>>> Take marketing, for example. It is often misinterpreted as purely "promotion" when really it also encompasses product development, pricing and placement.
I up-vote on this alone! I actually have an essay about this that I plan on posting one day. Marketing is one of the most misunderstood aspects of business from those not involved in it. I'd guess that 9 out of 10 people think marketing is advertising and promotion.
In reality, as you said, developing a product is marketing. Understanding markets, segments, what the segments value and how to create a competitive product within those boundaries is extremely difficult and really is The the core of what a business is. The marketing strategy lies well beyond promotions and really encompasses the life of the business.
I up-vote on this alone! I actually have an essay about this that I plan on posting one day. Marketing is one of the most misunderstood aspects of business from those not involved in it. I'd guess that 9 out of 10 people think marketing is advertising and promotion.
In reality, as you said, developing a product is marketing. Understanding markets, segments, what the segments value and how to create a competitive product within those boundaries is extremely difficult and really is The the core of what a business is. The marketing strategy lies well beyond promotions and really encompasses the life of the business.