Marketing is an important part of our daily lives. For this reason, we should have an idea that what is marketing? Why it is Marketing? Definition of Marketing. So let us find out some information on this topic.
What comes to your mind when you hear the word ‘Marketing’?
For many people, marketing is nothing but sales. But, is it so? Do we say that Tax is Finance or Paying salary to Employees is HR?.
The answer is simply- NO. Tax is just one of the many parts of Finance and Paying salary is one of the parts of HR.
Similarly, marketing covers a wide range of things where sales are just one of the tasks that marketing covers. To be precise, it includes activities such as public relations, sales promotion, advertising, social media, pricing, distribution and other related issues. In short, marketing is a set of promotional activities.
In other words, marketing is a process by which marketers can reach the customers, create positions in customers’ minds and can make a profitable relationship with the customers.
Definition of ‘Marketing
According to American Marketing Association (AMA), Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Philip Kotler defines marketing as The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Now, this is interesting- why do Philip Kotler bring science and art in marketing? What do you think?
Let me explain….
Here, science stands for logic and art stands for emotion. While you do marketing, it is expected that you keep your focus on logic and emotion.
Here is an example for you-
Suppose, during the promotional advertisement of Horlicks, they mention that calcium and other healthy components are available in the Horlicks. It is logic or you can say- science. But do they advertise only that?
No. They show that parents give their children a glass of Horlicks mix and then they become stronger, sharper and energetic. This is where Emotion comes into play. In one single product advertisement, they show both emotion and logic, in other words, art and science together and make the product attractive to their customers.
So, by using the combination of art and science, we should explore the potential customers of the product or services and what they want from the marketer and then create the desired products or services and deliver them to the customers. Once customer satisfaction is ensured, it will lead to a long term profitable relationship.