What Is Marketing?

Who invented it?

Marketing, as we know it today, evolved over centuries from simple trade and barter systems to complex strategies involving multiple channels and technologies. It’s difficult to pinpoint a single inventor, but pioneers like Philip Kotler have significantly shaped modern marketing.

Why is Marketing called Marketing?

The term “marketing” derives from the word “market,” indicating the process of bringing a product or service to the marketplace, encompassing activities like advertising, selling, and delivering products to consumers or other businesses.

The word “marketing” originates from the Latin word “mercatus,” which means “marketplace” or “trade.” Over time, this evolved into the Old French word “marchieting,” which referred to the activities involved in buying and selling goods in a market. The term “marketing” as we know it today came about in the 19th and early 20th centuries alongside the industrial revolution.

Note:

This article features content from the Marketing Made Clear podcast. You can listen along to this episode on Spotify below:

How to get into Marketing?

Entering the marketing field often starts with obtaining relevant education and gaining practical experience. Degrees in marketing, business, or related fields are beneficial, as are internships and entry-level positions that provide hands-on learning.

How do you know if Marketing has worked?

The success of marketing efforts can be measured through various metrics such as:

• sales figures
• customer acquisition
• customer retention
• brand awareness
• return on investment (ROI).

Marketing should always be judged by whether it has achieved the marketing or business goals that has led the company to engage in the marketing activity in the first place. Effective marketing should result in increased engagement and profitability, but there are many ways to evaluate performance.

Is Marketing evil?

Marketing itself is a neutral tool; it’s the intent and methods behind it that can be viewed as good or bad. Ethical marketing aims to meet consumer needs and build long-term relationships, while unethical practices can deceive and harm consumers.

Unethical marketers can do one!

What are some of the key terms used in Marketing, and what do they mean?

• Branding: Creating a unique name, design, or symbol that identifies and differentiates a product from others.
• Market Research: The process of gathering, analyzing, and interpreting information about a market.
• Target Audience: A specific group of consumers identified as the recipients of a particular marketing campaign.
• SEO (Search Engine Optimization): Strategies to increase website visibility in search engine results.
• ROI (Return on Investment): A measure of the profitability of a marketing campaign.

Philip Kotler: A Pioneer in Marketing

Philip Kotler is widely regarded as the “Father of Modern Marketing.” Born on May 27, 1931, in Chicago, Illinois, he has made significant contributions to the field of marketing through his innovative thinking, extensive writing, and influential teaching.

Kotler holds an M.A. degree in economics from the University of Chicago and a Ph.D. in economics from the Massachusetts Institute of Technology (MIT). His academic journey laid the groundwork for a career that would bridge economics and marketing, providing a deeper understanding of how markets operate and how businesses can thrive.

As the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University, Kotler has influenced countless students and professionals. His seminal textbook, “Marketing Management,” first published in 1967 and now in its 14th edition, is considered the definitive guide on the subject and is used in business schools worldwide.

Kotler’s work goes beyond academia. He has authored over 50 books and numerous articles, addressing topics such as strategic marketing, social marketing, and the role of marketing in non-profit organizations. His definition of marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit” has become a cornerstone in the field.

In addition to his scholarly contributions, Kotler is a sought-after consultant and speaker, advising some of the world’s most renowned companies and organizations. His ability to blend theoretical insights with practical applications has earned him the title of “The Most Influential Marketer of All Time.”

Philip Kotler’s enduring legacy in marketing is marked by his commitment to advancing the discipline, his passion for teaching, and his dedication to helping organizations create value for their customers and society.

Definitions of Marketing

Definitions are boring. When do you ever bring up the definition of anything unless it’s an argument? But I guess you can’t really start to answer the question of what is marketing without at least considering the definition.

In a nice little nutshell, the Oxford dictionary defines marketing as:

“The activity of presenting, advertising, and selling a company’s products in the best possible way.”

I suppose that would sum it up if it wasn’t for the fact that it’s a completely operational focus on marketing! It completely evades the role marketing plays in research, strategy, product development, and customer development.

And isn’t selling a sales job? Shame on you, Oxford.

Google, what have you got for me?

“The activity or business of promoting and selling products or services, including market research and advertising.”

I’m disappointed in you, Google. A little bit better than Oxford but sounds like it was written by someone in HR or supply chain. But maybe that’s the problem – we need a definition written by an actual marketer!

So, I was a member of the CIM – Chartered Institute of Marketing for years… over a decade, in fact! Surely they got this?

“Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably.”

Okay, I feel like we’re starting to get somewhere. It’s not perfect, but it’s not bad.

But let me bring in the big man himself, Big Phil, Dr. Philip Kotler (mentioned above). In the field of marketing, Philip Kotler has distinguished himself on many levels.

This guy is no joke.

This is the kind of marketing leader I fan-boy about. And he defined marketing as:

“The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”

Awesome! He’s absolutely nailed it!

But there’s a problem.

Here’s probably the first bump in the road when it comes to answering the question of what is marketing….

And the problem is you need to know, who is asking the question?

Who Is Asking The Question?

I like Kotler’s definition because it’s very similar to my perspective.

For instance, in my day job, I’m a Sales and Marketing Director. Marketing is all about generating sales, generating demand for the product, engaging with our customers, setting the right expectation, keeping our activity profitable, but keeping customers satisfied. Obviously, lots of other areas like sustainability, budgetary, and resource concerns, but who wants a simple life?

Outside my day job, I’m a customer for all sorts of products and services. My perspective is completely different. The marketing activities I see either tell me that I want that product or that it’s not for me. It sets the expectation. Marketing can excite me. Marketing can make me laugh. It often makes me angry.

I like certain companies’ adverts. Other companies’ marketing will piss me off, like direct marketing and telemarketing.

But that’s just two perspectives. When it comes to marketing, there are all sorts of parties and we call them Stakeholders.

I’ll cover stakeholders more in a later post, but I hope that was of interest!

Give me a shout on [email protected] with any comments and feedback.

Up Next:

Understanding Marketing: A Marketers Perspective