One area which we continually reflect upon is the diluted definition of marketing. Formal definitions for marketing include the following from the American Marketing Association:
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.
With the Australian Marketing Institute (of which I am the Victorian State Chair) providing a similar view:
Marketing creates value – for customers, shareholders and society as a whole. It does this by creating an alignment between what consumers value and what organisations offer. It offers techniques that help firms better understand the needs, preferences and perceptions of their customers (a prerequisite to adding value to them), and ways of using that understanding to focus the value-creating and communicating activities of the firm into areas where they will be most effective.
Key terms in these definitions relate to the creation of value for all stakeholders. This enables you to build your capacity to achieve your business goals and to measure its impact.
It is the notion of value that is often lost in the traditional execution led approach to marketing. This is why we lead through strategy, ensuring that marketing exists to support your strategic plan and direction into the futre.