Marketing Definition - The Internet Book

"A powerful global conversation has begun."

"If you only have time for one clue this year, this is the one to get: We are not seats or eyeballs or end-users or consumers. We are human beings -- and our reach exceeds your grasp ... Deal with it."

The Cluetrain Manifesto

Marketing Definition

Perhaps the best way to begin this chapter is to first define marketing. Although many business people define marketing as selling or advertising, those two aspects of marketing only scratch the surface. The American Marketing Association, defines marketing as: "The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives."

So, what does this mean to you? It means that marketing your business depends on four interdependent on-going processes. The blending of these processes make up the marketing mix which is identified by marketing professionals as the four P's, Product, Price, Placement or Distribution, and Promotion. Each process is essential to business success and must be developed, implemented, and monitored. For the sake of clarity, business success is achieved through "exchanges that satisfy individual and organizational objectives". The term "exchanges" may be interpreted as the transfer (sale) of your product, service, or idea to a customer who, in return, gives you something of value (money).

In business, the value of whatever you receive (revenue) must be in excess of the time and money (expenses) that you invest in your product, service, or idea. Otherwise, your business will not produce profit. And profit is, in all probability, the major reason you started your company or went into business for yourself.

Although this information may seem rudimental, it still serves well to remind yourself that it takes more than entrepreneurial enthusiasm to remain competitive in business. As a business owner, you must continually develop, implement and monitor the four P's of marketing your company.

	Produce a solution that "meets a need" or "solves a problem". (Develop your product, service, or idea and identify a target market.)
	Price your product, service, or idea competitively. (Determine a price for your product, service, or idea that is acceptable to your target market.)
	Place or distribute your product, service, or idea. (Make your product available in the right place for your target market.)
	Promote your product, service, or idea. (Promotion includes making decisions about advertising, public relations, sales, and sales promotion.)

By now, as a small business owner, you have completed all the necessary steps to marketing your business at least once. Therefore, if you're reading this book, chances are that you are monitoring steps three and four and have questions on how best to place and promote your business online.