What is Marketing ?
Introduction Of Marketing
The word market is derived from Latin word Markets which means a place for trade, wares traffic, or merchandise. A market is a place where buying and selling activities are conducted. In the old days, buying and selling were done by coming together in periodical fairs, or exhibitions held at different places and on different dates. Sellers used to take their commodities to those places and buyers used to buy them according to their needs. People used to exchange their surplus goods for goods they needed.
Features Of Marketing
1. Need and want: The focus of marketing is the need and want of the customer. All the activities in the market are carried out with the main motive of satisfying the need and want of customers and the organization.
2. Creating a market offering: Market offering means offering a product or service by specifying its features, shape, size, color, etc. A good market offer should keep in mind the satisfaction of customers.
3. Customer Value: The customer is ready to give the price for the product only when he gets satisfaction or only when the product offering utilities matches the price. Customer values the product based on satisfaction and services offered by the product.
4. Exchange Mechanism: The process of marketing involves an exchange of products and services for money or money's worth. In exchange customers pay money and in return, they take products or services which satisfy their needs and wants.
Scope Of Marketing
Marketing is seen as the task of creating, promoting, and delivering goods and services to consumers and businesses. Marketers are skilled in stimulating demand for a company's products, but this is too limited a view of tasks marketers perform. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. Marketing people have been involved in marketing 10 types of entities:
- Goods
- Services
- Experience
- Events
- Places
- Persons
- Properties
- Organization
- Information
- Ideas
Selling v/s Marketing
|
Basic Of Comparison |
Selling |
Marketing |
|
Focus |
Selling focuses on the need of the seller. |
Marketing focuses on the need of the customer. |
|
Objective |
The objective of selling is to maximize profit and sales. |
The objective of marketing is to earn optimum profit with customer satisfaction. |
|
Scope |
Scope of selling is limited to an exchange of goods and services for some considerations. |
The scope of marketing is very wide. It includes activities like creation of demand, designing of products according to demand using the promotional technique. |
|
Start And End |
Selling starts after production ends with the sale of a product. |
Marketing starts much before the production and continues even after the sale. |
|
Supremacy |
The producer is considered the kingpin of the Market. |
The consumer is considered the kingpin of the Market. |
|
Demand |
It assumes demand for the products. |
Demand is created by producing products according to the need of the customer. |
|
Efforts |
Seller uses promotional techniques and manipulative tactics also to increase the sale. |
The marketer uses integrated market strategies to capture a big share in the market. |
|
Orientation |
In selling, management is sales-oriented. |
In marketing, management is profit cum customer satisfaction oriented. |
Conclusion
MARKETING
IS the most exciting of all business sports. It is the soul of each
successful company. At all levels and everywhere, it is always changing
in reaction to the explosion of information, the expansion of
technology, and the ferocity of competition.
Every
marketing strategy is a business strategy. Your ability to think
clearly and thoroughly about the finest marketing techniques, as well as
to update and upgrade your actions on a regular basis, is the key to
your company's future success.
Fortunately, marketing, like all business abilities, can be learned by experience, experimentation, and making mistakes. The key is to test, test, and test more. And whatever marketing tactic is now working for you, regardless of how...
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