what is marketing
DESCRIPTION
There's a lot of confusion about what we understand as marketing. The media use the term lazily to mean everything from advertising to branding. Marketing is a very fundamental process. Here we bring it down to its essential meaning by a simple narrative.TRANSCRIPT
What is marketing?
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Imagine, in a time long ago, a small village, deep in the woods, surrounded by trees.
The village elders are very worried. There is not enough open land to grow sufficient crops. They need to clear more space to cultivate food.
One villager, Jack, is able to work iron and the elders approach him:‘Can you make us some axes to clear the trees?’
‘I can,’ says Jack. ‘But if I’m making axes for the village, I won’t have time to grow my own crops.’
The villagers agree that they will give Jack some grain in exchange for the axes, and a little more – so he can buy iron ore to make more axes in the future.
Jack sets to work and makes lots of good, sharp axes.
The villagers are delighted. They cut down tress, make space for growing and provide Jack with grain in exchange for axes.
Jack takes the surplus grain to the merchant and trades it for more iron ore.
Jack has created a market – axes for grain – and another market, grain for ore.
That is marketing…
Or as Philip Kotler succinctly defines it, marketing is: ‘Satisfying needs
and wants through an exchange process.’
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Copyright © One Marketing Ltd. 2013