What is Marketing?
Marketing is defined as the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants, through an exchange process. A demand is a want for which the consumer is prepared to pay a price. A want is anything or service the consumer desires or seeks. Wants become demands when backed by purchasing power. A need is anything the consumer feels to keep himself alive and healthy. A transaction consists of a value between two parties. Marketing is also the creation and the delivery of a standards of living; it is finding out what the consumers want, then planning and developing a product or service that will satisfy those wants; and then determining the best way to price, promote and distribute that product or service. It includes all of the activities necessary to move a product from the producer to the consumer. Its aim is to make sales in order to earn reasonable profit for the producer. It is a bridge from the producer to the consumer.
What is the difference between marketing and selling?
In general we use “marketing” and “selling” as synonyms but there is a substantial difference between both the concepts. Selling is the internal aim of business. Thus it is only a part of marketing process. Marketing is much wider than selling and much dynamic. Selling revolves around the needs and interests of the seller; marketing revolves around the needs and interests of the buyer. Selling seeks profits by pushing the products on the buyers. Marketing too seeks profits, but not through pushing of the products but by meeting the needs of the customers and by creating value satisfaction for them. Selling merely concerns itself with the tricks and techniques of getting the customers to exchange their cash for the company’s products, it does not bother about the value satisfaction that the exchange is all about. On the contrary, marketing views the entire business as consisting of a...