the strong points in my definition) Definitions of Marketing Management Marketing Management is defined by the AMA as “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. ” This definition’s strong point lies in referring to marketing management as a process and mentioning some managerial tasks as planning and execution. Many weak points, in my opinion, can be clearly detected in this definition.
No reference is made to choosing target markets or even attracting and maintaining customers. Ideas, goods and services used in the definition are outdated and better be replaced by creating, delivering and communicating value to customers. In addition, the word “goals” is not as descriptive of individuals’ aims from marketing as words like needs, wants or demands. “Marketing Management is defined in THE Wikipedia as “A business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. ”
The strength of this definition comes from referring to the use of marketing techniques and implying the need to manage the marketing resources of the firm. The weakness of this definition is due to lack of the different aspects referred to in discussing the previous Marketing Management definition. My Definition of Marketing Management: “The process of managing profitable customer relationships through choosing proper target markets as well as attracting new customers, retaining and growing current customers by sustained creation, delivery and communication of superb customer value. ” N. B.