What does poor marketing mean?
Poor marketing is when a company chose an inappropriate marketing strategy and/or performed poorly in marketing execution.
When strategy is inappropriate and implementation poor, implementation shortcomings may mask problems with the strategy; not only is failure the probable result, but such failures will be especially challenging to control because of the difficulty in identifying the cause of the problem.
Definition of marketing
Marketing refers to activities undertaken by a company to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses.
Marketing can also be defined as the means to communicate value to customers or, more formally, as “the science of satisfying consumers’ needs profitably”.
Important to note, the concept of marketing remains the same but the marketing mix, or combination of factors that influence the delivery of value, has evolved considerably.
The traditional marketing mix, built around the 4Ps — product, price, place and promotion — arguably discounts the breadth and complexity of current-day marketing. Therefore, 3Ps were added to the mix — process, people and physical evidence — which respond to crucial changes in branding, customer service, e-commerce and social media.
- product: product encompasses the variety, design, packaging, quality, features and positioning of a product or service.
- price: price refers to how much a customer is willing to pay for a product or service.
- place: place refers to product accessibility to potential customers.
- promotion: promotion is the most visible “P”, as it includes advertising, sales promotions and PR efforts.
- process: automation, systems and processes now play critical role in the marketing mix. Processes increase efficiency and drive down cost and by turning data delivered into recommendations that steer production toward consumer-driven goods and services that meet consumers’ needs.
- people: companies need to hire and train the right people to provide superior and consistent customer service. A diverse, goal-oriented and motivated workforce is the scarcest and most important advantage a company can have.
- physical evidence: the physical evidence is a combination of the environment and branding where the service is provided to a customer by a service representative, such as service brochure, request for proposal, social media account, corporate website, and other unique deliverables from your organisation.
Create a free account for our affordable startup intelligence empowering founders.
Last edited on 6 January 2022.