What is Market?
A market is nothing but a place where potential buyers and sellers meet to exchange the goods and services. Here, both the parties play a significant role in fixing the prices, where the buyers determine the demand and seller determines the resources. Traditionally, the market is a confined place where you go physically (bazaar or a shopping mall) at a particular time and make the purchases. But today, with the invention of E-commerce the definition of the market has changed drastically, giving customers an array of items to choose from under one roof. Customers can buy things from various online portals anytime and anywhere.
What is Marketing?
Marketing is a comprehensive term that involves all the activities, research, designing, pricing, promotion, transportation and distribution. The term marketing is divided into 4P’s, product, place, price and promotion. These 4P’s helps the marketer to determine a customers’ requirement, according to which they will fulfil their demand and satisfy their need. The main aim of marketing is to create, build and maintain a relationship with the customers and deliver the best customer experience.
This article is ready to reckoner for all the students to learn the difference between Market and Marketing.
|Meaning||A place where buyers and sellers meet to exchange goods and services||Marketing is a method that determines human nature, their demand and a need to satisfy them|
|Process||It is a process where the demand and supply fix the price of a commodity||It is a process of research, analyses, create and deliver the best to the customer.|
|Concept||A market is a confined concept||Marketing a wide concept that includes a wide range of activities|
|Consistency||Market differs by product, place, demand||Whatever the product is, the philosophy behind the marketing is the same|
|Target audience||Can be anybody||They have a specific target audience|
The above mentioned is the concept, that is elucidated in detail about ‘Difference between Market and Marketing’ for the Commerce students. To know more, stay tuned to BYJU’S.