Semantic communication is an emerging research area that has gained a wide range of attention recently. Despite this growing interest, there remains a notable absence of a comprehensive and widely-accepted framework for characterizing semantic communication. This paper introduces a new conceptualization of semantic communication and formulates two fundamental problems, which we term language exploitation and language design. Our contention is that the challenge of language design can be effectively situated within the broader framework of joint source-channel coding theory, underpinned by a comprehensive end-to-end distortion metric. To tackle the language exploitation problem, we put forth three approaches: semantic encoding, semantic decoding, and a synergistic combination of both in the form of combined semantic encoding and decoding. Furthermore, we establish the semantic distortion-cost region as a critical framework for assessing the language exploitation problem. For each of the three proposed approaches, the achievable distortion-cost region is characterized. Overall, this paper aims to shed light on the intricate dynamics of semantic communication, paving the way for a deeper understanding of this evolving field.