Here in this post, I will share some definitions of marketing and what marketing means.
The American Marketing Association gives the definition of Marketing as follows:
In the above definition, there are different components as:
Above is a discussion of a formal definition of marketing. But what does it mean actually in informal terms? Lets discuss that too.
In simple words,
Is marketing different from selling?
You may find people talking about marketing and calling it another term for selling. Or in many companies, you may find that selling department is called marketing department and everyone has this perception that selling is marketing. But there is a huge difference between the two.
Marketing is a very broad term and selling is the tip or the end of marketing. It is one of the phases of marketing.
Selling is the art of selling products while marketing involves stages from identifying the need and inception of the product to selling in the market. There are like hundreds of steps or phases involved in marketing and selling is one of the stages of Marketing.
To illustrate the difference between Marketing and Selling, a quote by Peter Drucker fits very well here:
I will cover more on this topic of difference between marketing and selling in a different post.
Marketing can have a formulated side and a creative side. Formulated side is easier to implement as there are rules laid out on how to carry it out. While creative side is comparatively tricky.
In brief, out of many responsibilities, marketing managers may be taking these decisions majorly:
This shows that marketing function is not just a function but the soul of the company which works in coordination with other functions (like human body) to make the organization profitable.
If you have a different view about marketing or if you would like to add something to the my view, then feel free to comment below.
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| Marketing Definition |
"Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."
In the above definition, there are different components as:
- Marketing is an organizational function - It is one of the several functions a organization handles
- Composition - It is composed of set of processes for different goals
- Aims - Creating, communicating and delivering value to customers. Also managing customer relationships
- Vision - To benefit the organization and its stakeholders
Above is a discussion of a formal definition of marketing. But what does it mean actually in informal terms? Lets discuss that too.
In simple words,
"Marketing is identifying and meeting needs profitably."It is as simple as that. My personal favorite definition of marketing.
Is marketing different from selling?
You may find people talking about marketing and calling it another term for selling. Or in many companies, you may find that selling department is called marketing department and everyone has this perception that selling is marketing. But there is a huge difference between the two.
Marketing is a very broad term and selling is the tip or the end of marketing. It is one of the phases of marketing.
Selling is the art of selling products while marketing involves stages from identifying the need and inception of the product to selling in the market. There are like hundreds of steps or phases involved in marketing and selling is one of the stages of Marketing.
To illustrate the difference between Marketing and Selling, a quote by Peter Drucker fits very well here:
There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.
I will cover more on this topic of difference between marketing and selling in a different post.
Marketing can have a formulated side and a creative side. Formulated side is easier to implement as there are rules laid out on how to carry it out. While creative side is comparatively tricky.
In brief, out of many responsibilities, marketing managers may be taking these decisions majorly:
- What features to put in a new product?
- Price to be set
- Where to sell
- Advertising spend on ads, sales, Internet
- Appearance, color, messaging or packaging on product
This shows that marketing function is not just a function but the soul of the company which works in coordination with other functions (like human body) to make the organization profitable.
If you have a different view about marketing or if you would like to add something to the my view, then feel free to comment below.
