What is Marketing ?

The terms market and marketing can have several meanings depending upon they are used. The term stock market refers to the buying and selling of shares in corporations as well as other activities related to stock trading and pricing. Another type of market is a grocery market, which is a place where people purchase food. The term marketing in business include all of these meaning and more.
In the past, the concept of marketing emphasized sales. The producer or manufacturer made a product he wanted to sell. Marketing was the task of figuring out how to sell the product. Basically, selling would be accomplished by sales promotion, which included advertising and personal selling.
The modern marketing concept encompasses all of the activities mentioned, but it is based on different set of principles. In other words, goods should be produced only if they can be sold. This is very different from making a product and then thinking about how to sell it.
Marketing now involves first deciding what costumers wants, and designing and producing a product that satisfies these wants at a profit to the company. Production, on the other hand, is mostly engineering problem. Thus, demand and marketing forces are still important aspect of modern mareting, but they are considered prior to production process.
Because products are often marketed internationally, distribution has increased in importance. However, many markets are separated from the place of production, which means that often both raw materials and finshed products must be transported to the points where they are needed.
Raw materials requiring little or no special treatment can be transported by ral, ship or barge at low cost. This merchandise freight is usually smaller in volume and requires quicker delivery. Merchandise freight is a term for the transportation of manufactured goods.
The time and manner of such storage depends upon the type of product. Inventories of this stored merchandise often need to be financed.
Modern marketing is therefore coordinated system of many business activities, but basically involves four things :
1. Selling the correct product at the proper place
2. Selling it at a price determined by demand
3. Satisfying a costumers need and wants
4. Producing a profit for the company



Buying, selling. Market research, transportation, storage, advertising – these are all parts of the complex area of business known as marketing. In simple terms, marketing means the movement of goods and services from manufacturer to costumer in order to satisfy the costumer and to achieve the company’s objectives. Marketing can be divided into four main elements that are popularly known as the four P’s: product, price, placement and promotion. The product element of marketing refers to the good or service that a company wants to sell.
A company next considers the price to charge for its product. There are three pricing options the company may take: above, with or below the prices that its competitors are charging. Most companies price with the market and sell their goods or services or average prices established by major producers in the industry.
A common channel distribution is:
Manufacturer wholesaler retailer customer
The communication buyer and seller is known as promotion. There are two major ways promotion occurs: through personal selling, as in department store, through advertising, as in a newspaper or magazine.
The four elements of marketing-product, price, placement and promotion-work together to develop a successful marketing operation that satisfies costumers and achieves the company objectives.


The marketing strategies of determining product, price, placement and promotion are not planned in isolation. Marketing analysts often look at a combination of these four factors. This combinations of four P’s is known as the marketing mix. The elements of marketing mix focus on the consumers.
The group of customers or customers who will probably buy the product is known as the target market. The company directs its marketing efforts toward this group of potential customers who form the target market they wish to appeal to, the company can develop an appropriate mix of product, price, placement and promotion.
Strategies of product, price, placement and promotion are blended in order to reach a chosen group of consumers.