Compendium admissions 2023-25
MARKTRIX – The Marketing Club
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- Marketing vs. Sales
| MARKTRIX – The Marketing Club What is Marketing Before getting into the world of Marketing we should get an idea as to what it means. Let’s start off with some definitions. The renowned father of marketing Dr. Philip Kotler defines marketing as “a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others” Famous Austrian-American consultant Peter Drucker says that “Marketing is not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise” And lastly, the American Marketing Association defines it as “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” These definitions at first might appear to be quite complex, however, on close viewing, we can see some common aspects. Terms such as value, customers or even products are common to most definitions and something that people tend to think about whenever discussing marketing. These thus, have to be explored in greater detail. Marketing vs. Sales In Drucker’s definition, we seethe concept of sales being introduced. He discusses how marketing is broader than sales. What exactly is selling and how are the two intertwined Cambridge Dictionary defines sale as “an act of exchanging something for money Marketing is indeed a much broader process in comparison to sales. Marketing deals with understanding consumer preferences, their needs, wants, and demands, designing a product offering around it, and communicating value to customers. It is a much more long-term initiative than sales, which are focused on the last point of exchanging a product for money in the transaction process. Because of its short-term nature, sales often utilize a push strategy to convince customers to buy at a particular price. Sales revolve around a product and making sure that the product is available, visible, and affordable in the eyes of the customer through the proper channels. Marketing aims to increase brand recall and improve engagement with a company. Try and think about the role of marketing and sales when you go to buy tea in your neighborhood supermarket |