Marketing concept definition
The shortest good definition of Marketing is that specifying and meeting human and social needs. The concept of marketing comes from the customer needs, want, and demand about a product.
Need means the necessity of human beings that leads fulfill their healthy life, such as air, food, water, etc.
Want is the desire for something. It is a desire for some specific object that helps to satisfy customer's needs. And demand means the customer's desire and ability to buy a product. It is related to the economic condition of potential customers and society. Many people want a product but they cannot buy the product. According to the marketing definition, it is not a perfect situation. So the company must be conscious about customer's ability to buy a product. These three things lead people to buy a product.
In a broad sense, Marketing refers to the activities of promoting and selling product according to customer's need, want and demand that leads to customer’s satisfaction in return company earn profit.
Also, Marketing is the business activities that design business plan, product, price, place, and promotion about company's goods and service from which company earn profit by satisfying customers. It helps to get potential and loyal customers for a company.
At present, every company and organization must implement marketing in their business. It helps to identify customer's desire for product and service that leads to promoting and selling product and service. Many companies use these techniques to achieve company and organization goals. The organization takes to promote themselves and increase the growth of their product or service. It is one of the major aspects of a business.
The 4 Ps are the key formula of marketing that helps to identifying and working in the business.
Product: There have two kinds of products, one is physical good and another is service. A product is a heart and the major of all activities in marketing. A company must analyze the market before producing a product. A company should take customer opinions about the objects physical characteristics or attributes that means what kind of product they want, and how much price will affordable for them.
Place: Place means the moving of products from producer to customer. A company should identify the place from which customers get the product. The place must be accessible to customers so that customers easily can found the product.
Price: Price is an extremely important part of marketing activities. This factor also affects customers and the company. Price is also related to the economic condition of customers and the company's financial goals. A company should fix a price that will be affordable to potential customers. Here competitive price of products must be considered.
Promotion: In marketing, promotion means direct and indirect communication about the company's product. There have many ways to communicate with potential customers like advertising, personal selling, direct marketing, social media, public relation, etc. It assists to provide proper information about its product. The promotion also increases brand loyalty about a company in the customer's mind.
Finally, Marketing is the set of business activities that identify customers, attracting customers, and earn business profit by satisfying customers.
Marketing vs advertising
In general, it would seem that marketing and advertising are two concepts that have exactly similar activities. There have the same destination that is customer satisfaction and earn profit but there has some difference. Every business and organization follows up their different strategies for customers and audience acquisition.
In the basic term, marketing refers to the activities of promoting and selling product according to customers need, want and demand that leads to customer’s satisfaction in return company earn profit.
Advertising is a technique of communication with customers to promote and sell products and services.
The main difference between marketing and advertising is that marketing is the business activities that design business plan, product, price, place, and promotion about company's good and service from which the company earns profit by satisfying customers.
Advertising is a part of marketing promotion that must be a paid activity. A successful marketer uses those strategies at multiple levels, as a part of marketing communications in various types of media for promoting products and services to potential customers.
The basic term of marketing is 4p that is the product, price, place, and promotion. On the other way, the medium of advertising is newspaper, television, newspaper, magazine, online advertising, etc.
Marketing is a step-by-step process that works independently but they also work together to earn the long-term goal.
Advertising is the process of promotional activities that work to communicate with customers to earn a business goal.
For both B2B and B2C businesses, marketers develop their strategy more specifically and evaluate the business environment, target market condition, and product orientation.
After analyzing all issues, marketers produce the product and promote the product to potential customers. Advertising helps to promote and communicate with potential customers.
Marketing is a long-term and longer buying process.
But advertising is a shorter buying process to attract customers, attain customers, and finally helps to sell products to the customers.
Marketing focuses on creating new ideas, processes, and activities to do business work properly.
Advertising focus on repeating the same message and content. The process of communicating with customers is the maximum time same.
Marketing involves identifying customer needs, planning and developing a product or service, and determining the best way of pricing, promoting, and distributing.
Advertising involves planning and direction about communication with the customer to attract more and more customers to a product.
Marketing emphasis on customer satisfaction and in return earns a profit.
Advertising emphasis on promotion of a product and create brand loyalty.
The marketing process helps to operate business activities properly which helps to earn a business profit.
From advertising target, customers get clear information about products and services that increase business sales.
Finally want to say that, marketing is the process of identifying target customer, planning about a product and determining the best way of promoting and selling product.
Advertising is a paid form of promotional process that activities are to communicate with potential customers and increase business sell.
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