Definition for Marketing
Putting Your Knowledge to the Test

Dictionaries and textbooks have different entries for the definition for marketing. Articles, essays, business books and opinions from different people have gotten the true definition for marketing even more confusing.

Now the term marketing has become synonymous with phrases like advertising techniques , or customized marketing solutions, or marketing insight. With the arrival of the internet technology, the face of marketing has even gotten a complete make-over.

Now phrases like viral email marketing and internet viral marketing are the new buzz words. It is difficult to keep current with so many new and advanced stimuli for the customer entering our lives.

Definition for a Marketing / A little background...

The term marketing clearly comes from the word market. So marketing has something to do with whatever is going on in the market, i.e. shopping in the market, buying in the market, selling in the market, etc.

Originally, Merriam-Webster Dictionary’s definition for marketing is: “the act or process of selling or purchasing in a market” later on, as business dealings expanded and business grew bigger, they added the definition “the process or technique of promoting, selling, and distributing a product or service.”

This type of distribution could be online or offline. Affordable online marketing with methods such as starting an ezine are especially in the forefront in the technologically advanced period of time.

So originally, the definition for marketing was as simple as either selling, or purchasing. As the world grew older, the intricacies of business transactions have gotten more complex. Thus, the need to expand on the definition for marketing was in order. As time goes by, the definition for marketing continues to grow.

So now let's take a stab at this question, "What is Marketing Today?"

Current Advertising Techniques and Customized Marketing Solutions are Creating Change

Presently, the American Marketing Association (AMA) defines marketing “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.”

In addition, the Harvard School of Business coined the term “Marketing Mix” which are the four elements or better knows as the “Four P’s” that can affect the decision of the consumers in regards to making a purchase.

The Four P’s are as follows:

Product – This includes everything about the product. How it was made, its components, how it is used, how it affects the consumer or the society as a whole, the warranties that’s included with it, its guarantees, its support and others.

Price – Price by definition in this context is anything that is exchanged for the product. It is the determined value of the product. It may be its monetary value including all the discounts and freebies. It may also be the time, effort, or services in exchange for it. Among all the Four P’s, it is the price that brings in the revenues, while the rest involve cost. Setting the price of a product depends on a multitude of factors such as the level of demand, and production cost to name some.

Placement – Placement encompasses to how, where, and to whom the product is distributed. Examples are the product’s market niche (the young, the old, the rich, the young professionals, students), where the product is sold (a retail store, online, door to door)

Promotion – Promotion includes the activities involved in bringing the product into the awareness of the public. Promotion includes advertising, public relations, creating a blog, brochures, viral marketing campaigns, newsletters, participation in forums, branding and such.

Furthermore, three more P’s are added to the previous four to comprise service marketing. The three additional P’s are:

People – This element involves any person who represents a product. This can be a sales representative, or another customer who testifies for a product.

Process – Also known as procedure is the “S.O.P.” in delivering the product that can greatly affect customer satisfaction.

Physical Evidence – Services are intangible, therefore it cannot be determined whether the customer will be satisfied before it is delivered. To reduce the risk of dissatisfaction, evidence, such as case studies, or demonstrations can be offered.

Since the arrival of the internet industry, marketing has further evolved its meaning. There’s no stopping the progress of how businesses are going to be campaign to be seen. With the influx of millions of new online businesses every year, more concepts like viral marketing products are being brought to the public's attention. As long as the real essence of marketing which is the mutual benefit for both business and consumer is maintained and not lost, then all is good.