“Failure is an uncelebrated success”
What is marketing?
It is best to start by understanding what marketing is before looking at its various application in businesses. Let’s look into the definition of marketing by the Chartered Institute of Marketing, the American Marketing Association and Dr Philip Kotler.
The Chartered Institute of Marketing (CIM) defines marketing as: “ understanding the competitive marketplace, whichever industry you choose. It enables you to tap into key trends, identifying something that people or businesses want, developing a product that meets this need at the right price, and promoting the product in the right place and at the right time. The essence of all marketing is about understanding people and what drives them to behave in the way they do”. https://www.cim.co.uk/qualifications/get-into-marketing/
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.” approved (2017) https://www.ama.org/the-definition-of-marketing-what-is-marketing/
I define marketing as “the human and non-human effort consciously put in place to manage profitable customer relationships“. This is not a comprehensive definition but it gives an overview of what marketing is about.
I will analyse the definitions above by looking at their keywords, CIM’s definition places emphasis on understanding what the marketplace looks like, analysing how the market is evolving, you must be able to take note of what you observe in the markets, in your immediate environment, assuming you want to start a clothing business, you should develop the habit of writing down types of clothes you observe people wear, clothes they wear for season A, clothes they wear season B.
Studying your target markets closely will let you see what your target customers need or what you can provide for them that they cannot resist, as a marketer I believe that people will always demand for what is valuable, good and needful. No matter how saturated your market is or how sophisticated your products are always identify the gap in your market.