Marketing: the big box of value

It is common knowledge what marketing is in approximate terms including some activities in encloses, but it is uncommon to comprehensively understand every aspect of it and its purpose as a whole.

To help with the explanation, marketing can be defined using the American Marketing Association (AMA) definition, widely recognized and respected in the academic and professional community.

"Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large"

From this definition it is clear that marketing links customers’ needs to a brand products offer, while generating value for different parties involved. By the definition, some key aspects are highlighted:

a)????Creating Value: the creation of offerings, that can be products or services, that provide value to customers and other stakeholders

Activities that belong to “creating value” are: Product Development, Up-selling and Cross-selling activities

b)????Communicating: effectively communicating the value of these offerings to target audiences through various channels and promotional activities. Communication is an important component to support the storytelling related to a brand’s image and happens through different channels, online and offline. Communication is driven by main ideology and is organized in editorial plans that can have different levels of specificity depending on the time range of planning

Activities that belong to “communicating” are: Editorial Planning, Content Management, CRM Activities, Social Media Management, Customers’ Engagement

c)????Delivering: processes and activities required to deliver the offerings to customers in a way that meets their needs and expectations. The delivery is the aspect that cures to reach the right customers at the right time, in the right manner. It ensures that the value promised through marketing efforts is effectively delivered and that customers have a positive experience throughout the purchase journey. This is done through many aspects ranging from convenience and accessibility, customer experience, supply chain management and efficient handling of distribution channels

Activities that belong to “delivering” are: Product Selection, Extra Features’ Releases, Stock Availability

d)????Exchanging: exchange of value between the organization and its customers, clients, partners and society as a whole

Activities that belong to “exchanging” are: Product Positioning, Pricing, Collaborations of Different Parties, Corporate and Social Responsibility, Brand Image

This “AMA” definition emphasizes the broad scope of marketing, encompassing not only communication but also the entire value creation and delivery process. It recognizes that marketing goes beyond individual transactions and seeks to establish mutually beneficial relationships with customers and other stakeholders.

If we had to draw a framework of different aspects that marketing needs to operate they would be essentially three:

1)?????Strategic aspect, being it the predominant component as reflects visions and intentions for the long term and drives actions to achieve them. Strategy also keeps the operational flaw of decision making within the restraints of budget cups allocate for different time periods.

2)????Creative aspect, focusing on how to effectively catch attention and generate engagement towards the brand. Creativity is crucial for distinction and competitive advantage.

3)????Analytical aspect, as in an increasingly fragmented and data driven society, collecting, storing, understanding and elaborating information of different kinds and sources is necessary to succeed.

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In conclusion, marketing, despite its relevance and significance in driving business success, is often underrated and undervalued. It plays a pivotal role in shaping consumer perceptions, influencing purchasing decisions and fostering long-term vision. This underestimation of marketing's importance stems from a limited understanding of its multifaceted nature and the diverse range of activities it encompasses. Despite its undeniable impact on business performance, marketing often faces challenges in obtaining sufficient resources, recognition and influence within organizations. This undervaluation of marketing can hinder its ability to drive growth and deliver long-term business success.