SO MANY BUSINESS PEOPLE DON’T SEEM TO KNOW WHAT MARKETING IS – 3 OBSERVATIONS It is only reasonable that there should be pressure on marketing budgets. So much investment in marketing is wasted. The argument against cost cutting is, most often, that it will lead to poorer results. So, how do we cut the cost […]

SO MANY BUSINESS PEOPLE DON’T SEEM TO KNOW WHAT MARKETING IS – 3 OBSERVATIONS It is only reasonable that there should be pressure on marketing budgets. So much investment in marketing is wasted. The argument against cost cutting is, most often, that it will lead to poorer results. So, how do we cut the cost of marketing without damaging returns? The starting point in reducing the cost of marketing involves ensuring that we understand what marketing is, and how it works. Contrary to a common misconception, marketing and advertising are not the same thing. Contrary to popular belief, marketing and advertising, marketing and branding, and marketing and communication are not separate disciplines. In each case, the latter is a subset of the former. There are many definitions of marketing, with some providing more insight than others. I define marketing as follows: Managing the behaviour of a specified market in a…