What is Marketing
What is Marketing
What is Marketing
While there are multiple definitions of marketing proposed by pundits and economists, let us
try to understand this in a common language.
In simple terms, the core function of marketing is to recognize customer needs and desires
and find the best strategies to meet those expectations and desires in such a way as to
generate revenue and profit for an enterprise.
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What is the Nature of Marketing?
1. It is a Process of Communication
Marketing is the process of communicating with consumers and stakeholders with the
objective of earning profit, maintaining customer relationships, and managing stakeholder
expectations. It also directs the flow of services and products to the end-user.
4. Marketing is a Philosophy
It is the key guiding principle that defines the commercial operations of a company or
organization. As a policy, marketing requires you to establish certain ground rules on the kind
of messaging and the overall ideology of a brand.
You must ask yourself questions like – what kind of experience do I want to deliver with my
product or service? Whose aspirations am I serving? How my business will ease the pain
points of my consumer? And what kind of role will my product/service play in the life of the
consumers?
In its essence, marketing is an elaborate legal process through which the ownership of a
product is transferred to the consumer. It is the way an enterprise discovers and identifies the
needs of the market and transforms them into marketable products and services.
6. It is an Economic Function
Marketing, at its roots, is an economical function. Through different marketing strategies, the
consumer is encouraged to take economic action. This action is transactional in nature and
underpins the availing or procuring a product/service in exchange for money.
After all, marketing is an objective-driven action that requires a methodical approach. The
ultimate goal of marketing is to satisfy consumer needs and expectations and by this means
generate profit for an organisation.
The scope of marketing involves both science and an art that needs a dynamic approach to
solve real-world problems and crises in society. In modern business, the marketing
department uses key strategies to guide a product from conceptualization, development, and
execution to promotion and distribution.
1. Study of Consumer Behavior
The first and foremost role of marketing professionals is to be familiar with the expectations
and expenditure patterns of the consumer in general. A thorough understanding of what they
like to purchase? When do they do that? How much expense they are prepared to make for a
novel item, what is their usual budget for the category of your product and so on.
It helps to determine the time and approach for your product launches. It lies in the nature of
marketing management to gauge your consumer behaviour and strategize accordingly.
To ensure a streamlined product launch and satisfy the user demand, marketers first need to
identify the pain points of the audience. A strategic approach to marketing requires a
complete understanding of the consumer lifestyle. Only this allows you to place a product or
service that amplifies or complements their life.
In this phase, the idea of the product is conceptualized. With the ideation of the product, it
lies in the scope of marketing channels to determine the correct branding strategy that
addresses consumer demands and desires.
Marketing professionals may leverage various factors in the product development cycle to
identify the correct pricing. It takes into consideration existing competition in the market and
the expenditure pattern of the target audience. The strategy should help marketers determine
attractive packaging and prices that encourage buyers.
5. Distribution
Identifying the proper distribution channel for the product is vital to optimize your ROI. To
ensure the desired amount of sales, the distribution line must ensure wider target group
outreach at the minimum cost.
6. Promotion
In this step, marketers can use a mix of online and offline marketing channels to promote the
product or service. Based on the type of product/service, and its target group – a particular
marketing channel might be more suitable than others.
7. Consumer Satisfaction
Every product or service is created and distributed in the market with the end goal of
satisfying the user’s demand or making their life easier. Therefore, after market distribution,
it is essential to get feedback from the clients on how the product is being received.
Depending on the kind of response, a future iteration of the same product or service can be
improved to target the maximum number of potential customers.
8. Marketing Control
It befalls the marketing department to ensure that the strategies implemented are able to
produce the desired amount of results. After the product distribution and launch, marketers
perform an in-depth audit to determine the utility of the approach and optimize it
accordingly.
The modern role of marketing goes way beyond the simple promotions of a product and/or
service. It is an influential tool that helps in establishing and fostering long-term relationships
with clients and the entire target group at large.
In this way, the purpose of marketing operations can be categorised into the following –
The second phase of the marketing operation requires you to translate raw data and subjective
preferences into quantifiable user-oriented products and services. The primary goal in this
phase is to conceptualize a product that users can instantly identify with and are encouraged
to interact with it.
Now this is the final and most vital purpose of a marketing operation – the promotion. Once
the product or service is ideated, it requires an elaborate marketing plan to create awareness
among the target group. It may be through targeted ads, local SEO, or social media marketing
campaigns – marketers need to choose the ideal tool that may provide streamlined results
against the campaign.
For example, if you are selling comic book merchandise that targets teens and young adults –
social media and influencer marketing may be the more ROI-driven choice out there.
