Read the different definitions of marketing given by different people that students and sales representatives should know.
Definitions of Marketing
A person ho has to define marketing may simply say that it is a process by which a company attracts customers for its products or services so that they buy them. If we go deep into understanding the topic however, we would see that different people define it in different ways.
Following are some of the definitions given by different people:
- A process by which a business entity creates interest in customers to buy their products or services. Sales technique, business development and business communication are the underlying strategies of marketing. The companies can create value for themselves and their customers and build a strong relationship with them.
- A set of activities or practices that companies adopt to create, communicate, deliver and exchange products and services that have value to partners, consumers, clients and the general public at large.
- From the point of view of a customer, every business activity is marketing. It is not only a specialized activity but it encompasses the entire business, and it is much broader than selling.
- One of the shortest definitions you may receive is; “Marketing is everything”.
There are four main elements, namely; product, price, place and promotion (4 Ps of marketing, in short). At first, the selection and development of a product is involved. The company has to decide which product it should sell to attract large numbers of customers. Secondly, the price of the product is very important to consider. The product should be rightly priced. The third element is the place where the product will be put up for sale. Finally, it is necessary for the company to do the required promotion of the products. If all the four elements are rightly followed then the business will be successful.
Terms and Types
Click one of the following links to read up on different words on this topic available at miomarketing.com: