What is marketing? Definition and meaning (2022)

Marketingis a business term that experts have defined in dozens of different ways. In fact, even at company level people may perceive the term differently. Basically, it is a management process through which products and services move from concept to the customer. It includes identification of a product, determining demand, deciding on its price, and selecting distribution channels. It also includes developing and implementing a promotional strategyincorporating both outbound and inbound marketing.

Collins Dictionary has the following definition of the term:

“Marketing is the organization of the sale of a product, for example, deciding on its price, the areas it should be supplied to, and how it should be advertised.”

Below is the American Marketing Association’s definition:

“Marketing is 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.”

What is marketing? Definition and meaning (1)

Marketing refers to the activities of a business related to buying and selling a product or service. It involves finding out what consumers want and determining whether it is possible to produce it at the right price. The company then makes and sells it.

According to domycreatinvewritings.com, marketing covers a vast area of business, including:

  • how you communicate
  • the brand
  • the design
  • pricing
  • market research
  • consumer psychology
  • measuring effectiveness

At the core of marketing is an understanding of what customers need and value. A company’s long-term success depends on learning what its customers’ needs are. It then finds ways to add value through different approaches.

Business-to-business marketing

This involves targeting other businesses. We also call it business-to-business or B2B marketing. It involves supplying other companies with products or services.

Physical products that companies sell to other businesses are ‘industrial goods.’Industrial goods may include raw materials for companies that make plastics, yarn for use in the textile trade. It also includes aircraft for airlines and the military.

In fact, the term ‘industrial goods’ refers anything a company or organization needs and buys.

What is marketing? Definition and meaning (2)

B2B services may include legal advice, management consultancy, tax consultancy, or training provision. IT services and the provision of temporary staff are also examples of B2B services. IT stands for Information Technology.

(Video) What is the Meaning of Marketing - Marketing | Class 12 Business Studies (2022-23)

If you’re interested in B2B Marketing, you’d need a LinkedIn account. Here’s a post on the best practices to manage multiple LinkedIn accounts.

Marketing directly to consumers

We also call it B2C. The term refers to targeting the individual people who purchase products and use services. Specifically, people who bought for their own consumption.

This may include FMCGs (fast-moving consumer goods) such as food, beverages, and toiletries, or durable goods. For example, cars, televisions, refrigerators and other white goods are durable goods. ‘White goods’ are major appliances that traditionally have had a white enamel surface.

B2B + B2C marketing

Most large corporations have an integrated marketing approach. In other words, they focus on both individual consumers and businesses at the same time.

The Coca-Cola company, for example, knows that its B2C marketing must succeed. Put simply; it has to persuade supermarkets and smaller stores – B2B – to provide shelf space.

Most makers of durable goods also have an integrated marketing approach. For example, The Haier Group focuses on individual consumers (B2C). However, it also focuses on supermarkets, department stores, and other retail outlets (B2B). The Haier Group is world’s largest manufacturer of consumer electronics and home appliances.

Recruitment marketing

Recruitment marketing includes all the tools and strategies that employers use to engage, attract, and eventually hire talented people. The aim is to encourage people to want to join the organization.

The practice takes advantage of data analytics, omnichannel communication, social media platforms, and other digital marketing strategies.

According to Adrian Cernat, CEO and co-founder of SmartDreamers:

“Recruitment marketing is the process of trying to attract and hire talented people. It includes the strategies and tactics that employers use to attract, engage, and nurture talented personnel before they apply for a job.”

Marketing strategy

A company’s marketing strategy should combine all its objectives into one integrated and comprehensive plan. In other words, it should not focus on one strategy at the expense of others.

It should use market research data to create its strategy. The company should focus on the ideal product mix to reach the optimum profit potential. The right product mix is also crucial to sustaining the business.

What is marketing? Definition and meaning (3)

(Video) What is Marketing - Definition of Marketing

According to marketingstrategynow.com: “The best marketing strategy process allows you to specially target your products and services to the ideal buyers most likely to buy.”

