Being passionate about sales and marketing, moreover writing, discussing topics on marketing I thought why not, we should start discussing concepts of marketing with a basic concept. On a day to day activity, we see and feel marketing everywhere. Whether it is formal or casual we catch hold of it everywhere. Whatever be the business. Whether it is small or big, marketing plays a vital role in the growth of the business. So “What is marketing?”
“Marketing has always dealt and identifies with human and social needs. Marketing in an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in a way that benefit the organization and its stakeholders”.- Philip Kotler.
“Marketing is communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand.”- Wikipedia.”
“Marketing is not only much broader than selling, but it is also not a specialized activity at all It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. Concern and responsibility for marketing must, therefore, permeate all areas of the enterprise”. – Drucker.
“This customer-focused philosophy is known as the ‘marketing concept’. The marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires.”- Barwell.
The aim of marketing is to make selling superfluous. In simple words, understand the customer, so well that the products and services you sell should fit his or her needs. But, the query is that what is marketed? There are 10 types of entities where marketing people involved to market. 1. Goods 2. Services 3. Events 4. Experiences 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas.
Moving a little depth into the above entities, 1. Goods – Ex: Physical goods, 2. Services- Ex: Hospitality services 3. Events – Ex: Major trade shows, 4. Experiences- Ex: Film city, studios, park, 5. Persons – Ex: Celebrity Marketing 6. Places- Ex: Tourism 7. Properties: Ex: Real property 8. Organizations: Ex: Business, finance. 9. Information: Ex: Educational Information 10. Ideas: Delivering Ideas (Ex: Campaign on Tobacco). Hence, Marketing plays a vital role in our day to day lifestyle. Studying and implementing marketing concepts really help individuals or organizations to achieve their marketing or sales objectives.
The study of Marketing or the art of marketing of choosing target markets. Getting, keeping, and growing customers through creating, delivering and communicating superior customer value is called “Marketing Management”. In the earlier days, people used to exchange their products and services for any kind of purchase (Barter System). From the above statement, here comes the buzzword what is a market? A market is a physical place where buyers and sellers gathered to buy and sell goods. Marketing has changed and taken a paradigm shift through Digital channels. Marketing done through electronic modes such as the Internet, Mobile, Laptops, PC’s etc. is known as “Digital Marketing”. Hence, Marketing can be classified in two ways such as Traditional Marketing and Digital Marketing.