What is Marketing
We use the word marketing to illustrate things as examining the requirements of the people, attempting to speculate what sort of products they would like, assess how much they will buy, forecast when they will want to buy, find out where they go to buy the stuff. Marketing is a human activity directed at satisfying human needs and wants through an exchange process. Well to explain what is marketing I have to explain what a market is? A market is a place where goods and services swap hands in accordance to loss or supply and demand. Marketing is simply the act of bringing things to market and a marketer stimulates the demand in market place.
Marketing come with blame as one of the bad things in the world. For example we ignore people at door steps who come for marketing FMCG products with free samples, telemarketing people; we just bang the phone on their faces. However marketing is an important component for growth economy because when economy stops growing, it crashes. If it wants to stay up, it keeps flapping its wings.
It is quite obvious that business consultants tell you marketing is scrap or waste of time. But in reality if you don’t market or advertise then your voice is not reached customers. Advertising companies are on the top of the world. Wherever we go, we see advertisement boards in every crick and corner. Everywhere we turn, marketers are diving in.
Marketing and Sales:
Marketing is where you are addressing and interacting with the entire world like this is me, this is what we stand for, this is our product, this is how we are different from others. In other words, marketing is creating need for the customer. And selling is interaction with one person and moving the product what customer needs, that’s it.
Strategy Involved in Marketing:
It is all about just three things: getting more customers, to spend more money, more often sounds very simple isn’t it. Bringing in new customer is seven times expensive than selling it to an existing customer. Of course threat of customer loyalty always exists behind any business and that’s the secret behind fear and failure.
Two important things to be kept in mind while marketing; first to recognize what people want and they do not have it. The man invented fire can be called as a “Marketer”. The second way to stimulate demand is presenting a product that we have experienced as good and like to make money providing and rinse people that they need it. This definitely makes sense as it is vast maturity for our actions.
The nine functions of marketing are :
3. Banking or financing
4. Storing products or stocking
8. Gathering market information
9. And Finally Standardization.
The process of marketing must add satisfaction to products. And this is worded as “utility” in the marketing process. The four types of utilities in marketing are: Form utility, Place utility, Possession utility and Time utility.