Marketing vs advertising: Which is the best for a successful business
Marketing is life I.e it could be said to connote that everything that man does on earth revolves around marketing. It further explains that without interaction man cannot do which involves exchange of one thing to another. When a man needs is met with the exchange of what the partner possesses, then marketing has taken place.
The marketing process starts from and with the identification of felt need and satisfaction is such a profit. For instance, the need of students Is knowledge and teachers satisfy their need when parents pay for the acquisition or importation of knowledge,then an exchange has taken place.
Different theorist and scholars around the world explained marketing in various ways and they are as follows:
According to American marketing association (AMA); marketing is the performance of business activities that direct the flow of goods and services from the producers to consumers or end users.
According to British institute of marketing; marketing is the management process which is responsible for identifying, anticipating and satisfying consumer requirements profitably.
According to Phillip joyless; marketing can be described as human activities directed at satisfying needs and wants through an exchange process.
According to institute of marketing London; marketing is the management process responsible for identifying anticipating and satisfying consumer requirements profitably.
According to Boone and Kurtz; marketing involves analyzing customer needs securing information needed to design and produce goods or services that match buyers expectations and creating and maintaining good flow of relationships with the customers and suppliers.
Again in accordance to Boone and Kurtz ; marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods services organizations and events in creating and maintaining relationships that will satisfy personal and organizational objectives.
The brochures of marketing are anchored on exchange and marketing paves the exchange process through the performance of the following activities; by buying, selling , transportation , storing financing risk, taking standardization and grading obtaining market information.
The marketing concept is said to be based on three fundamental principles which are:-
Identification and satisfaction of consumer needs
For satisfying needs of consumers through an integrative effort
Focus on long term objectives as opposed to short term success
It is essential to note that marketing is not the same as selling. Marketing is macro while selling is micro. Marketing begins at the period when man decides to satisfy his needs and want with an exchange.
For example when someone is hungry and approaches a food vendor to buy food wit a view to satisfy his hungered stomach. The components are:
Need - hunger
Food - product
Exchange - money
Satisfaction - value derived after eating
It’s could also be easily explained as when someone is thirsty and bought a sachet of cold pure water to quench his thirst then marketing has taken place.
It could also be seen when as a student who does not have a pen to write approaches a seller to buy one or a student who wants to progress to senior secondary school class paid for entrance examination to obtain the required certificate which qualifies him/her to progress on his/her academic career.
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