What is the difference between market and marketing?

Answer 1

Market vs. Marketing Market is a collection of buyers and sellers. It is also thought to be a set of individuals or institutions that have similar needs that can be met by a particular product. For example, the housing market is a collection of buyers and sellers of residential real estate, and automobile market includes buyers and sellers of automotive transportation. A market is, therefore, the set of all actual and potential buyers of a market offer. Until recently, market also meant a physical location where buyers and sellers met to conduct transactions. These marketplaces, like the grocery stores, malls etc. still thrive in the society. However, with the advent of technology the 'where' of a market - that is the location of the buyers and sellers - has drastically changed. The answer to the 'where' question is fast changing into 'anywhere' as markets are becoming less defined by geography. The term marketspace has been coined to describe these electronic marketplaces unbound by time or space. Most companies conduct research to find out the credibility of their product in the market, its sales patterns, buyer acceptance levels and most importantly, to forecast future sales. The company must be able to measure and forecast the size, growth, and profit potential of each market. The market demand for a product under a specific marketing activity is the sales volume of the product in the target market for a specified time period in a particular region. Marketing, on the other hand, is an organisational function and a set of processes that work in tandem to serve the market effectively, efficiently and profitably. The American Marketing Association defined marketing in 2005 as - Marketing is an organisational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. A marketer, by adjusting and optimizing the 4P-s of marketing, has to carry out different marketing tasks, take care of the task or internal marketing environment, and keep his eyes and ears open about the happenings in the broad or external environment, in order to compete successfully in the market. Successful marketing companies will be those who can provide appropriate solutions to customer needs economically and conveniently and communicate effectively with the targeted group of consumers.