

Features of Marketing
After knowing about what is marketing concept, you should also have an idea about the features of marketing that are as follows –
Satisfying the needs and wants of customers
Creating a product or offering
Value to customer
Exchange of goods and services
Think and Answer: Can e-commerce sites be considered a marketplace? Give reasons to support your answers.
After reading about what is market and marketing, let us now see what can be marketed. Any product that marketers can sell and has the potential to meet the needs and wants of buyers can be marketed. It can be anything from a physical product such as mobile phones and TVs to a service like banking, dining, etc. However, a product must offer some benefits to the buyer. These benefits can be -
Functional benefit
Psychological benefit
Social benefits
Fun Activity: Make a list of as many products that you use in your daily life.
What is the Marketing Process?
Marketing process comprises a series of steps that are undertaken to deliver the finished goods and services to consumers. These steps include -
Carrying out Market Research
The first step in the marketing process involves identifying the needs and wants of prospective and existing customers. Consequently, businesses carry out market research to collect data regarding what their customers want.
Market Planning
The information collected through market research is used to plan and strategies for attaining marketing objectives such as boosting sales, using promotional tools, lowering productivity etc.
For instance, after conducting market research, a certain clothes retail store found out that people prefer pastel coloured clothes more. Accordingly, they decided to offer more pastel coloured apparel in their showrooms to meet customer demand.
Designing and Manufacturing Products
The next step after planning is to start manufacturing products as per the decisions reached during market planning.
Standardisation and Grading
During manufacturing, organisations also focus on maintaining quality standards for all products so that consumers can be sure about the quality and packaging. For products like rice, grains, wheat, their quality is judged by the grading system.
Packaging
In this step, finished products are packaged and labelled. It is an integral part of marketing since appealing packaging manages to attract a higher number of customers.
Branding
A product is then given a brand name that facilitates in differentiating a particular manufacturer’s product from its competitors in a market. It is also an assurance of quality and service from the manufacturer to consumers.
Customer Care Service
Apart from providing quality services, providing satisfaction to customers should also be a priority for companies. Accordingly, they need to set up a reliable customer service that is available 24x7 to handle queries and complaints from customers and offer quick services.
Product Pricing
It is one of the most critical steps in the marketing process. It is because customers look for affordable products that will add value to their life. On the other hand, a business also needs to earn profits. Therefore, a company should be meticulous while fixing the price of the product and keep in mind factors like competitors’ prices, demand for their product etc.
Storage
Goods are not consumed immediately after their manufacturing is completed. Therefore, to keep them safe, goods are stored in warehouses from where they are transported to wholesalers or retailers in different parts of the country or city.
Promotion
Manufacturers make use of various promotional tools like advertising to communicate to customers about their products and create a demand for them. In other words, it is the answer to “what is product marketing”.
Distribution
It is the final stage in the marketing process where goods are distributed to different parts of the country for consumption.
What is Marketing Management?
After reading about the marketing process, you must be wondering about what is meant by marketing management. The term marketing management includes planning, organising, implementing, coordinating and controlling all market-related activities for an efficient exchange of goods or services.
Additionally, marketing management helps businesses and manufacturers to adopt a suitable marketing strategy to meet and manage the demands of their target customers effectively. Marketing strategy is a set of plans that enable an organisation to reach its objectives.
Let us examine what are the different marketing strategies that are employed by businesses.
Internet marketing
Media advertising
Word of mouth advertising
Promotional marketing
B2C marketing
Besides, marketing strategies, one should also know what is marketing analytics. Marketing analytics refers to the process of analysing the effectiveness of an organisation’s marketing strategies and aids in streamlining it to ensure high returns on investment.
What Are The 7p’s of Marketing?
Price
Product
Promotion
Place
Packaging
Position
Place
To know more on this topic, avail the study materials by Vedantu on this topic which can be accessed from the website.
FAQs on Market vs. Marketing: How They Differ
1. What is the fundamental difference between a market and marketing?
A market refers to the actual place, platform, or group of potential customers where products and services are exchanged, encompassing the needs and demands of consumers. Marketing, on the other hand, is the comprehensive process or set of activities undertaken by a business to promote, sell, and distribute its products or services within that market, with the aim of satisfying customer needs and achieving organisational goals.
2. Can you explain the key distinctions between a 'market' and 'marketing' with examples?
Yes, while closely related, they are distinct concepts. A market is the *arena* or the *target audience* itself. For instance, the "online retail market in India" refers to all consumers who buy products online in India and the platforms facilitating these purchases. Marketing represents the *actions* or *strategies* a company employs to engage with that market. An example would be an e-commerce company running digital advertisements, offering discounts, or optimising its website to attract and retain customers within the Indian online retail market.
