What’s the Difference Between Marketing Thought and Marketing Practice?

The field of marketing is a broad and dynamic discipline that encompasses both marketing thought and marketing practice. While these two aspects are interrelated, they represent distinct components of marketing as a whole. Understanding the differences between them is helpful for anyone looking to excel in the marketing profession. In my humble opinion….

Marketing Thought

Marketing thought refers to the theoretical framework, concepts, principles, and ideas that form the foundation of marketing as an academic discipline. It involves the study and development of theories, models, and frameworks that explain consumer behaviour, market dynamics, marketing strategies, and the role of marketing in organisations and society.

Key characteristics of marketing thought include:

  • Theoretical Frameworks: These are the building blocks of marketing knowledge, providing structured approaches to understanding complex market phenomena.
    • Things like the 7 P’s come in here – please heed my warning on that one though!
  • Conceptual Development: This involves the creation and refinement of concepts that help explain how and why marketing activities work.
  • Academic Research: Scholars and researchers contribute to marketing thought through rigorous academic research, producing scholarly publications that advance the field.
  • Intellectual Discourse: Marketing thought is enriched by ongoing intellectual discussions within the marketing community, fostering a deeper understanding of marketing concepts.

The ultimate aim of marketing thought is to advance our understanding of marketing concepts and contribute to the body of knowledge in the field.

Note:

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

Marketing Practice

In contrast, marketing practice refers to the application of marketing principles, strategies, and tactics in real-world business settings. It focuses on the practical implementation of marketing strategies to achieve specific business objectives, such as increasing sales, expanding market share, building brand awareness, or enhancing customer satisfaction.

Key aspects of marketing practice include:

  • Practical Implementation: This involves executing marketing strategies and plans in the real world to meet business goals.
    • This is the “doing”.
  • Use of Tools and Techniques: Marketers, advertisers, brand managers, and sales professionals utilise various tools and techniques to carry out marketing campaigns effectively.
  • Market Research and Consumer Insights: Marketing practice is heavily driven by data, including market research and consumer insights, to tailor strategies to the needs and preferences of target audiences.
  • Competitive Analysis: Understanding and analyzing the competition is essential for developing effective marketing strategies.

Bridging Thought and Practice

While marketing thought provides the theoretical underpinnings and conceptual frameworks, marketing practice involves the practical application of these ideas to achieve business success. Both are essential components of the broader field of marketing. By integrating insights from marketing thought with hands-on experience in marketing practice, marketers can enhance their capability and effectiveness.

Mastering both marketing thought and marketing practice is pretty important for anyone aiming to become a proficient and successful marketer. Marketing thought enriches the strategic and conceptual understanding, while marketing practice ensures the practical execution of strategies that drive real-world results. Together, they form the foundation of a comprehensive marketing education and professional development.

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