Marketing

The meaning of marketing is the process of market research, promoting, advertising, selling, and delivering products and services to a customer. It is a broader concept than sales and advertising. In fact, Sales and Advertising comes under the concept of marketing.

In simple terms, the company has to solve the problems of the customers. A company has to conduct market research on consumers and what the consumer wants. The company has to create and promote the products or services accordingly to compel the consumer to purchase the products and services.

The process starts from the beginning till the end of a product for a company. It starts even before the invention of the product.

It attracts attention, acquires trust, and retains a long-lasting relationship with customers.

The concept of marketing is a very broad concept. It helps a company to build strategies, and brands, achieve its objectives and make handsome profits from the satisfaction of customers.

The concept decides the right product for the right customers at a right time.

It is one of the primary components of business management and commerce. Marketers can direct their products to other businesses (B2B marketing) or directly to consumers (B2C marketing).

The term marketing, which is commonly known as attracting customers, incorporates knowledge gained by studying the management of exchange relationships. It is the business process of identifying, anticipating, and satisfying customers’ needs and wants.

It is currently defined by the American Marketing Association (AMA) as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.

 

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