Definition Of Marketing
Marketing is a business term that specialists have characterized in many various manners. Truth be told, even at organization level individuals may see the term in an various way. Essentially, it is an management procedure which show the path how to move products and services to the client, satisfying them. It incorporates distinguishing proof of an item, deciding demand, settling on its cost, and choosing best distribution channels. It additionally incorporates creating and executing a special technique. Then, let’s see various definitions of marketing for further understanding.
Philip Kotler, 1999:
A social and managerial process by which individuals and group obtain what they need and want through creating and exchanging products and value with others
American Marketing Association:
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Difference between marketing and selling
Many people often consider ‘marketing’ and ‘selling’ as synonyms. Nevertheless, these two terms reflect the different meanings. Simply, Selling reflect the actions which convert product to money and marketing reflect the wider process of meeting customer expectations and satisfying them.
Peter Drucker:
There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy.
Now we can get an idea that marketing is more than selling. Below table depicts further differences between marketing and selling.
| Selling | Marketing |
|---|---|
| Focuses on products | Focuses on customer needs |
| Transfer the possession of products | Satisfaction of customers |
| Firstly, make products and after figure out ways to sell products | Firstly, identify customer’s want, preferences and expectations and after figure out what need to make. |
| Sales volume oriented | Profit oriented |
| Business plan is short term | Business plan is long term |
| Price is based on cost of production | Price is based on market determined |