What’s the difference between marketing versus branding?

I was asked this question during a meeting of young marketing professionals recently: What is the difference between marketing versus branding?

A deceptively simple question but an important one and I thought I would answer this today.

Let’s start with the basics and advice from an old friend.

What is marketing?

Marketing is such a rich topic. But let’s avoid navel-gazing and keep our definition simple.

The most important mentor in my professional life was Peter Drucker, the best-known management consultant in history (and also the most brilliant person I have ever known!). Here is his iconic quote about marketing:

“Because the purpose of business is to create a customer, the business enterprise has two — and only two — basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

This is just so beautiful in its simple elegance. At its highest level, marketing is about creating and keeping customers.

Another great influence on me is Dr. Philip Kotler.