What is marketing? In simple terms

What is marketing
What is marketing

We say he’s merely marketing it when we observe a salesperson pushing his product to us or selling an insurance policy to someone. However, they are only a component of marketing as a process that occurs at the very end of the marketing process; if the preceding processes are executed more skilfully, the requirements for these sales and promotional activities will be significantly reduced. Marketing is most likely far more than we think of it in our society. The social process and organizational function are the two primary perspectives from which we might understand marketing.

Social Process: – Marketing is essentially a value transaction, and this value exchange must take place in order for marketing to take place.

Individuals and groups gain what they need and want through the creation, offering, and freely exchanging of valuable products and services with others.

Now, you should have noticed in this definition of this social exchange process that we are talking about a concept of value, that there will be an exchange of value. So, what is value? Value is something that is very central to the marketing process, and value is a function of benefit and cost, as we can see. If we wish to express it mathematically, we may say that value is essentially a function of benefit and cost, or more precisely, benefit, difference, and cost.

However, in marketing, we talk about or recognise that perceived value is more significant than actual value, because consumers or customers make decisions based on their perception of value rather than the actual worth. The benefits and costs can now be subdivided further, and the benefits can be of two types.

Take, for example, an automobile. The advantage might be viewed as an emotional benefit or, at the most basic level, utilitarian benefits. What are the functional advantages of buying a car? The functional benefit is that a car gives you with transportation, it satisfies your transportation needs, and it also presumably satisfies your safety needs to some level, I mean, it is probably safer than travelling by two-wheeler, so those are basically the functional benefits.

Along with the utilitarian advantages, there are also some emotional advantages to purchasing an automobile. Which is probably because having a car gives you a higher social status signal, thus that is the emotional gain. Now it’s critical to understand the types of marketplaces in which you operate, and then to determine where your focus should be, whether your clients prefer a functional benefit or, more likely, emotional benefits.

When it comes to the cost, there are four different types of costs: monetary cost, which is very likely easily observable because whenever we engage in any exchange process where we purchase something, we generally these days have to provide some money in exchange for receiving a product or service, and then there is time cost.

Organizational Functions: – It is first understanding what customers want, then understanding their needs in their context of consumption, and then most likely defining those needs in the product specification, designing the products accordingly, and then most likely thinking about how to produce that design in the product to give it a physical form. So that’s what this construction phase entails; after that, you’ll need to communicate with your clients.

That you inform your customers about what you have and what that goods or offering may contain. The third step is to deliver the merchandise to the customer’s nearest location or point of convenience. As a result, you can observe how the value flow begins at the point of creation and continues via communication and delivery.

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