I don’t have hard statistics, but I would make a safe bet that many people think of ‘advertising’ when they hear the word ‘marketing’. It’s a shame that marketers seem to do such a terrible job at explaining the true purpose of marketing in a business sense, but somewhere along the line the true meaning has been lost!
Missed opportunities occur on a daily basis because business owners mentally discount the idea of valuable marketing strategies due to the misconception that it all just means more advertising! Well, think again!
In very general terms, marketing is everything you do to place your product or service in the hands of potential customers. Advertising is NOT synonymous with marketing – advertising is only one available tactic that can attract potential customers, and it may or may not be an appropriate tool depending on your business and your current requirements.
Plenty Systems has devised a simple diagram to help explain the functions of business development and marketing, and how a variety of strategies work together to achieve increased revenue and profit margin. If you are one of the majority that thinks more marketing means more advertisements, review our simple one-page explanation to understand how to gain more customers, spending more, more often!
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