Business Consulting

The time has come for marketing management

You have probably heard the word ‘marketing’ before.
What does the word ‘marketing’ really mean?
Market research? Advertising agency jargon? Sales techniques for salespeople?”

Unfortunately, all of these are different. Professor Peter Drucker wrote about marketing: “The purpose of a company is to create customers” (Modern Management, Diamond). Marketing is “customer creation, customer satisfaction and customer retention”, and in corporate management, the importance of marketing as an intangible asset lies in the fact that it fulfils the integrated function of value-added production and the control function establishes its own value through an optimisation orientation.

Formulation of marketing strategies

As the market shrinks and the competitive environment becomes more and more difficult for companies, it becomes increasingly important for them as players to establish their position in the market. In this context, marketing is becoming an increasingly important part of the management process of generating day-to-day sales and building up the structure of the business entity. Marketing is defined in many different ways in various quarters, but as a means of achieving the objectives of business management, marketing can be both an entry point and an exit point.

Definition of marketing

Japan Marketing Association definition: ‘Marketing is a comprehensive activity for market creation undertaken by companies and other organisations from a global perspective, with mutual understanding with customers and through fair competition.’

American Marketing Association definition (2004): ‘Marketing is an organisational activity, a set of processes for creating value for customers, communicating about value, delivering value, and managing customer relationships in ways that benefit the organisation and its stakeholders. It is a set of processes for managing customer relationships in a way that benefits the organisation and its stakeholders.”
(Quoted by American Marketing Association)

Philip Kotler’s definition: ‘Marketing is the social and managerial process by which individuals and groups create products and values and exchange them with others to acquire what they need and want.’
(Quoted in The Marketing Principle, Philip Kotler, Diamond)

Therefore, marketing as a management entry point is customer satisfaction in the narrow sense, while marketing as an exit point can be described as the management of the company itself.