An effective and successful marketing plan depends on a good strategy. A company’s strategy should begin with the setting of objectives that will support its overall aims.

It then needs to come up with a strategy that allows it to reach these objectives.

According to CIM:

“The strategy may involve research into product or service development, how the product or service will reach the market (channels) and how the customers will find out about it (communication).”

“It will also attempt to define a unique positioning for the product or business to differentiate it from its competitors.”

What is marketing? Definition and meaning (4)

Fundamentally, sales and marketing are trying to achieve the same thing. In other words, they are trying to get more customers and revenues. However, they look at things slightly differently. Put simply; marketing focuses on the market, while sales focuses on the product. Sales also focuses on how to persuade consumers to like it and buy it. Some sales managers disagree with the image above, insisting that sales does continue after the sale of the product.

Typical marketing divisions

There are many divisions of marketing. Not all companies have the same names for each one. Below is a list of the most common divisions (Source: London School of Economics):

Advertising

Advertising involves promoting an idea or product into the marketplace by placing ads in the media.

Community Involvement

The term means working with the local community. This is not only good for the company’s standing locally, and as a way of growing customer loyalty, but it is also great for morale within the firm

Examples include sponsoring local events, chairing meetings, volunteering in schools or local youth centers, and belonging to local associations.

Customer Service

Basically, this involves providing assistance and advice to people who purchased the product. In many business, sellers also provide this service to customers before, during, and after a sale.

(Video) What is Marketing, Meaning, Definition by Author's, Concept, 4P's, importance, Marketing in India

Good customer service produces satisfied customers. In other words, their experience meets or exceeds their expectations. If your competitors have good customer service and you don’t, you will probably lose market share to them.

Direct Marketing

This approach involves delivering your message directly to consumers via leaflets, forms, fliers, catalogs, as well as street promotion.

Distribution

Distribution is part of the management chain. It involves transporting one product from storage to a shop or supermarket.

Market Research

Market research is the process of gathering and analyzing information. The data will make the company more aware of how people will react to its current and future products.

Business owners are conducting market research all the time. When they talk to customers about their business, they are conducting market research. Whenever somebody tries to find out what the competition is doing, they are conducting market research.

Good market research can produce a wealth of data about the business’ products, customers, and the marketplace.

Media Planning

Media planning is closely-related to advertising. It is an advertising strategy we employ to target consumers using a range of informational outlets.

Advertising or media planning agencies usually conduct this kind of work. They find the best media outlets to reach the target market.

Examples of media outlets include the internet, posters, television, radio, physical newspapers and magazines, etc.

Product pricing

When setting the price, you should take into account how much something costs to produce and deliver. You should also consider how much competitors are selling it for, its quality, the brand, etc.

Most product prices rarely stay the same for long. Production costs may change, salaries can rise, or competitors might suddenly offer discounts or raise their prices. You need to be aware of every factor that influences price all the time.

Public Relations

“A strategic communication process that builds mutually beneficial relationships between organizations and their publics,” says the PRSA.

Sales

Sales includes planning and supporting the sales team by pushing ahead with sales targets. It also involves formulating a plan as to how to reach potential and existing customers. Salespeople aim to hit those targets.

(Video) What is marketing? Definition and meaning

One-to-One Marketing

One-to-one marketing involves communicating directly with each customer. The company then tailors the approach to each customer’s tastes and preferences.

Impression Management

Impression management is the process of shaping people’s perceptions of things, other people, places and events.

In marketing and sales, it means getting consumers to perceive your products or services in a good light.

The Internet and marketing

With the advent of the Internet and ad-blocking software, inbound marketing has become increasingly popular. It involves using content – newsletters, blogs, podcasts, reviews, etc. – that online users like, to lure them in.

In the past, company’s sales personnel used to be the experts. However,today the experts are the consumers.

A term that Internet marketing specialists use all the time is the ‘bounce rate.’ The bounce rate refers to the percentage of people who leave the website after visiting a page.

