Definition of Marketing:
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 Ps of marketing:
(1) identification, selection and development of a product,
(2) determination of its price,
(3) selection of a distribution channel to reach the customers place, and
(4) development and implementation of a promotional strategy.
For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television.
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business Schools retired professor of marketing Theodore C. Levitt) Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs. In other words, marketing has less to do with getting customers to pay for your product as it does developing a demand for that product and fulfilling the customers needs.
The action or business of promoting and selling products or services, including market research and advertising.
Synonyms of Marketing
Business methods, Business practices, Business, Commerce, Trading, Trafficking, Marketing, Merchandising, Transactions, Financial transactions, Balance of trade, Big business, Business, Business dealings, Buy, Buying, Buying power, Buying up, Catalog buying, Coemption, Commerce, Commercial affairs, Commercial relations, Consumer power, Consumer preference study, Consumer research, Consumer sovereignty, Consumer survey, Consumerism, Cornering, Dealing, Dealings, Direct-mail selling, Emption, Fair trade, Free trade, Hard sell, Hawking, High-pressure salesmanship, Hire purchase, Huckstering, Impulse buying, Industry, Installment buying, Intercourse, Jobbing, Low-pressure salesmanship, Mail-order buying, Mail-order selling, Market, Market research, Marketing research, Mercantile business, Merchandising, Merchantry, Money illusion, Multilateral trade, Peddling, Promotion, Purchase, Purchasing, Purchasing power, Rebuying, Reciprocal trade, Repurchase, Restraint of trade, Retail, Retailing, Sales, Sales campaign, Sales promotion, Salesmanship, Selling, Sellout, Shopping, Shopping spree, Small business, Soft sell, The business world, The marketplace, Trade, Traffic, Truck, Unilateral trade, Wholesale, Wholesaling, Window-shopping
How to use Marketing in a sentence?
- It was evident that carefully managed and created marketing would be needed to sell the new trucks because the trucks were hideous and people generally do not like hideous vehicles.
- Maria always knew how to positively display products in her mothers store so her decision to major in marketing at university came naturally.
- Because they had failed to come up with a coherent marketing strategy, the company discovered that few consumers even knew about their products.
- The Western arts of marketing and distribution.
Meaning of Marketing & Marketing Definition