MARKETING AND ITS FUNCTIONS

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MARKETING AND ITS FUNCTIONS 

 Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of a product or services and ideas to create exchanges with target groups that satisfy customer and organizational objectives.

According to this concept, the focus of the business is on the creation of customers and to provide maximum satisfaction to him. Marketing begins much before production and continues much after the final sale to customers.


Features of Marketing

1.Customer Focus: The activities that are oriented toward understanding and meeting the wants and needs of customers in marketing. This would also involve research into markets for potential customer needs, development of products to suit those needs, and marketing communications to inform customers about the product and how it will benefit them.

2. Customer Satisfaction: The ultimate objective of marketing is to create a satisfied customer who will then be brand loyal. This is achieved by availing products and services which meet customer expectations in addition to the provision of excellent customer service.

3. Objective-Oriented: Marketing doesn't happen in a vacuum. It has certain objectives, and it is also a process that sustains on its achieved objectives. However, these may range from gaining brand awareness to generating sales leads or improving the market share.

4. Marketing Mix: The term marketing mix refers to the set of tools available to the marketer for attaining the objectives. The best-known model of the marketing mix is the 4Ps: product, price, place, and promotion.

5. Integrated Approach: Marketing is not an isolated activity. It covers all facets of the business, right from product development to customer service. All these elements have to work together in perfect coordination for a successful marketing campaign.

6. Continuous and Regular Activity: Marketing is not a one-time activity. It is a continuous and regular activity that has to be fine-tuned to the changing market conditions and customer needs.

7. Exchange Process: At the core of marketing is the process of exchanging a product or service for something of value, usually money. In some cases, this process becomes complex and is to be made smooth and efficient by marketing.

8. Applies to All Organizations: It's not just product-selling businesses that tap into the force of marketing. Non-profit groups, government agencies, and even your alma mater are all involved in activities related to marketing. Any organization that wants to inform, educate, or persuade its target audience regarding its ideas or services must use marketing techniques.

9. Evolves Over Time: Marketing is a constantly evolving field. New technologies and trends are emerging all the time, and marketers need to be adaptable and willing to change their approach in order to stay ahead of the curve.

DIFFERENCE BETWEEN MARKETING AND SELLING

FeatureMarketingSelling
FocusUnderstanding and meeting customer needs & wantsHighlighting product/service features and benefits
GoalCreate satisfied & loyal customers, generate leads, build brand awarenessClose deals & generate revenue
Activities* Market research * Product development & positioning * Pricing & distribution strategy * Creating brand messaging & content * Public relations & influencer marketing * Social media marketing & advertising * Customer service & relationship building* Sales presentations & demonstrations * Negotiation * Objection handling & overcoming challenges * Closing deals & securing commitments * post-sales follow-up & customer service
TimelineContinuous & long-term process, adapts to changing marketsShort-term & transaction-based, focused on immediate results
Communication StyleInformative & persuasive (pull strategy) - Educates & attracts customersPersuasive & solution-oriented (push strategy) - Convinces customers to buy
MetricsBrand awareness, market share, customer satisfaction, website traffic, lead generationSales volume, conversion rate, revenue, average deal size
Relationship with CustomerBuilds relationships before, during, and after sale (customer-centric)Focuses on closing the sale (product-centric)
Part of Marketing MixYes, marketing mix (4Ps - Product, Price, Place, Promotion) is used to achieve marketing goalsSelling is one element of the marketing mix, focused on "Place" (distribution) and "Promotion"
Overall ApproachHolistic and strategic, considers the entire customer journeyTactical and results-oriented, focused on individual transactions

Additional Details:

  • Marketing: Creates a compelling story around the product/service, positions it to solve customer problems, and generates interest through various channels. It sets the stage for selling.
  • Selling: Takes qualified leads generated by marketing efforts and converts them into paying customers by presenting solutions and addressing specific needs.
  • Synergy: Marketing and selling work best together. Strong marketing creates a fertile ground for successful selling. Effective selling techniques help refine marketing messages based on real customer interactions.

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