In other words, instead of going to another page within the same site, they leave – they bounce out. The lower the bounce rate, the better.

Global Marketing refers to the planning, creating, placing, and promoting a business’ goods or services in the worldwide market. Is is a specialized skill. Executives who manage to implement an effective strategy, can take their company to the next level.

During the 1960s and 1970s, many Japanese business practices emerged, which later spread across the world. In some cases, engineering and marketing overlapped. For example, Kansei Engineering is engineering that is based on human emotions. Not only do Kansei developers focus on what products can do, but also on how they make consumers feel.

Marketing principles

Marketing principles are agreed-upon marketing ideas that sellers use for a successful marketing strategy. We also refer to it as the principles of marketing.

Some companies follow the 4Ps Strategy of product, price, place, and promotion. We also refer to it as the 4P Marketing Mix. Others, on the other hand, may follow the 7Ps Strategy of product, place, price, promotion, people, physical environment, and process.

Video – Introduction to Marketing

This video provides a very brief and easy-to-understand explanation of the basic concepts of marketing:

(Video) Meaning Of Marketing | Definition of Marketing and What Is Marketing ?

FAQs

What is marketing and its meaning? ›

Marketing is 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. (

What does marketing mean to you answer? ›

What Is Marketing? Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

What is marketing in your own definition? ›

Marketing is the process of getting people interested in your company's product or service. This happens through market research, analysis, and understanding your ideal customer's interests. Marketing pertains to all aspects of a business, including product development, distribution methods, sales, and advertising.

What is marketing give at least 2 definitions? ›

According to the Merriam-Webster dictionary, it takes a few entries to explain the meaning of the word. Marketing is defined as both "the process or technique of promoting, selling, and distributing a product or service," and "an aggregate of functions involved in moving goods from producer to consumer."

What is marketing all about PDF? ›

Marketing is a System of Interacting Business Activities: Marketing is that process through which a business enterprise, institution, or organisation interacts with the customers and stakeholders with the objective to earn profit, satisfy customers, and manage relationship.

What is the use of marketing? ›

The key purpose of marketing is to get people interested in the products or services of a company. This happens through market analysis, research and contemplating the interest of a business's ideal customers and attracting them through messaging which would be educational and helpful to a business's target group.

What is Philip Kotler definition of marketing? ›

In 2012, Dr Philip Kotler defined marketing as “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.

What is the basis of marketing? ›

Marketing is about planning and executing the development, pricing, distribution and promotion of products and services to satisfy the needs of your customers. The main role of marketing is to deliver customer value to attracting new customers and keeping existing ones.

What are the 4 types of marketing? ›

What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E.

How do you define marketing essay? ›

“Marketing is the process of discovering and translating consumer wants into products and services and then in turn making it possible for more and more people to enjoy more and more of these products and services.”

What is market simple words? ›

Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market.

How do I write a marketing essay? ›

Simple tips on how to write an essay on a marketing topic
  1. Analyze the Topic. Every writing starts with understanding the topic. ...
  2. Craft a Thesis Statement. The next step is defining your thesis statement for a marketing paper. ...
  3. Research Frameworks. ...
  4. Check Case Studies. ...
  5. Draft The Paper. ...
  6. Edit Your Work. ...
  7. Final Words.
15 Mar 2021

Who is the father of marketing? ›

Philip Kotler, the Father of Modern Marketing, Will Never Retire.

What is the introduction of marketing? ›

Marketing is a form of communication between a business house and its customers with the goal of selling its products or services to them. Goods are not complete products until they are in the hands of customers. Marketing is that management process through which goods and services move from concept to the customer.

What is a marketing summary? ›

Summary. Marketing refers to the activities pursued by a company to promote its products or services to the target market. The goal of marketing is to draw the consumers' attention to the company's products and create a relationship with existing customers.

