What Is The Actual Meaning Of Marketing?
The definition of marketing differs from professional to professional, company to company and business to business.
If you search for the word marketing on Google, the meaning of marketing says- “it is the action or business of promoting and selling products or services, including market research and advertising.” See below-
However, according to wikipedia, Marketing is the study and management of exchange relationships. It is used to create, keep and satisfy the customer.
Whereas, American Marketing Association defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Jay Baer with Amber Naslund, the author of The Now revolution says that marketing is the messages and/or actions that cause messages and/or actions.
Likewise, there are many such definitions of marketing given by different professionals and companies. I, personally and in simple words, will define the marketing as an activity of selling and buying products and services. The activity also includes advertising and branding of the certain product and services.
In other terms, marketing can be defined as an art of teaching audience about what is good and what is not. If somebody is unable to explain why his product and service is considerable over others, then the meaning of marketing won’t be the same for that somebody.
However some get confused between sales and marketing. They understand that both are the same things. Whereas in reality, sales and marketing differs a lot from each other. How? Let’s see-
A sale is the process of coaxing customers to buy the company’s products or services in exchange for something. In other words, it’s an agreement between the buyer and the seller.
B2B Sales aims at converting the leads into purchase and orders and focuses only on converting consumer demand. It generally targets on individual or smaller groups.
It pertains to shorter goals and once the product is out in the market, a salesperson persuades the customer to buy the product. Sales is the last stage of marketing.
Marketing is an activity of selling and buying products and services. The activity also includes advertising and branding of the certain product and services.
Marketing aims at generating leads or prospects and focuses mainly on meeting the consumer needs.
It targets a larger group or general public. The marketing process involves a longer process of building a name for a brand and pursuing the customer to buy despite of their needs.
The scope of marketing is to identify the needs of customer, produce innovative products, promote the product and create awareness about the product among the consumers. Marketing shows the way to reach the customers and build long-lasting relationship with them.
Although the two are much different from each other but the most prior goal of each of the teams are to generate revenues for the company.
The Four P’s of Marketing
In 1950, Neil Borden popularised the four P’s of marketing, referred as the marketing mix. All the internal and external factors in the overall business constrain the four P’s which interact significantly with each other.
The four P’s of marketing are- product, price, place and promotion. All the four P’s are described below:
Product can be thought as the good or service offered by the company. The purpose of the product should be to meet the expectations of the consumers and should be so compelling that they make the audience believe that they need your product or consider it over your competitors.
Price refers to the required cost of the product or service that the company provides. The product’s cost should be estimated on the basis of the real and perceived value of the product, along with taking into account the supply costs, seasonal discounts, and prices used by competitors.
However, the price of the product can be manipulated high or low in accordance to the marketing strategy. If the price is kept low, everybody can try the product.
Place refers to placement or distribution of the product at a specific store etc. in the market. The prior objective of executives is to get their products in front of the customers who are most likely to purchase them, while in some cases, placement will refer to placing the product in particular stores, store’s display or where a product can be showcased on a web page.
Placement can also be done on TV shows, films or blogs using Search Engine Optimisation in order to gather the attention of the audience. However, such kind of placement overlaps with promotion.
As we all know, promoting one’s product means advertising, branding, public relations and promotional strategy which tether into other three P’s of the marketing mix. Promotion is done in order to reach the large number of audience and gather their attention.