A few years ago I attended a conference for work and the corporate speaker stated marketing was about being right. Marketing is the ability to put the right product, in the right place, for the right price at the right time. I didn't think much of it at the time but after completing a few undergraduate marketing courses I have come to realize... the speaker might have known a thing or two about this topic.
Academia has taught me that marketing includes the 4 Ps. Marketing is about understanding what products the customers want or need. Then determining where to sell these products (online, chain store, specialty store) that is convenient for them to buy. Next marketers must determine what customers are willing to spend to have the product. Lastly, the target audience will need to be informed about the product. Marketing is about customers and the ability to ensure their decision about a product was easy, convenient and well informed.
When I think of innovation or engineering I think of the phase "the product is so good it sells itself". I believed outstanding products were the result of countless months and/or years of research by the engineers in designing the perfect product. It turns out I was partly correct except it isn't the engineers... it is the marketers. I did not realize the extent of marketing's involvement in product creation and was unaware that marketing was key to product innovation.
I still catch myself on occasion when I hear marketing mentioned in a meeting or business course. My first thought is advertising, sales and slogans... then I stop and remind myself that marketing is about innovating the products consumers desire, value and purchase.
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