Defining Marketing (Part 2)

Note: This was originally posted in a discussion as part of a Boston University Metropolitan College graduate-level course in Innovative Marketing with Professor Jennifer Lee.

Marketing Definition: Marketing is how we define and communicate identity and value.

While the AMA’s most recent 2013 definition of marketing is cumbersome, it is focused on value. Cutting marketing down to its core elements clarifies its purpose. Identity and value can be applied to all of Marketing’s 7 P’s plus one. Additionally, the SOSTAC process (Chaffey & Smith, 2017) helps define both value and identity. Both are at the core of an organization, and so is marketing.

I noted in Discussion Post 1 that business guru Peter Drucker stated that there are only two functions in business - innovation and marketing. Innovation creates value, and marketing defines it. However, when properly applied, marketing also feeds innovation (e.g., product marketing, market research). Charles and Nixon (2015) write “marketing is about seeing the world through the eyes of your client - first understanding and then acting on what they need and want”. Defining value through empathy is fundamental to both marketing and innovation.

Chaffey and Smith (2017) write that marketing is about “getting closer to your customers and understanding them better.” Though outdated, Groonos (2006) took issue with the old AMA definition and also emphasized the importance of value, both defining value and supporting customer value creation. The key component of Liu’s (2017) definition of marketing is “value creation processes.” By unlocking what drives customer value, organizations discover who they are (identity) and how they fit in the marketplace. Identity and value tie marketing to a company’s core, especially in an omni-channel marketspace.

To end on a light note, check out a recent New York Times article (Hsu & Maheshwari, 2020) linked below that outlines frustrating marketing jargon. My takeaway is to stay focused on value. If jargon gets in the way of value (it often does), then avoid it.

References

Chaffey, D., Smith, P. (2017). Digital Marketing Excellence: Planning, Optimizing and Integrating Online Marketing. New York City: Routledge, Taylor and Francis Group. 5th Edition.

Liu, R. (2017, July, 27). A Reappraisal on Marketing Definition and Marketing Theory. Journal of Eastern European and Central Asian research. Vol.4 (2). Retrieved November 25 from: https://ieeca.org/journal/index.php/JEECAR/article/view/170/pdf

Gronroos, C. (2006, December 1). On defining marketing: finding a new roadmap for marketing. Marketing Theory. Vol.6 (4), p.395-417. Retrieved November 25, 2020 from: https://doi-org.ezproxy.bu.edu/10.1177/147059310606993

Clark, N., Nixon, C. (2015). Professional services marketing handbook : how to build relationships, grow your firm and become a client champion. London: Kogan Page, Limited 1st Edition.

Hsu, T., Maheshwari, S. (2020, November 25). ‘Thumb-Stopping,’ ‘Humaning,’ ‘B4H’: The Strange Language of Modern Marketing. New York Times. Retrieved November 25, 2020 from: https://www.nytimes.com/2020/11/25/business/media/thumb-stopping-humaning-b4h-the-strange-language-of-modern-marketing.html?referringSource=articleShare