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Importance of Marketing vs advertising in a business - Part 1

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Marketing is life I.e it'd 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 1 thing to a different . When an individual needs is met with the exchange of what the partner possesses, then marketing has taken place.

For instance, the necessity of scholars Is knowledge and teachers satisfy their need when parents buy the acquisition or importation of data ,then an exchange has taken place.

Different theorist and students round the world explained marketing in various ways and that they are as follows:

In Accordance to American marketing association (AMA); marketing is that the performance of business activities that direct the flow of products and services from the producers to consumers or end users. In Accordance to Phillip joyless; marketing are often described as human activities directed at satisfying needs and wishes through an exchange process

The institute of selling London also explained marketing ; marketing is that the management process liable for identifying anticipating and satisfying consumer requirements profitably. In Accordance to Boone and Kurtz; marketing involves analyzing customer needs securing information needed to style and produce goods or services that match buyers expectations and creating and maintaining good flow of relationships with the customers and suppliers.

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The brochures of selling are anchored on exchange and marketing paves the exchange process through the performance of the subsequent activities; by buying, selling , transportation , storing financing risk, taking standardization and grading obtaining market information.

The marketing concept is claimed to be supported three fundamental principles which are:-

Identification and satisfaction of consumer needs

Focus on future objectives as against short term success

It is essential to notice that marketing isn't an equivalent as selling. Marketing is macro while selling is micro.

Marketing begins at the amount when man decides to satisfy his needs and need with an exchange. For example when someone is hungry and approaches a food vendor to shop for food wit a view to satisfy his hungered stomach.

The components are:

Need - hunger

Food - product

Exchange - money

Satisfaction - value derived after eating Itโ€™s could even be easily explained as when someone is thirsty and purchased a sachet of cold pure water to quench his thirst then marketing has taken place. It could even be seen when as a student who doesn't have a pen to write down approaches a seller to shop for one or a student who wants to progress to senior lyceum class purchased entrance exam to get the specified certificate which qualifies him/her to progress on his/her academic career.

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