In our study of the business world, we have often come across the terms market and marketing. Both are similar sounding terms and relate to the same concept. However, ‘market’ and ‘marketing’ are two widely separate concepts individually that relate to each other. Let us take a more detailed look at market and marketing.
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Traditionally a market is a physical location or place, like a bazaar or a shopping mall. The kind of market it is will depend on a lot of factors. Some of the ways in which we can characterize markets are,
However, in the modern world, we currently live in has a somewhat wider definition of a market. In the world of e-commerce and start-ups, a market is no more just a meetingpoint for buyers and sellers. It actually represents a set of all the potential buyers in an environment.
So if you are launching a new product, your market will be every potential buyer of the said product, wherever they are. It is not restricted to a geographical location, or to the meeting of buyers and sellers.
Marketing is a very wide term. It includes all the activities involved right from the production of the goods, until their consumption. Every activity in between, like designing, pricing, promotion, distribution, transportation, warehousing etc are activities of marketing.
Marketing is often taken to be a post-production activity, which is incorrect. Some activities of marketing start even before the production begins. One of its main aims is to satisfy customer needs, which requires understanding of these needs. And the product design will follow the leads of this study.
In modern terms, economists such as Philip Kotler have termed marketing as a “social process”. Here the wants and needs of the consumer are heard, and accordingly, products and services are offered to them. People interact with each other to exchange goods and services they require in exchange for money. There is no force or coercion, people will choose these products.
