MARKETING–MEANING, IMPORTANCE AND TERMINOLOGIES

Marketing may be defined as the act of developing, promoting and distributing of goods and services to satisfy the consumer needs

In 1985, the American Marketing Association defined ''Marketing as the process of planning and execution of the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy the individual and organizational goal"

To better appreciate this definition, let's analyze each component of this definition critically.

''Marketing is the process....'' 

Marketing is not just a one-time activity, it involves a series of activities that allows business identify, anticipate and satisfy human needs.

''.....of planning.....''

Before marketing activities can be done, they must be planned for. And going by the popular dictum that ''failure to plan is planning to fail'', marketing activities must be planned before they can be executed.

Planning in marketing (or more formally, Marketing planning) is simply the systematic process of organizing and outlining the objectives of a company's marketing activities and enumerating steps and strategies needed to achieve these objectives.

''..execution of the conception, pricing, promotion, and distribution....''

The presence of these four words (conception, pricing, promotion, and distribution) is just a gentle reminder of the 4 marketing mixes (Product, price, promotion, place, and distribution). 

The marketing mix is simply the tools that organizations used to achieve their marketing objectives.

The marketing mix consist of what the company used to satisfy consumer needs (product), what the company receives on a unit basis for its product (price), how the product is made available to the target market (place), and the method of communicating information about the product to the consumers (promotion) 

''....of ideas, goods, and services...''

This phrase point to the fact that almost anything can be marketed. The ideas, goods, and services in this definition include goods, services, events, people, ideas, and all other things that can be marketed.

Let quickly review some of the things that can be marketed. 

1. Goods: These are tangible items that can be seen and touched which are usually exchanged in marketing. 

It includes your book, pen, rice, pizza, and every other tangible thing that is exchanged. Good is the most easily seen product.

2.  Services: Your teacher does not give you any tangible thing, however, he gets paid for just teaching you. Why? services. 

Services are those intangible things that are offered in exchange for something of equal value. 

One important feature of service is that it does not necessarily result in the transfer of ownership

For example, when your lecturer lectures you, he does not transfer the ownership of such lecture to you, he only lectures you.

3. Events: Yes! events can also be marketed. We have all heard of the Olympics, FIFA World cup, Big boxing matches being marketed.

4. People: You've probably heard of the term "personal branding''. Personal branding entails establishing your public presence for your target audience. That is, marketing yourself. 

In Nigeria, for example, actress Omotola Jalade has built a personal brand such that no company can use her name 'Omotola'' for their business name.

5. Ideas: Every marketing offering contains a fundamental idea that gives value to the customer's ideas. 

Many companies have come up with new ideas and innovations, the majority of which are marketed subsequently. 

Grammarly, for example, came up with the idea of effective writing'' and they are now marketing this idea.

READ ALSO: 10 THINGS THAT CAN BE MARKETED

''.....create exchanges that satisfy individual and organizational goal''

The UK chartered institute of marketing defined Marketing as ''the management process responsible for identifying, anticipating and satisfying of customers requirement profitably''.

From the foregoing definition, we see that the main goal of marketing is to satisfy individual (consumer) needs profitably. 

That is, Marketing seeks to satisfy individual goals (needs) while also satisfying organizational goals (profits).

Having defined ''marketing'', we now look at the importance of marketing.

Importance Of Marketing

1. Provide customer satisfaction: The ultimate purpose of marketing, as we just learned from the definition of marketing, is to satisfy consumer wants. 

As a process, Marketing is concerned with identifying customer needs and creating products that satisfy these needs.

2. Helps boost sales: Marketing supports businesses and increases the demand for their products through the promotional mix. 

Additionally, Satisfied customers can also create new customers. For example, when you buy a phone and it satisfies your expectations, you will tell others about it which may lead to more sales for the company.

3. Increases Profitability: Marketing is concerned with satisfying consumer needs profitably. 

Through marketing research, the company can know the best product to produce and the optimum pricing required to maximize profit.

4. Helps create product awareness: Through promotion, marketing helps businesses create product awareness. 

Promotion is the means through which a business communicates information about a product to the target marketing. Through this, consumers are made aware of the existence of products that can satisfy their needs.

5. Increases standard of living: The Significance of marketing is not confined to only businesses, it also extends to society

As a process, It encompasses a wide range of activities such as advertising, selling, buying, packaging. 

All of these operations require the use of humans, implying that marketing generates employment. 

Of course, this would raise the standard of living for those who are employed. No wonder Paul Mazur defined marketing as ''the delivery of standard of living''.

Important Marketing Terms and Terminologies

1. Marketing research: This is a well-organized and well-coordinated effort to gather information on the target market and other aspects of marketing. 

It is the process of gathering, analyzing, and interpreting important information about a target market to help a company developed the best marketing programs suitable for that market. 

2. Market: Ordinarily, a market is understood to mean a place where items are bought and sold. 

However, in marketing, the term "market" refers to a group of people who are interested in a particular product or service. 

3. Customer: In marketing, a person who takes the buying decision is a customer. The customer is the individual who buys the goods. As you will see immediately, the customer may not necessarily be the consumer.

Customer vs consumer

4. Consumer: This is the individual who consumes the goods or services. That is, a consumer is the end-user of the goods. 

The consumer may not be the customer. For example, a father may buy a cloth and give it to his child. In this case, the father is the customer and the child is the consumer

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