Additional Resources

  1. Marketing Vs. Economics: Gymnastics Or High-wire Act? [news.wharton.upenn.edu]
  2. Marketing And Economics [uwf.edu]
  3. Department Of Marketing, Industrial Distribution And Economics [uab.edu]
  4. Production And Marketing Economics [apec.umn.edu]
  5. Phd In Marketing And Business Economics [business.pitt.edu]
  6. Marketing And Business Economics At Katz [business.pitt.edu]

Definition

Marketing is a widely used term to describe the means of communication between the company and the consumer audience. Marketing is the adaptation of the commercial activities and use of institutions by the organizations with a purpose to induce behavioral change on a short-term or permanent basis. The American Marketing Association most recently defined 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."

Marketing

Understanding the concept of marketing

Marketing is a process through which companies communicate, promote, exchange and deliver offerings which have value for its target clients, customers, and the society as a whole. In a business environment, Marketing is the tool used by marketers to reach out to consumers, make them knowledgeable of the various specifications, features and benefits of their product or service, appeal to the masses, and in this way, stay ahead of competitors. The purpose of marketing, on a very basic level, is to link two groups together: people who have a problem or a want i.e. consumers with people who have a solution to the problem or a product to satisfy the wants, i.e. producers.

In simple words, marketing can be described as a tool that is used for effective selling of a product or service. However, there is a lot more to marketing than just that. Marketing consists of a set of activities that are designed keeping the needs of the society in mind. These activities revolve around the four P’s of marketing: product, place, promotion, and price.

The primary marketing process includes:

  • Thinking up of new and innovative product ideas
  • Conducting surveys
  • Selecting an appropriate target audience
  • Planning a budget
  • Developing effective promotion strategies
  • Interacting with existing and potential consumers

Difference between marketing and sales

Often people confuse marketing with sales. They have the concept that marketing is only about advertising and selling of a company’s products. This concept is wrong. Marketing is not just about making consumers buy your products. In fact, marketing includes everything that businesses do (and ought to do) in order to acquire customers and maintain positive, long term relations with them. Marketing is about companies trying to make a place in the hearts of consumers, even after the buying-selling transaction has been completed.

Marketing goes a long way beyond sales. It is a very elaborate concept that includes very small things which hold a lot of significance. For example, writing a thank you letter to a client, promptly returning a customer’s call and apologizing to a consumer on a late delivery. The ultimate aim of marketing is to satisfy customers and fulfilling their needs.

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