What is Marketing?
Marketing is a process that involves identifying the potential customer, analysing their needs, targeting them with the product and services and inculcating an interest to buy a product or services. Marketing is a process that brings both the company and the customers together to exchange goods and services. The aim of marketing is not only selling a product or services but also building a relationship with the customer, maintaining that relation, and generate revenue for a long time. The essential elements of marketing, the 4P’s – Product, Price, Place and Promotion determines the growth of a product that leads to profitable sales.
What is Branding?
Branding is an amalgamation of different things like name, logo, sign, slogan that helps the customers to recognise and differentiate a company from other sellers. Branding involves creating a unique name, images, logos for a product that settles in the mind of the customers. The uniqueness helps the customers to recognise a particular product, establish the fondness and build trust. Brading is one of the marketing practices that aims to place a remarkable presence in the market, attract customers, develop confidence, enhance their experience and retain them for a longer time.
Given below in a tabular column are the differences between Marketing and Branding.
|Meaning||Marketing brings the company and the customers together for an exchange of goods and services||Branding is a creative process that helps customers to remember a product by their name, logo, image, etc.,|
|What does it do?||Cultivates customers||It builds trust|
|Influence||Motivates customers to buy products immediately||Influence customer to buy a product by leaving an impact in their mind|
|Creates||Aims at creating customers need||Creates a healthy and strong relationship with a customer|
|Policy||Push customer to buy||Pull customers to buy|
|Target Audience||Marketing is for business||Branding is for Customers|
|Value||Promotes intended value||Creates value|
|Result||Marketing results in sales||Branding brings reputation|
The above mentioned is the concept, that is elucidated in detail about ‘Difference between Marketing and Branding’ for the Commerce students. To know more, stay tuned to BYJU’S.