The ARC of Marketing
I just looked up MARKETING on Wikipedia. I have a headache. Here’s what Wiki says;
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand.
That’s one sentence. It has one period, which comes after the late and singular appearance of the word “brand.”
Maybe we need something simpler and more memorable. How about this: Marketing is an ARC: The business of Acquiring, Retaining, and Cultivating CUSTOMERS.
Acquire: Attract customers you don’t already have.
Retain: Keep the customers you have, work to keep them satisfied.
Cultivate: Grow spending and engagement from the customers you have.
What do you think?
This isn’t much of a definition, more like a list of tactics that may or may not be related to marketing. Not a strength to use the word you are trying to define in the definition.
ARC is succinct and the essentials of what marketing is trying to do the point – Attract, Retain & Cultivate customers to your goods & services.
Philip Kotler’s definition of Marketing: “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with each other.”
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