Marketing Management In Entrepreneurship

The joy of an entrepreneur in setting up a production outfit is only consummated when his products or services have been delivered to the ultimate user or consumer at the right price and time. The consumer is at the center of every business hence it is said that production i not complete until the products have reached the consumer. This is where marketing becomes significant. Many entrepreneur fail to realize the role of marketing in small business, today i will tell us what marketing is and the difference between selling and marketing.

As we know that customer is the king in the market. Knowing what customers require and how to offer the same involves several thinking and decision making. To this end before the product or services is offered for sell in the market several decisions need to be taken. The size and structure of the market for the product, the price of the product, the method of marketing have to be identified and the channel of distribution have to be worked out.

What is Marketing?

Marketing has so many definitions as there are many marketing books available. Marketing is an evolving, changing discipline and it is a complex subject not easily captured in a few words.

According to the America marketing association (AMA), defines marketing "as a organization function and a set of process for creating, communication and delivering value to customers and for managing customer relationships in ways that benefit organization and its stakeholders.

Marketing is a way of interacting business activities designed to plan, price, promote and distributing want satisfying product and services to potential customers.

Differences Between Selling And Marketing

A lot of time people tend to use the two terms Marketing and Selling as synonyms, the thing  is that these two terms have different meaning in marketing management.

Understanding the differences between these two is necessary for a successful entrepreneur.

Now Selling is an activity which converts the product or service into cash, While Marketing is the whole process of meeting and satisfying the needs of the customers. So this way, Marketing consists of all those activities that are associated with product planning, pricing, promoting, and distributing the product or service. So in short note;

Selling focuses on the need of the seller whereas Marketing concentrates on the needs of the buyer.

Importance Of Marketing

There are so many importance of marketing, both marketing and business are dependent and inseparable from other. The concept of marketing is applicable not only to goods but also service if it is that production and consumption is meaningless, and then it is true that business without marketing is meaningless. In other words, the success of business is considered synonymous with the success of its marketing. Also marketing is very helpful and important to the consumer, society and the economy as well. Thus, marketing is important to:

  • Business
  • Consumer
  • Society/Economy

Now that we know how important marketing is to our businesses, i hope this was helpful, please share with friends and please subscribe for notification on our next article and leave a comment on the comment box, you can also check out our interesting stories. Thanks

Post a Comment


Copyright (c) 2020 Lawrence Fasting All Right Reserved