When I entered the marketing industry, I had my understanding. However, one of my friends who graduated with a Bachelor’s Degree in Marketing said my understanding is wrong. After about two years working in the digital marketing and eCommerce industry, I found marketing is more complex than digital marketing. Also, my understanding was more about content creation, and I guess this is the reason my friend said those words.
Most people may think ❌Marketing = Communication/Advertising. There was a great difference between them. I will talk about my understanding of MKT now.
“What is marketing?”
Marketing is a combination of art and science. Its essence is to create business value for enterprises through the process of creating use-value for consumers. The process of creating “value” consists of three layers:
1️. Define “value” first:
Based on data analysis and market research, positioning and insight analysis of target market, target consumers, and target scenarios, and this is a dynamic development process, need to be real-time. This is the cornerstone of MKT.
2️. Reproducing “value” :
After finding the demand points that meet the needs of the customers, market, and company/brand, we should base on this demand point to do product development, brand development, or content creation, including positioning (including concept, BCI, etc.), product (including product selling point, RTB, packaging, portfolio management, etc.), pricing, etc
3️. Final transfer of “value” :
On the one hand, through advertising communication, media release, marketing campaign and so on, let consumers know/love, build mental availability;
On the other hand, physical availability can be built through the breadth of the channel laying and the depth of operation (stores/traffic, etc.) to let consumers see and buy it.
🔄 The above three will be connected into an interlocking closed loop.
Every MKT activity of a company, from the release of a brand social media post with less than 40 words to the launch of a new segment line, will go through the process of “defining value” > “production value” > “delivering value”. The feedback mechanism after “delivering value” is better for the next round of “defining value”. Thus truly complete “through the process of creating value for consumers, to create value for enterprises” the essential goal 💯
So, the communication/advertising a lot of people announced only belongs to the part of the “delivering value” – mental availability building. To be a marketer, knowing what is marketing is the first step
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I’m still not sure what marketing is. If you had to define it in one sentance, what would you say? From what I’ve gathered, is it perhaps the ability to clearly convey value with integrity?