Chat #60 – Marketing Defined & 6 Step Process

“Whether you know it or not, you are a media company.” This is the third installment in the “You are a Media Company” series over the year and a future course for entrepreneurs and business owners. During this chat, Gresham Harkless spoke about the way to define marketing and how it's different and overlaps with public relations, advertising and sales and the 6 step process to marketing success.

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• What is marketing? – 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.Source: The American Marketing Association: (https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx)
• Different from public relations? That form of communication management that seeks to make use of publicity and other nonpaid forms of promotion and information to influence the feelings, opinions, or beliefs about the company, its products or services, or about the value of the product or service or the activities of the organization to buyers, prospects, or other stakeholders. Source: The American Marketing Association: https://www.ama.org/resources/Pages/Dictionary.aspx?dLetter=P (e.g. think earned media like press releases, stories, blog)
• Different from advertising? The placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/ or persuade members of a particular target market or audience about their products, services, organizations, or ideas. Source: The American Marketing Association: https://www.ama.org/resources/Pages/Dictionary.aspx. (e.g. think billboards, magazine, newspapers, radio, social media ads, google ads)
• Different from sales? Any of a number of activities designed to promote customer purchase of a product or service. Sales can be done in person or over the phone, through e-mail or other communication media. The process generally includes stages such as assessing customer needs, presenting product features and benefits to address those needs and negotiation on price, delivery and other elements. Source: The American Marketing Association: https://www.ama.org/resources/Pages/Dictionary.aspx?dLetter=S (e.g. cold calls)

6 Step Process – your favorite food, building computers, work out plan, anything needing to be built

1. Recipe: Recipe: Your Plan
2. The Crust: Your Foundation: Website/Blog (Blog can also overlap)
3. Ingredients: Marketing Tools: Social Media / Advertising / SEO (Digital Marketing) Others (networking, chambers, direct mail)
4. Pick & Prepare: 1 or 2
5. Put it in the Oven: Execution (but check it)
6. Keep working at it but remember to enjoy the process