What is Marketing?

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What Is Marketing?

Marketing:  the process of developing products, services or ideas and the decisions on pricing, distributing and promoting these goods to facilitate exchanges that satisfy human and organizational needs and wants.

Market Research:  identifying needs and wants in the marketplace to further improve decisions on product, price, distribution and promotion.

Market Analysis:  identifying the strengths and weaknesses of the firm and the threats and opportunities in the marketplace.

Market Strategy:  a market plan involving product, price, distribution and promotion to obtain market goals within a specified period and under a specified budget.

Market Plan:  the tactical program that achieves the market strategy.

What is the Purpose of Market Research and Market Planning?

Marketing Research, Feasibility Studies, Business Plans and Marketing Plans often assist companies, inventors and entrepreneurs raise investment capital or needed financing for new products or business expansion. Market Surveys are often used to collect raw data (see "Surveys").

Market research will estimate the size of the market, growth trends and potential opportunities and threats, etc.  A feasibility study goes a step further in outlining projected profit or loss for a proposed venture, taking relevant market factors and company resources into consideration.  The business plan is a detailed plan to get up and running. Marketing plans specify product/packaging, promotion, price and distribution strategies, under a given budget and timetable, and support the business plan.

Sometimes companies just want a market plan, or an evaluation, so that they can "do things better" or "do better things" (see market research "Services").

How Does Marketing Differ from Sales?

Looking at the chart below you can see that marketing decisions not only include Promotion decisions (that also includes Sales decisions), but also a much broader spectrum of activities including Pricing, Distribution and Product (development and packaging). 


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