Last week I visited a major bank. They guided me through their building and suddenly I noticed a sign: “Marketing & Communication” it said.
Those things puzzle me and make me feel sad. Don’t I understand or don’t they understand? How in heavens name can the manager of that department allow to have such a department in the first place. D
oes he or she know what marketing really is? I wonder.
Communication is a major part of marketing. It is one of the 4 P’s since before I was born (which is a long time ago, believe me). Most of my students who take Marketing 101 took it because they thought that’s what marketing is all about! So what does marketing do in that bank? Product management? Pricing? Distribution? Market/marketing intelligence?
I urge every real marketeer to explain what marketing really is. Marketing as a business concept and marketing as a business activity. Developing value (goods/services), pricing it, selecting the best way for customers to acquire it and communicating with customers and prospects about the value created.