3. How does 'market research' differ from 'marketing research'?
Market research is a specific subset focused on understanding a particular market, its size, trends, and the needs, preferences, and behaviour of customers within that market. It primarily addresses the "who" and "where" of customer demand. Marketing research is a broader term that includes market research, but also investigates all aspects of a company's marketing efforts, such as product development, pricing strategies, promotional effectiveness, and distribution channels. It provides insights for the "how" and "what" of marketing activities.
4. What does the phrase 'go-to-market strategy' mean, and how is it related to but distinct from 'marketing'?
A go-to-market (GTM) strategy is a detailed, actionable plan outlining how a company will bring a specific new product or service to its target market. It covers the target audience, distribution model, pricing, and specific marketing and sales tactics for that particular launch. While marketing is the overarching, continuous process of promoting and selling products, a GTM strategy is a *focused plan* within marketing, designed for a singular product launch or market entry.
5. What's the difference between being 'in a market' and engaging 'in marketing' activities?
Being 'in a market' signifies a business's presence and participation within a particular industry or segment of buyers and sellers. For example, an automobile manufacturer is 'in the automotive market'. Engaging 'in marketing' activities means actively carrying out the processes and tactics—like advertising, public relations, product development, and sales promotions—to attract, serve, and retain customers within that market. One describes a state of presence, while the other describes the active efforts to succeed within that presence.
6. What is typically included in a marketing strategy?
A comprehensive marketing strategy typically includes identifying target customers, defining the unique value proposition, setting clear marketing objectives, determining the appropriate marketing mix (Product, Price, Place, Promotion), outlining budgeting, and establishing methods for measuring success. It serves as a roadmap for how a company will compete and grow in its chosen market.
7. What are the main objectives a business aims for through its marketing efforts?
Businesses leverage marketing to achieve various key objectives, which often include:
- Increasing brand awareness: Making potential customers familiar with the company's offerings.
- Generating leads and sales: Converting interest into actual purchases.
- Building customer loyalty: Encouraging repeat business and fostering long-term relationships.
- Improving market share: Expanding the company's portion of total sales within its industry.
- Enhancing brand image and reputation: Creating positive perceptions and trust among consumers.
8. What are the core principles or elements that make up the marketing mix?
The core principles, often known as the 4 Ps of the marketing mix, are:
- Product: The actual good or service designed to meet customer needs.
- Price: The cost consumers pay for the product or service.
- Place (Distribution): How the product is made available to the customer, including channels and logistics.
- Promotion: Activities used to communicate the product's value and persuade customers to purchase, such as advertising and sales promotions.
For services, additional Ps like People, Process, and Physical Evidence are also considered.
9. Why is marketing research an important first step in understanding consumer needs?
Marketing research is a vital first step because it provides crucial data and insights into consumer behaviours, preferences, and market trends. This understanding allows businesses to develop products and services that truly resonate with their target audience, identify unmet needs, and tailor their marketing messages effectively. Without proper research, businesses risk making assumptions that could lead to costly mistakes and a failure to meet market demands.
10. Why is understanding the distinction between market and marketing crucial for businesses?
Understanding the distinction between a market and marketing is crucial for businesses as it enables them to formulate precise and effective strategies. Knowing the market (its structure, competitors, and consumer needs) allows for accurate targeting and opportunity identification. Understanding marketing (the tools and processes to influence the market) enables efficient resource allocation and successful execution of plans. This clarity helps avoid misdirected efforts and maximises the chances of achieving business objectives in the competitive landscape.
11. How has the concept of a 'market' evolved in the digital age compared to traditional markets?
In the digital age, the concept of a 'market' has expanded significantly beyond traditional physical locations. It now encompasses vast online spaces, global e-commerce platforms, and digital communities, making geographical boundaries less relevant. While traditional markets were often local, digital markets offer businesses immediate access to a global customer base and allow for highly personalised interactions through data analytics. The core principle of exchange remains, but the accessibility, speed, and scope of market interactions have transformed.
12. What role does consumer behavior play in both defining a market and shaping marketing strategies?
Consumer behavior is fundamental to both. It helps define a market by revealing who the buyers are, what their needs, motivations, and purchasing patterns are, and how they respond to various influences. This knowledge enables businesses to segment markets accurately and identify viable target groups. Simultaneously, consumer behavior is critical in shaping marketing strategies because all marketing decisions—from product features and pricing to promotional messages and distribution channels—must align with how consumers think, feel, and act to effectively attract and retain them in the market.

















