Market vs Marketing
When we think of market, we imagine of a place where there are many sellers and buyers. There are also markets to fulfill specific needs and requirements of the people. Marketing is another word that is deeply related with a market. However, it is more of an activity than a marketplace, and it refers to the process of introducing goods to the potential customers in such a manner that they become interested in buying them. There are many more differences between market and marketing that will be discussed in this article.
Market
To talk about a market or to say that there exists a market for a particular product is akin to talking about a place where there are both buyers and sellers and where all three important components of a market work in tandem namely demand, supply, and the purchasing power. Money and buyers play the most important role in a market, and without buyers, it is hard to imagine the existence of a market. The concept of a market has come a long way since the times of the traditional weekly market place where people came to sell and buy products in an act of barter and exchange rather than the modern concept of paying for products and services with money. With the advent of internet, markets have become high-tech and online buying and selling has started to take place in electronic (read online) markets.
Marketing
Marketing is a set of activities geared towards introducing and creating value for products for potential customers. It also comprises efforts undertaken to create strong relations between organizations and their customers. Marketing in short is all that is done to identify, satisfy and retain customers for products and services. For those who do not want to get into any technicalities, all activities facilitating business or trade can be termed as marketing; even the research that is undertaken to identify the needs for a product/service or whether there exists a market for a particular product/service. Beautiful and functional packaging is a part of marketing efforts as it satisfies customers’ demands.
All promotional activities such as advertising and publicity that are undertaken to create positive awareness about a product or service in the minds of intended audiences are a part of the overall set of activities referred to as marketing.
What is the difference between Market and Marketing?
• Market refers to a place where there are both buyers and sellers, and where all three important components of a market work in tandem namely demand, supply, and the purchasing power.
• Market refers to a physical place where there is a collection of shops, buyers, and sellers and where there are goods and services on display to be purchased by customers.
• Market is also used in the sense of introducing a product or service to the potential customers as when how to market a product is concerned.
• Marketing refers to all activities undertaken to facilitate this buying and selling in the market.
• Successful marketing requires finding solutions to the needs of the customers.
• Creating the need for a particular product or service is included in activities that are labeled marketing.