Welcome to guide; what is marketing in business? In this guide we are going to discuss; marketing. This is the first question that comes to your mind when it is we discuss marketing. Marketing as you thought is wildly used in the management of the business and our day to our life. That's why marketing is very very important. If you go back into history then we find the existence of marketing, At the beginning of the civilization. It all has started with the bottle system. When the buyers and sellers exchange their goals and services. Marketing as a topic first appears in the first half of the 20th century concerning distribution. The procedure of circulation and assurance of cost through the demand and supply Pew the view for studies in marketing That’s why economics is known as the mother of marketing.
simple definition of marketing
Marketing is a very very simple term to understand. The simplest way to understand what is marketing is, to identify and meet the needs of consumers.
As a marketer, you try to identify the needs of the customers and you need to fulfil the needs of the customers. If you can identify and fulfil the needs of the customers in a better way, you are a good marketer. So, it is very simple in that way, it just needs to identify and meet the needs of the consumer.
Now once we talk about identifying and meeting the needs of the consumer A company may fulfil your unmet needs as well as met needs. Because what happens If you are getting into some kind of new product category or if you are getting into some new service category. Then you are trying to fulfil the unmet needs. But there are several product categories and there are several services categories Where The products and services are already existing. It means you are going to fulfil the needs which are already met by the various companies.
So most of the time you'll be finding that many companies go for identifying and fulfilling the met needs And only a few companies Will go for Identifying and fulfilling the unmet needs And that is the difference between a good company and a great company. Good companies will always fulfil the met needs While those great companies will fulfil the met needs as well as unmet needs.
You think about APPLE, GOOGLE, RELIANCE, TATA, BIRLA, WIKIPEDIA, FACEBOOK, TWITTER... What all these companies are trying to do? These companies are trying to fulfil your met needs as well as unmet needs and that's why these companies are very successful all across the world. this is the simplest way to understand marketing.
if you go further then you find that there is a definition given by Philip Kotler. Philip Kotler says: “Marketing is all about CCDVTP”. what is that? CCDVTP are six terms that have been you delist in this definition. So, he talks about Creating, Communicating, Delivering, Value, To the target market for profit. The definition given by Philip Kotler Is very simple. He says Marketing is all about creating, communicating, delivering, value to the target market for profit, And here he is talking about the profitability part. Because the objective of the business is making profits.
Now Here the question comes Once you identify and fulfil the needs and that's what Philip Kotler has talked in terms of value Now the question comes- What do you mean by value? Value is all about; Benefits And cost. If you are buying a product or if you are buying a service You need to pay a lot of money. Once you pay money, That becomes your cost and Once you pay up that money then you expect certain things and return, You expect certain benefits out of return And that becomes your benefit. So, value is all about cost versus benefit. If you are getting benefits more than your cost then you are successfully marketeer. So that's what Philip Kotler has said.
And the most definitive definition comes from the American Marketing Association 'Regarding Marketing' American Marketing Association defines- “marketing as the activity, set off institutions and processes for creating, communicating, conveying and exchanging offerings that have value for clients. customers, clients, partners and society at large."
According to Wikipedia, "As per Wikipedia, "Marketing is the procedure by which organizations make customer interest in items or services. It produces the methodology that underlies sales strategies, business communication, and business advancement. It is a coordinated procedure through which organizations build solid client relationships and create an incentive for their clients and themselves."
According to Bartles, “Marketing is the procedure whereby society, to supply its utilization needs develop distributive frameworks composed of members, who, cooperating under imperatives – specialized (monetary) and moral (social) – make the exchanges or streams which resolve market detachments and result in exchange and utilization.”
According to Jon Jantsch, "Marketing is getting someone who has the need to know, like and trusts you"
According to Paul Flanigan, “Marketing is the act of developing an engaging relationship with every single human being that shows an interest in you.”
As indicated by Peter Drucker, "Marketing isn't only much extensive than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the final result, that is, from the customer's point of view. Concern and obligation regarding marketing must, therefore, saturate all territories of the enterprise."
As indicated by Ken Rosen, “Marketing is picking how to offer something explicit customers crave and then engaging clients and different stakeholders to make inclination."
as indicated by Jay Conrad Levinson “Marketing is any contact that your business has with any individual who isn’t a part of your business. Marketing is also the truth made fascinating. Marketing is the craft of getting individuals to change their perspectives. Marketing is an opportunity for you to earn benefits with your business, an opportunity to cooperate with different businesses in your community or your industry and a procedure of building lasting relationships.”
According to Bill Tanner, “Marketing from a scope perspective is anything that modifies the perceived value and/or desirability of a product or service. From a capacity perspective is moving the demand curve to the right, diminishing the versatility of demand,
