The key differences between Marketing and Advertising
Often people incorrectly use the word Marketing whenever they want to refer to Advertising.
This is a common error which many people who are not familiar with the subject tend to do. With this simple model called the 5C-STP-4P you will easily learn the differences between both, and understand the real meaning of Marketing.
Marketing = Going to Market:
Marketing is all about Strategy, or as defined by the Marketing Professor, Doctor John D. Branch, from the University of Michigan, the GTM – Go to Market Strategy. GTM is the plan which companies ought to follow before going to the market – whenever starting a new business (in the case of Startups) or simply launching a new product.
This plan should consider the following aspects:
According to John, the biggest error which companies make when GTM, is often thinking and considering marketing as a cost center, and not as a profit center. A marketing department is the company’s profit generator because it is the one proving the necessary strategies to make a product successful in the market. Advertising is only part of one of the 4P’s (Promotion) which is how the company will communicate and inform customers that the product exists, while Marketing is about the Strategy as a whole.
Professor John D.Branch, from the University of Michigan, currently teaches a variety of marketing and international business courses at undergraduate, M.B.A., and executive levels. Professor Branch holds a Bachelor in Engineering Science from the University of Western Ontario, an MBA degree from the University of New Brunswick, a Ph.D. from the University of Cambridge, a Master in Education from Washington University in Saint Louis and a Doctor of Education from the University of Michigan.