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Marketing

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.


Further Reading

An empirical comparison of published replication research in accounting, economics, finance, management, and marketingAn empirical comparison of published replication research in accounting, economics, finance, management, and marketing
www.sciencedirect.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Comparing the publication process in accounting, economics, finance, management, marketing, psychology, and the natural sciencesComparing the publication process in accounting, economics, finance, management, marketing, psychology, and the natural sciences
meridian.allenpress.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Big data, computational science, economics, finance, marketing, management, and psychology: connectionsBig data, computational science, economics, finance, marketing, management, and psychology: connections
www.mdpi.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Use of online information resources by RMIT University economics, finance, and marketing students participating in a cooperative education programUse of online information resources by RMIT University economics, finance, and marketing students participating in a cooperative education program
www.tandfonline.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

The marketing/finance interface: two divergent and complementary views of the firmThe marketing/finance interface: two divergent and complementary views of the firm
www.sciencedirect.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Financing, managing, and marketing recreation and park resources.Financing, managing, and marketing recreation and park resources.
www.cabdirect.org [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Austrian economics, neoclassical economics, marketing, and financeAustrian economics, neoclassical economics, marketing, and finance
link.springer.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …

Data mining in economics, finance, and marketingData mining in economics, finance, and marketing
link.springer.com [PDF]
The results of a large-scale content analysis of 18 leading business journals covering the 22-year time period 1970 to 1991 show published replication and extension research is uncommon in the business disciplines. For example, such research typically constitutes less …


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