What is MARKETING?
In 2017 The New York Times quoted Marketing as “the art of telling stories so enthralling
that people lose track of their wallets.”
It is one of the primary tools of business management and commerce. Marketers can reach their product to other businesses’ house (B2B marketing) or directly to consumers (B2C marketing).
Delving deeper into the concept of marketing-
The marketing mix, which outlines the product and how it will be sold, is influenced by the demographical environment surrounding the product, the results of marketing research and market research, and the characteristics of the product’s target market. Once these factors are fixed, marketers must then decide what methods will promote the product, including coupons and other price inducements.
The term marketing, commonly known as attracting customers, incorporates knowledge gained by studying the management of exchange relationships[ and identifying, anticipating, and satisfying customers’ needs and wants.
The American Marketing Association rightly said about marketing as the activity of institutions. Processes for creating, delivering, communicating and exchanging offerings which endures value for customers, clients, partners, and society at large.”The term got advanced from the original meaning, which referred literally to going to market with goods for sale. Marketing is “a set of interconnected and interdependent processes with other functions of a business aimed at achieving customer interest and satisfaction from a sales process engineering perspective.”
Philip Kotler, another way, described marketing as “Satisfying needs and wants through an exchange process.”
The Chartered Institute of Marketing describes correctly as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” A similar concept is value-based marketing, which states marketing’s role to contribute to increasing shareholder value.
What is the Marketing Concept?
The ‘marketing concept’ proposes that to comprehend its organizational objectives, an organization should anticipate potential consumers’ needs and wants and satisfy them in a better way than its competitors.
A rich understanding of customer’s needs and values is the important parameter to make marketing successful.
Needs:
Every people in this universe is to live a healthy, stable, and safe life. Needs can be objective and physical, for food, water, shelter, or subjective and psychological.
Wants:
Something that is desired, wished, or aspired. Wants are not essential for basic survival. Wants are often desired by lifestyle or friends.
Demands: When needs and wants are the lines of the ability to pay, they can become economic demands.
The two crucial segments of marketing are business-to-business (B2B) marketing and business-to-consumer (B2C) marketing.
B2B marketing :
B2B (business-to-business) marketing refers to any company that sells products or services to other businesses or organizations use B2B marketing strategies.
The four major cats of B2B product purchasers are:
Producers- Buy products purchased by B2B marketing to make their product (e.g., Mattel buying plastics to make toys)
Resellers and governments for any service or contract.- buy B2B products to sell through retail or wholesale services to repair infrastructure.
B2C marketing:
It refers to the activities and strategies in which a company promotes its products and services to individual people or mass.
C2B marketing:
Consumer-to-business marketing or C2B marketing is a consumer’s activity to produce products and services consumed by businesses and organizations.
C2C marketing:
Customer marketing or C2C marketing is an activities market environment where one customer purchases products from another customer using a third-party platform to facilitate the transaction.