What is the history of marketing? ›

The ideas of marketing as it is understood in the modern era began during the time of the Industrial Revolution. This period spanned the late 18th century and lasted long into the 19th century. It was a time of rapid social change motivated by innovations in the scientific and technological industries.

What are the benefits of marketing? ›

Here are six benefits of having a marketing strategy:
  • Growing your sales. When you employ good marketing tactics, you will make more sales. ...
  • Using and managing your reputation. ...
  • Audience marketing benefits. ...
  • You earn trust. ...
  • Knowing what works. ...
  • Learning the marketplace.
21 Feb 2022

What is the marketing plan? ›

A marketing plan is the advertising strategy that a business will implement to sell its product or service. The marketing plan will help determine who the target market is, how best to reach them, at what price point the product or service should be sold, and how the company will measure its efforts.

What are the main goals of marketing? ›

The purpose of marketing is to reach your target audience and communicate the benefits of your product or service — so you can successfully acquire, keep, and grow customers.

What is marketing by Peter Drucker? ›

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.” – Peter Drucker.

Who gave marketing definition? ›

Professor Philip Kotler explained that marketing was “meeting the needs of your customer at a profit.” For me that definition extends beyond just communicating product features. Marketers are responsible for a 360-degree experience.

What is marketing According to Kotler and Keller? ›

According to Kotler & Keller (2012), marketing is how to identify and meet human needs and social needs. One of the simplest definitions of marketing is "meeting profitable needs", that is how to turn a need into a profitable business opportunity.

What are the 3 concepts of marketing? ›

3 Essential Marketing Concepts for Attracting New Customers
  • Product/Market Fit. To use Marc Andreessen's definition, “product/market fit” means being in a good market with a product that can satisfy that market. ...
  • Customer Acquisition Cost. ...
  • Customer Service & Support. ...
  • Customer Retention.
16 Oct 2015

How many types of marketing are there? ›

The 19 different types of marketing

Marketing has been around since the 1800s, and there are many different marketing techniques that a company can use. The most effective marketing strategies are the ones that are based on careful marketing research and understanding of the target audienceom/resources/target-audience.

What are the 7 principles of marketing? ›

It's called the seven Ps of marketing and includes product, price, promotion, place, people, process, and physical evidence.

What are the 3 types of markets? ›

The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.

What is the best type of marketing? ›

Content marketing is one of the best types of marketing strategies and its ultimate goal is to keep an audience engaged. And when someone is ready to buy something that you offer, they'll think of you first because you were already a useful resource for them. It enhances their customer experience.

What is marketing in 100 words? ›

Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade ...

What is marketing in 500 words? ›

Thus marketing is the economic process by means of which goods and services are exchanged and their values determined in terms of money prices. Marketing is a process of getting the right products to the right people at the right price and at the right place and time with the right promotion.

What can you say about market? ›

A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like a retail outlet, or virtual like an e-retailer. Other examples include illegal markets, auction markets, and financial markets.

What are types of market? ›

Types of the market:
  • Monopoly: A monopolistic market is a market formation with the qualities of a pure market. ...
  • Oligopoly: ...
  • Perfect competition: ...
  • Monopolistic competition: ...
  • Monopsony: ...
  • Oligopsony: ...
  • Natural monopoly:

What is marketing in 1000 words? ›

Essay on Marketing – 2 (1000 Words)

According to Philip Kotler, “Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others”.

What is the conclusion of marketing? ›

As a conclusion, the marketing concept is the philosophy where each and every firms should analyze the needs of their customers and makes good decisions in order to satisfy their needs. This also can enhance a good relationship between the customers.

What is the impact of marketing in our daily lives? ›

Marketing is much more than just selling and advertising, it plays an essential role in providing consumers with need/satisfying goods and services. Marketing allows us to be influence as consumers by showing us a standard of living that can be achieved or provide opportunities to live a certain way.

What are the 4 types of marketing? ›

What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. The 4 Ps were first formally conceptualized in 1960 by E.

