What is Marketing? - Week 1

Many people talk about marketing, but they don't know the real meaning of marketing. First, we need to know that marketing is not all about selling and advertising. In this article, we will read about what marketing is.

Dr. Philip Kotler defines marketing as, the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.

In simple terms, marketing is the process of creating, communicating, delivering, and exchanging value to meet the needs of customers and achieve organizational goals.

It involves interacting with customers and building good relationships that benefit both sides. Marketing has two main goals: bringing in new customers by offering something valuable and making sure existing customers are happy and continue to find value in what you offer.

Let’s understand with this example:

Think about it like this: You make something awesome, like delicious cookies. You tell your friends how tasty they are. Then, you share those cookies with your friends, and everyone is happy! Marketing is just like that – it's about creating cool things, letting people know, sharing them, and making everyone happy. Whether it's cookies or anything else, it's all about connecting with people and making good things known and enjoyed.

Quote:

The good news is that you can learn Marketing in an hour. The bad news is it takes a lifetime to perfect it. - Philip Kotler

Hope this article helps you simply understand the concept of marketing. To learn more about marketing, stay tuned and subscribe to the newsletter.