Definition of Marketing and How Small Business Can Gain Profit Out of It

People who work on business world often overlook the definition of marketing. They are focusing on the implementation of marketing strategy while completely ignoring the definition of it. For people who already know how to take advantage of marketing concept, they will not have any problem to implement it. However, people who just start to develop their business need to know what the definition of it is. By understanding its definition, it will help you to implement the strategy to develop your business.

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In this article, we are not only discussing about the definition of marketing, but also about how you can improve your profit. As you probably already know, the profit from your business can be used to develop it even further.

In general, the definition of marketing is divided into three parts. Aside from the subject and the object, it also needs the medium in between them. The subject of marketing is you as the owner of your business. Meanwhile, the object of marketing is the people using your business such as clients, partner, customer, and society. The medium between subject and object of marketing is the process. The process is depending on your strategy. It usually involves trading, informing, promoting, and many more.

Most people misunderstood the definition of marketing. Marketing is not about the advertisement, brochure, promotion, or even company logo. Marketing is the activity of using those things to achieve the goal of your company. It refers to the process and effort you take to realized your company goal. Of course, this activity or effort requires such things. The goal for company with commercial orientation is commonly getting more profit from their products or services. Elaborate and systematic strategy is required to implement any marketing concepts. When it comes for implementation, marketing plan and marketing management play important role.

READ: Definition of Promotion for Business

Brief Explanation about the Definition of Marketing Plan

Unlike the abstract concept of marketing, the definition of marketing plan is a real thing. It is referred to a specific document used to help you implement the marketing strategy. The goal of your marketing strategy is always mentioned in this document. How can a document help you develop your business? Since this particular document mention about your company goal, you can rely on this information to maintain the company from going out of its original goal. Altering form original goal often happens, when your company faces problems. In case of this unfortunate event happening, you can go back to your marketing plan.

From the definition of marketing plan, you can see that the document can only be used before you achieve specific goal of your company. If the goal is achieved, you cannot use the same marketing plan document for the second time. Aside from mentioning about the goal of your company, it should ideally mentions about how long you plan to achieve the goal. It is also advisable to prepare the next marketing plan along with its goal once the former goal is nearly achieved. You do not have to be bothered thinking about what the next goal should be. The next goal to achieve from your company often emerges as soon as the former goal is achieved.

Writing down the company goal on your marketing plan is easy part of marketing process. The harder part lies on the market research. Market research is important part from the definition of marketing plan. You need to gather important information that might help you creating the perfect marketing strategy. After the crucial information is gathered, you can develop your marketing strategy. The marketing strategy is normally corresponding to the information that you gathered from the market condition. In order to execute the marketing strategy, you also need to prepare the budget as well.

After we learn about the definition of marketing along with the plan required to execute it, you also need to know about how to manage the marketing strategy. Both marketing plan and marketing management are essential part to achieve your marketing goal.  Here is brief explanation of marketing management to help you understand it better.

The Definition of Marketing Management

You might already learn about the definition of marketing management from textbook or other sources. This article will give you different perspective about it. The first thing you need to know about marketing management is how to execute your marketing plan. As mentioned before, marketing plan is merely a concept written in a specific document. In order to execute it as planned, you need to have good managing procedure. It should come as no surprise that it is often associated with practical application of particular marketing plan. Marketing management also involves the method and technique used to execute your marketing plan. Since every company has its own specific goal, the approach used on the marketing management also varies from one company to other company.

After talking about the definition of marketing management, you should already understand that marketing management is series of activities in order to achieve the goal of your company. This activity is performed in chronological order. It starts right after the marketing plan is completed.

In accordance to the definition of marketing management, the initial step of marketing management is commonly performed on the recruiting process. The recruiting process allows you to be selective on finding suitable employees for your company. This process involves creating list of requirements for your employee candidates. It is advisable to create a specific requirement set in order to determine gather qualified employees.

Those are you need to know about the definition of marketing. There are several reasons why the definition of this important concept is often overlooked. One of them is caused by new business practitioners underestimate the importance of it.

READ: Marketing Management Definition

Underestimating the basic concept of business is not a good thing. Those who do not understand completely the marketing concept are often having hard time to make their company developed. Therefore, it is highly suggested to learn deeply about the definition of marketing before implementing any marketing strategy.

Santiash

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