We always keep hearing about market and marketing, have you ever thought about what is the market? what is marketing? It might sound a bit strange. But it is not so!!

Marketing is a process in which a plan has to be made from the very beginning, and which is required for marketing from a small businessman to large companies. So let’s know what is marketing?

Meaning of Marketing

The term ‘market’ originates from the Latin noun “Marcatus” which means “a place where business is conducted.” A layman has somewhat similar connotations of the word ‘market’ which brings to his mind the vista of a place where the buyers and sellers personally interact and finalize. The term Marketing is not just about promoting and advertising. It is a complex concept where you send the right message to the right person via the right medium.

DEFINITIONS OF MARKETING

There are many definitions of marketing.

1. “Marketing is nothing but demand creation and customer satisfaction.”

In which, Discover and translate consumer needs and wants into products and services and further expand the demand.

2. Managerial definition: “ Marketing is the art of selling products.”

3. According to Philip Kotler –

“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.”

4. According to American Marketing Association –

“The performance of business activities that direct the flow of goods and services from producer to consumer/user.”

5. Marketing

• “Satisfying customer needs”
• “Meeting needs profitably”
• “Generating customer value at a profit”
• “Managing profitable customer relationships by delivering superior value to customers”

A Simple Marketing System

The figure shows the relationship between the industry & the market

The sellers send goods & services & communications (ads, direct mail, & so forth) to market; in return, they receive money & information (attitudes, sales data, & so forth) The inner loop shows an exchange of money for goods & services; the outer loop shows an exchange of information. Industry (a collection Of Sellers) Market (a collection of buyers) Goods/services Money Communication Information

Elements of Marketing OR 4 P’s of Marketing

There are 4 different elements in this process, which we call the four P’s of marketing.

Product

The first step of marketing is to identify the customer and make a product for him, a product that fulfills the need of your customer as well as he likes and fulfills his wishes. It involves decisions regarding:

• Physical Product
• Product mix
• Product variables
• Product Quality
• Branding
• Packaging etc.

Price

Price is the amount of money that a buyer has to pay in order to own a product. A marketer makes price alterations in order to attract customers through discounts, allowances, coupons, etc. The element of price is concerned with determining:

• Level of prices (low, high)
• Range of prices
• Price–Quality relationship
• Competitors pricing
• Government control over prices
• Psychological effect of pricing

Place

After preparing any product, it is decided how to deliver it to the customer. For this, a place is earmarked so that the right place can be reached at the right time. The product is delivered through different distribution channels. This includes the whole seller and retailer.

Promotion

Promotion refers to the communication of information about a product and its features to potential customers through various forms of media.  It is the process of educating customers through various forms of media about

• Product Quality
• Product Utility
• Product Price

It involves the selection of a combination of tools of promotion like advertising, sales promotion, personal selling, publicity, and public relations to persuade potential customers to buy a product or service.

Types of Marketing

• B2B -Business to business
• B2C -Business to consumer

1. B2B – Business to business

In B2B marketing, we promote our product for the already created business. For example, if we talk about offline, then we target Wholesaler who can sell our product.

Talking about online, we target websites like B2B websites like IndiaMart, TradeIndia or Alibaba.

2 .B2C -Business to consumer

In B2C marketing, we do advertising by targeting the direct consumer or customer, for this also different methods are used both online and offline.

How to do Marketing?

So far you have to know what is marketing, now we will know what are the methods of marketing and how to do marketing?

Paid Advertising

Paid advertising uses both traditional and digital marketing.

TV, newspapers, radio, magazines, or other print media are used in Traditional Marketing.

PPC (Pay Per Click) ads are used in digital marketing, the ads that you see on Facebook, Twitter, Search Engine, or Websites.

Cause Marketing

Relationship Marketing

In Relationship Marketing, companies maintain a good relationship with their customers and show them loyalty by providing good services.

Word of mouth

This marketing depends on what effect you leave on your customer. If you are giving a good product to your customer, then he will tell his friends and relatives about it. This is very important in traditional marketing.

Transaction Marketing

In transaction marketing, companies entice their customers by giving them shopping coupons, gift cards, and discounts.

Due to this, the customer is attracted to the product and there is also a sale.

Undercover Marketing

In undercover marketing, the product is promoted in such a way that the customer does not know the way of advertising of the companies, where is this type of marketing is also known as stealth marketing.

What is Marketing Management

Marketing management refers to the techniques, ideas, and implementation that companies use to market their products.

Which product will the company make, from where it will be made, how much it will sell, how it will sell, and where it will sell, all these things come only in marketing management.

To become a marketing manager, you should have 3+ years of experience, knowledge of marketing, and good communication skills are very important. The salary for doing marketing management is also very good.

Advantages and Disadvantage of Marketing

Advantages of Marketing

Marketing activities benefit the organization in many ways, some of the key advantages are as follows.

1. The Marketing efforts result in new and better products and new packaging ideas.
2. It efforts lead to better and efficient distribution network.
3. It helps in economic growth of societies by producing required quantities of goods.
4. It helps in advertising, sales and promotion activities.
5. It gives rise to competition.
6. It is also a significant source of new ideas.
7. It also plays a significant role in decision making.
8. It enriches the quality of products and services.

DisAdvantages of Marketing

1. It can be expensive and drain profits, especially for smaller businesses
2. It’s difficult to accurately assess the cost benefit of a marketing campaign
3. Not all campaigns are successful because they were not carefully researched and planned
4. The business may require additional staff to assist with advertising
5. The cost of branded items used for advertising reduces profit margins
6. The time required to keep information updated on websites and social media may require additional staff.

CONCLUSION

We have discussed in this article such as what is the market? what is marketing? Elements of Marketing OR 4 P’s of Marketing, Type of Marketing, and the advantages & disadvantages of doing a go-to-market strategy.

With the origin of mankind, the exchange of goods and services began, which was called an exchange, with the changing time’s exchange took the form of marketing. So we can say that it is a dynamic process, it is always going on, it also undergoes many changes from time to time.

आशा करता हूँ, कि यह आर्टिकल आपको पसंद आया होगा तो सोच क्या रहे हैं अभी इसी वक्त इसे अपने दोस्तों के साथ सोशल मीडिया पर Share करें।

ThankingYou………………धन्यवाद………………..शुक्रिया………………..मेहरबानी…………………..

Reference

What Is Marketing | मार्केटिंग क्या है | मार्केटिंग (विपणन) की परिभाषा

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