What is Marketing? – Definition, Significance, Types and More

Definition Marketing

It is the process of selling and promoting goods and services. It is the procedure of creating links in business and satisfying customers. Just because marketing attracts customers, it is one of the essential parts of commerce and business management.

It is the discipline dedicated to the analysis of the behavior of markets and consumers. Marketing analyzes the commercial management of companies to capture, retain, and loyalty to customers through the satisfaction of their needs.

Marketing specialists

These are the ones who focus their activities on the set of the Four P: Product, Price, Place (distribution), and promotion(Advertising). It requires different techniques and methodologies with the intention of conquering the market. And also achieving other objectives of a commercial company.

Significance

[Marketing] helps to meet the needs of the market in exchange for profit for companies that use it to develop. It is a tool that is strictly necessary to achieve success in the markets.

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Views of experts

Philip Kotler

According to Philip Kotler, it is an administrative and social process through which certain groups or individuals get what they want or need by the exchange of services and products.

Jerome McCarthy

Jerome McCarthy says that it is the realization of activities that can help a company achieve the goals it has set, being able to foresee the needs of consumers and develop services or products.

John A. Howard

According to John A. Howard, who works at Columbia University, says he is convinced that marketing is a process in which it is necessary to understand the needs of consumers and find what the company can produce to meet them. Al Ries and Jack Trout believe that marketing is synonymous with “war,” where each competitor must analyze each “participant” of the market, understanding their strengths and weaknesses, and draw up a plan to exploit and defend themselves.

Others

[Marketing] is said to be a social and administrative process because a group of people is involved, with their concerns and needs and because they need a certain amount of elements such as organization, implementation, and control, for efficient development of activities.

The only function is to achieve the goals that the company sets regarding sales and distribution. It is necessary to be aware of the market and to know what things the company can develop that may interest customers.

What [marketing] does is consider a customer’s need and, from it, design, implement. And verify how the [marketing] of the company’s products or services works. Different types of strategies and tools allow [marketing] to position a brand or product in the mind of the buyer.

[Marketing] actions can have a vision of profitability in the short or long term. Since its management also involves making investments in the relationship of the company. With customers, with suppliers, and even with their employees, in addition to advertisements in media. One should not confuse [marketing], and advertising since [marketing] covers advertising and other issues.

Types of marketing

Direct marketing

it is an interactive system that achieves costumers and results in their transactions by making themselves known through the advertising media.

Relational Marketing

It is about direct [marketing], and also it says that you should not sell, but make friends, and they will be the ones who buy. Get profit in exchange for customer satisfaction.

Virtual marketing

Virtual [Marketing] is also known as cyber [marketing]. It is the one that applies to the Internet and is aimed at everyone in the world who has a computer and network connection. Tools like SEO allows companies to achieve excellent visibility and can better sell their products or services.

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