26 May 2012

Redefining Marketing

Ana Isabel Canhoto, Senior Lecturer at Oxford Brookes, has written an interesting post on her blog, discussing ‘This thing called marketing'.

A few years ago, I had posted something related on my old Warwick blog on "Selling is not marketing". Anyway, Ana mentions that the definition she usually refers to is the one given by the Chartered Institute of Marketing which describes marketing as:
‘The management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ 
This definition is my favourite as well. However, I feel that there is a need to update this definition.

As I commented on Ana's post,  the growing importance of Social marketing has presented some unique issues, where positive social change is the main objective and not fiscal targets. This may mean that the term "profitably" in the CIM definition may not be applicable all the time.

Furthermore, I would add 'and maintaining' just after 'satisfying'. From personal experience and what I have heard from other people, it seems that a lot of companies here in the UK  are totally ignorant or choose to ignore the concept "LOYALTY".

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