What are the 7 P's of marketing? ›

It's called the seven Ps of marketing and includes product, price, promotion, place, people, process, and physical evidence.

What is Philip Kotler definition of marketing? ›

In 2012, Dr Philip Kotler defined marketing as “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.

What are the 7 major scope of marketing? ›

The 7 functions of marketing are promotion, selling, product/service management, marketing information management, pricing, financing and distribution. Understanding the core functions of marketing can help you better focus your efforts and strategies to support your business.

What are main types of marketing? ›

The 10 most common types of traditional marketing
  • Outbound marketing. When a marketing strategy is referred to as "outbound," it's focused on how the message is being delivered. ...
  • Personalized marketing. ...
  • Direct mail. ...
  • Partner marketing. ...
  • Telemarketing. ...
  • Public relations (PR) marketing. ...
  • Word of mouth marketing. ...
  • Stealth marketing.
3 Jun 2022

What are the 3 types of markets? ›

The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.

What is the best type of marketing? ›

Content marketing is one of the best types of marketing strategies and its ultimate goal is to keep an audience engaged. And when someone is ready to buy something that you offer, they'll think of you first because you were already a useful resource for them. It enhances their customer experience.

What are the 5 M's in marketing? ›

The five elements need to be considered as assets which the organisation has committed to its current marketing strategy and they include Manpower (Staffing), Materials (Production), Machinery (Equipment), Minutes (Time) and Money (Finances). The model itself can be used in a number of different ways.

What are the 5 concepts of marketing? ›

The five main marketing concepts are production, product, selling, marketing, and societal. Companies utilize these five concepts in regards to the product, price, distribution, and promotion of their business.

What are the 5 marketing strategies? ›

The 5 P's of marketing are part of what is often referred to as a “marketing mix”. A marketing mix is the actions brands take to market their products and services by using a specific framework with the five biggest components of successful marketing: product, place, price, promotion, and people.

What is marketing by Peter Drucker? ›

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.” – Peter Drucker.

Who gave marketing definition? ›

Professor Philip Kotler explained that marketing was “meeting the needs of your customer at a profit.” For me that definition extends beyond just communicating product features. Marketers are responsible for a 360-degree experience.

Who is the father of marketing? ›

Philip Kotler, the Father of Modern Marketing, Will Never Retire.

What are the 4 functions of marketing? ›

The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other.

What are the advantages of marketing? ›

Some of the major advantages of marketing are as follows: (i) Importance to business organization (ii) Beneficial to consumers (iii) Contributes to economic development (iv) Necessary and worthwhile for service firms and non-profit organizations (v) Offers career opportunities.

What are characteristics of marketing? ›

Key characteristics of a great marketing and sales relationship include:
  • Shared Vision For The Company. ...
  • Mutual Understanding & Respect. ...
  • Win-Win Attitude. ...
  • Shared Standards When It Comes To Lead Quality. ...
  • Communication. ...
  • Spend Time Together. ...
  • Give Credit Where It's Due.

Videos

1. What is Marketing? - Definition, Concept, Meaning of Marketing Explained with Example.
(Academic Gain Tutorials)
2. What is Marketing - definition and meaning of Marketing
(Definition School)
3. What is Marketing - Marketing definition
(Whats and Hows)
4. Introduction to Marketing
(Study.com)
5. What is Marketing? | Definition | Introduction | Application | Meaning | Concept
(Civil Engineering Forum)
6. Market definition explained in 8 minutes
(OECD Competition Law and Policy)

Top Articles

You might also like

Latest Posts

Article information

Author: Terence Hammes MD

Last Updated: 11/23/2022

Views: 5858

Rating: 4.9 / 5 (49 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Terence Hammes MD

Birthday: 1992-04-11

Address: Suite 408 9446 Mercy Mews, West Roxie, CT 04904

Phone: +50312511349175

Job: Product Consulting Liaison

Hobby: Jogging, Motor sports, Nordic skating, Jigsaw puzzles, Bird watching, Nordic skating, Sculpting

Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.