Marketing Basics: What is Marketing and Why is It Important?

Marketing Basics: What is Marketing and Why is It Important?

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As marketers, we probably still remember the various marketing theories we learned, such as the 4P, 7P, Maslow’s hierarchy of needs theory, and others. It is true that what we learn from textbooks can be applied to our work, but only partially.

You may wonder why textbook theories don’t work so well in marketing campaigns and why you often don’t know which marketing strategies to apply. In this article, we’ll show you what business and marketing really is.

oing Business and Marketing Today

Marketing today has transformed into a digital marketing model and social media influencers are more effective than celebrities in representing brands. At the same time, marketing strategies have also evolved over time. To understand more, let’s start with the definitions of business and marketing and how they have changed.

Why does our world have business?

“Business, simply put, is a person or organization that makes a profit by offering a product or service in exchange for money, which involves trade, industry or business activities.” (Immerse Education)

In the past, the sole purpose of business was to maximize profits and build good relationships with stakeholders (Tejvan Pettinger, Economics Help). But why did business exist?

The answer is simple: to create value for the product and the company as a whole.

No one can solve all customer problems. The solution must be meaningful to the customer and meet their needs. Research must be done to know what the customer really wants and cannot be guessed by any one person’s logic.

A good example is Blackberry and their business model. In the late 2000s, they did not listen to their customers who wanted a bigger touchscreen, but stuck to their old design ideas, did not innovate or create new products to meet their needs, and eventually Blackberry collapsed.

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