What is Marketing by Prof. Noel
Marketing can simply be defined as creating, winning and keeping profitable customer relationships. The business of marketing management is to successfully guide this process. Marketing is the one and only function of business that has deep roots in the social sciences and can be consider applied social science for business. The function of marketing has its own theories, concepts, principles, along with unique classifications and terminologies. Marketing managers and business owners are advised to become knowledgeable and well-versed in the applications of the theory of marketing and all of its premises. These are the ‘tools’ of your profession that differentiate you from your cohorts in the other business functions which include finance, accounting, information system, human resources.
The popular view of marketing, for better or for worse, is simply all the different ways that can be applied to get customers to part with their money. This includes a long list of sales driven methods such as, media advertising, personal selling, coupons, price incentives etc. that can lead to a quick sale. Without the guidance of marketing management, the creative and artful process of parting customers with their money can become very troublesome if not unprofitable and even illegal. Marketing’s main focus is on profitable customer relationships. This blog promotes marketing theory as a business proposition where the business and the customer are both rewarded. Marketing, therefor, is the map that provides the direction of the sales methods to successful outcomes – both for the business and the customer.
Marketing theory provides the framework for the manager to guide the marketing process. Marketing is a study that is found in the college of business but has direct roots in applied social sciences. Social sciences are concerned with the scientific study of the social life of human groups and individuals which includes disciplines of psychology, sociology, anthropology and economics. Whereas the natural sciences (physics, chemistry, biology) have natural laws to objectively measure constructs, the social sciences have empirical approaches and scientific rational applied to human conditions. Given perspective, the disciplines of accounting and finance are made of rules and regulations guided by government, FASB (Federal Accounting Standards Board), or other man made decisions and have no established theories or concepts.
Marketing, however, draws from its applications based on the social sciences. The theory of the “marketing concept” is unique to the college of business and the general business environment. It is the only concept in business which prescribes that a company with a focus on the customer will do better in the long run than companies without that focus. Though difficult to prove – nonetheless well documented and observed. Other law-like generalizations or principles are unique to marketing such as customer segmentation, the marketing strategy process, positioning , customer satisfaction and loyalty, the product life cycle, and the evolution of companies. This blog on Marketing Theory and the Business of Marketing Management will explain these the marketing concepts and principles, identify unique classifications and define marketing terminology to successfully guide the marketing manager in creating, winning and keeping profitable customer relationships.
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