In our research into the business world, we have often come across market and marketing terms. Both are related to similarly worded terms and to the same concept. However, ‘market’ and ‘marketing’ are two very different concepts that are related to each other. Let’s look at more details of the market and marketing.
Market: A market is just a group of consumers who want to meet similar needs through some form of exchange. First, market participants need to have something to exchange. It is basically a medium that facilitates these transactions in an economy. It allows the exchange of goods, services, and information under the protection of the law and generally without consideration. The market is a process that determines the price of a product through supply and demand.
A market segment can be difficult. We typically describe a market in which the market participants with such products will be consumers – hence the term, “product-market”. Markets vary by product, location, cause, and so on.
So if you launch a new product, your market will be every potential buyer of the mentioned product, no matter where they are. It is not limited to a geographical location, or meeting between buyers and sellers. Another method of describing a market is the characteristics or characteristics of the customers, such as a population, social status, etc.
Marketing: Marketing is about analyzing, identifying, and satisfying consumer needs. It refers to an activity where the company is engaged in researching, validating, creating, communicating, and supplying a product that creates a utility for customers. It covers all the activities involved from product production to use. Each of these activities such as designing, pricing, promotion, distribution, transportation, warehousing, etc. marketing activities.
Marketing research identifies the information needed to address these issues, designs data collection methods, manages and applies data collection processes, analyzes results, and communicates results and their implications. Some marketing activities start before production starts. One of its main goals is to meet the needs of the customer, which requires understanding these needs. And product design will follow the lead of this study.
Marketing is a broad concept that includes a variety of activities. In modern terms, economists like Philip Kotler have called marketing a “social process.” Here the needs and wants of the consumers are heard and products and services are provided to them accordingly. The marketing philosophy remains the same, no matter where it is applied.