Marketing is directed at consumer satisfaction. In its natural form, marketing operations fulfil
the needs of the market to help an enterprise earn profits and boost its sales. Here is a
thorough breakdown of the various significance of marketing:
1. Creates Awareness
The scope of marketing enables an enterprise to run campaigns that generate awareness in the
market about a product or a service. This is also the preliminary step of marketing and helps
lay the groundwork during product launch.
Let us take 3D printers as an example. When a company sells 3D printers, it may produce
customized web blogs, articles and videos that educate and inform people. Different genres of
web-based content work as marketing tools that illustrate the benefits of 3D printers and
create the necessary knowledge crucial to operate one.
3. Builds Brand Identity
One of the crucial ways that marketing helps a business is by building a unique identity. It
takes creativity of thought and expression to crack an exclusive message that works for your
company.
So, it falls upon the marketing department to conjure up a distinctive message that fosters
better communication between the company and the target audience. And thereby
establishing a brand identity that creates a unique position among the competition.
4. Boosts Sales
Marketing is a powerful tool for when you want to take your business to the next level.
Whether you are targeting a new demographic of audience or trying to offer a variety of
services – let your existing reputation guide your new journey.
It reduces the obstacles of capturing a new market or penetrating a segment different from
your core products and services. Thus, utilising marketing tools effectively can help you avert
multiple roadblocks to a flourishing business.
In this digital age, marketing has gone through a severe transition to introduce several new
strategies. This helps target consumers in different phases of their buying journey along
the marketing funnel. Some of the prevalent marketing methods include –
1. Content Marketing
Content marketing is a crucial tool in the scope of marketing. It helps an enterprise target
consumer across the spectrum by promoting useful content in search engines. Mostly such
content would contain thorough information about a product or service and help middle of the
funnel users to make an informed decision.
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2. Digital Marketing
This is an umbrella term referring to a wide set of tools and strategies used to promote a
business. Digital marketing includes PPC (pay-per-click), targeted ads, sponsored links and a
variety of other methods to connect with the audience and influence their buying patterns.
It is a part of digital marketing whereby search engines like Google, Bing, and Yahoo are
leveraged to endorse a business. Marketers strive to target intent specific keywords with
Search Engine Optimized (SEO) content that ranks high on the SERP and draws an increased
amount of traffic to the website.
Social media marketing is among the popular methods leveraging different social media
channels like Facebook, Instagram, Snapchat, TikTok and X (formerly Twitter) to
recommend a product or service. It may include sponsored posts, videos or micro content like
Reels to create awareness about a product and draw relevant audience to the website.
5. Email Marketing
We can further categorize email marketing into two sections – cold emails and email
newsletters. While newsletters are a prevalent practice to grow enthusiasm and awareness
among the dormant audience, cold email can be good to draw relevant traffic to your website.
Needless to say, newsletter audiences are more likely to convert than cold email recipients.
6. Influencer Marketing
Influencer marketing is a new age marketing strategy where brands use social media
influencers and their established audience base to reach a potential target group. It mainly
relies on the influencer’s audience and brand image to create a reputation for a new product.
It is mainly useful for new products or brands to create a niche audience base and kick-start
their marketing campaign.
7. Affiliate Marketing
Affiliate marketing is a great way to draw traffic from around the internet. This is also a
potent tool for SEO as affiliate marketing helps to get backlinks from relevant websites with
higher domain authority and helps send trust signals to your site.
Product: the actual commodity. It considers the usage of the product and how it may
affect the pain points of the audience.
Price: How much will the company charge for the offering? It determines the target
group of the product.
Place: It identifies where the product will be sold. In a physical store or online store.
Promotion: Finally, here the approach for promoting the product is determined by the
company.
The scope of marketing a product depends on these four pillars that go on to identify the
correct approach.
While marketing is a set of practices with multiple tools and strategies used to streamline the
promotional operation, sales is a single objective driven practice. In this way, let us elaborate
on how marketing is different from sales:
Marketing Sales
Marketing is entrusted to create new Sales are expected to fulfil the demands of
demands in the market. the market.
The target is broad and focuses on a Target is small and it focuses on only one
particular group. person or an organisation at a time.
It requires creative as well as critical Sales need good communication skills and
problem-solving skills persuasive capacity.
What is the Difference Between Marketing and Advertising?
Although in layman’s terms, marketing and advertising these two terms are interchangeable,
they are naturally separate and serve quite different but associated functions. Let us have a
look at how marketing is different from advertising:
Topic Marketing Advertising
Having all said, you should have a comprehensive understanding of the scope of marketing in
the digital age. Since marketing strategies rely on industry practices, it always remains a
dynamic practice that requires revisions with time to stay relevant. You can read more about
future-proof marketing trends with our blog on metaverse marketing strategies.
Marketing Environment: