What is Marketing?
Many people believes marketing is advertising. No, it’s not. Marketing is not advertising, then what is marketing? To know about marketing, one should have a clear understanding of what is the market? and difference between market and a market-place?
What is a market ?
Dictionary says :
Market is a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
But the meaning of market is slightly different in terms of marketing:
Market is the demand of the product or a brand. How many people are out there to buy or can buy a particular product or service is called the market for that product or service.
The place or the gathering where the purchase or sale happens is the Marketplace. If you think marketing is sales, advertising, social media publicity, then you are wrong again.
What is Marketing?
In simple words:
Marketing is Systematically communicating your value to people who can buy it.
What does this mean exactly ?
Systematically – Regularly and consistently. (Let the market hear about your product or service a lot in regular intervals)
Communicating – Take your product or service info to the market, make them hear about your product or service through Emails, calls, Posters, Videos whatever.
Your Value – Explain the impact that your product or service can create on their lives.
People who can buy it – This is your market, people who can afford and sees the value in your product or service.
We have seen what is marketing in simple words, but what’s the full definition that defines Marketing.
Let us see what is marketing According to Philip Kotler.
According to Philip Kotler, What is marketing ?
Marketing is the science and art of exploring, creating and delivering value different from your competitor to satisfy the needs of the target market at a profit.