What Is Marketing And Why Is Marketing Important? (1)

As a student or young person learning programming, graphic design, digital marketing or other new skills and knowledge that will take you to greater heights, you will be filled with smiles and confidence, but the question remains, how do you want to tell people about your services and how are you giving them an opportunity to showcase your skills and hire you so they can take advantage of your skills and experience? In short, is this what marketing is all about?

For every product and service you produce, there are millions of others around the world offering the same service, so the question remains, how do customers find out about you? Why do customers patronize you and leave the customers who currently patronize them? How different, unique, or customizable are your products and services?

People whose work falls under the umbrella of marketing find themselves in a serious identity crisis - always having to justify to others who they work with, what they do and why they are valuable - and have been for decades.

One of the reasons is that marketing is one of the most dynamic professions, mixing with many companies in different forms and often appearing in other professional forms such as advertising, promotion and digital marketing, so that it would be to another. noticed. Swallow and challenge simple definitions.

Marketing is holistic and includes all the different steps and processes involved in achieving it, not just one part of the process. For example, marketing is not limited to buying or selling customers, but is a comprehensive process that precedes the creation of a product or service in the form of market research and marketing.

In this way, marketing is like the pieces of a game or puzzle, where all the different pieces come together into a neat and beautiful whole with a strategic and well-coordinated scheme. Individual game pieces, although they may stand alone, do not constitute a whole game piece.

Marketing is not the art of showmanship, humor, exaggeration, show business, bravado, or any other means designed to deceive customers or achieve short-term gain, profit, or benefit from customer interactions. All of these methods lead to the marketer shooting himself in the foot, as the bubble is sure to burst and he will lose customers.

This approach is not recommended because the investment in time, money, and effort required to acquire a new customer exceeds the amount required to retain an existing customer.

It has been found that the cost of acquiring a new customer is approximately six times higher than the cost of retaining an existing customer.

Therefore, the best approach to customer retention is to build customer relationships through satisfaction and value creation.

Therefore, marketing is a form of exchange in which all parties involved in the exchange receive something from the other party in exchange for something else of value to them.

Things received in exchange can be in the form of tangible goods, services, ideas or money.

The purpose of an exchange is to satisfy all participants in the transaction, because only when they are satisfied can the exchange be maintained or continued. Therefore, customer satisfaction is the main pillar of marketing without which marketing will not be sustainable.

Therefore, marketing can be formally defined as the activity and process of creating, communicating, presenting and exchanging value propositions for clients, customers, partners and society at large.

Marketing is also the process of planning and executing the concept, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that fulfill individual and organizational goals.

Marketing Management - Class 12 - Business Administration - Part 1 - Introduction and Philosophy of Marketing.