What is marketing? Marketing is a process of building relationships with customers, ensuring the sale of a product or service, and communicating and exchanging offerings. It is a science and an art. In a nutshell, marketing is the process of creating, communicating, exchanging, and delivering offerings. As defined by the American Marketing Association and the board of directors, marketing is the creation, communication, exchange, and delivery of products, services, and experiences.
Marketing is a goal-oriented process
A systematic activity that aims to create a value for the customer, marketing is a goal-oriented process. Marketing activities revolve around identifying potential customers, discovering their wants and needs, and then turning those wants into products. The end goal of marketing is to satisfy customer needs and desires and transfer ownership of the products. This activity must be continually changing, as new buyer behaviors and business environments emerge. Adapting your marketing strategies to these changes is critical to success.
It’s an art as well as a science
It is often debated whether marketing is an art or a science. While there are certainly elements of both in marketing, the distinction between the two isn’t so simple. The art of marketing has to do with appreciating human behavior and the science is the measurement and analysis of numbers. While both marketing and science involve using evidence to understand the human mind, there are important differences between the two. Marketing requires the use of math, accounting, and science principles.
It’s a consumer-oriented process
In marketing, the focus is on the consumer rather than the product. In a market driven by consumers, the marketing decisions a company makes are based on the wants and needs of the target consumers. By identifying and satisfying the needs of consumers, companies can achieve maximum profitability and customer satisfaction. A well-designed marketing programme will help a business reach its goal of customer satisfaction. Consumer-oriented marketing is based on the premise that customer satisfaction is the key to success.
It’s a social process
Marketing is a process that helps people achieve long-term goals by delivering goods and services that fulfill the wants and needs of individuals. It involves a number of social, ethical, and technological concepts and involves many aspects, from product planning and development to promotion. A social process, marketing is concerned with the long-term welfare of society. In short, marketing is a process that helps people reach their goals by engaging in a series of social activities.
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