5 Myths of Marketing
Marketing is marketing…but what is marketing, really? Marketing can be very misconstrued, is it all about sales or is there more to it? How do I know what is and what isn’t? How do I differentiate between truth and fiction?
Here is a list of the top five marketing myths you won’t want to miss out on!
1. Marketing is just selling and advertising… Right? Wrong! Many people believe marketing is only about making products available in stores, arranging displays, and maintaining inventories of products to be sold in the future. What they do not know, is marketing not only involves these but many other activities, as well!
Marketing has two important components. First, it is a philosophy, an attitude, an outlook, or a management direction that stresses customer satisfaction. Second, marketing is an organization function and a set of procedures used to implement this philosophy.
Marketing uses communication, distribution, and pricing strategies to provide customers and other stakeholders with the goods, services, ideas, values, and benefits they desire when and where they want them. Marketing involves building long-term, mutually rewarding relationships that will benefit all parties concerned.
2. A firm’s business is all about selling goods and services…Not quite. While a sales-oriented firm focuses on goods and services, a market-oriented (MO) firm’s business is quite different. MO firms define their business or mission in terms of benefits its customers seek. MO firms keep focus on their customer’s wants and needs, rather than the firm’s internal needs. They encourage innovation and creativity to satisfy customer needs in a variety of ways. This in turn, stimulates an awareness of changes in customer’s needs and preferences so that product offerings remain relevant.
3. The overall goal is to make a profit and the only way to do that is to make the most money! Wrong, again. Every firm wants to make a profit, yes. However, selling the most goods is not the only way to do so! Firms regularly make profit by creating customer value, providing customer satisfaction, and building long-term relationships with customers. The greater value you hold on your relationship with customers and other stakeholders with ultimately lead to superior profitability.
4. We should develop and direct our products toward the “average user”… Are you kidding me? No Way! The misleading notion of developing products directed towards the average user is that somewhat few “average users” actually exist. Because populations are characteristically distinguished by diversity, most potential customers cannot be considered “average”. Therefore, they are not likely to be attracted to an average product. Different consumer groups want different things, recognizing this is of utmost importance. It is important to find your “Ideal Client”.
5. The understanding of marketing is not important to all business people, just those in the marketing department. Again, that could not be further from the truth. The fundamental objective of a business is to survive, make a profit, and achieve growth. Marketing contributes directly to attain these objectives. Marketing includes activities that are vital to a firms operation and success. In order for a firm to communicate respectively, assess the desires and satisfactions of their consumers, design and administer product offerings, develop prices, develop policies, and increase distribution strategies, every businessperson must be familiar with the terminology and fundamentals of marketing.