![]() ![]() We can aim marketing at businesses (B2B) or individual consumers (B2C).ī2B services may include legal advice, management consultancy, tax consultancy, or training provision. In fact, the term ‘industrial goods’ refers anything a company or organization needs and buys. It also includes aircraft for airlines and the military. Physical products that companies sell to other businesses are ‘industrial goods.’ Industrial goods may include raw materials for companies that make plastics, yarn for use in the textile trade. It involves supplying other companies with products or services. ![]() We also call it business-to-business or B2B marketing. This involves targeting other businesses. It then finds ways to add value through different approaches. A company’s long-term success depends on learning what its customers’ needs are. Marketing covers a vast area of business, including:Īt the core of marketing is an understanding of what customers need and value. It involves finding out what consumers want and determining whether it is possible to produce it at the right price. Marketing refers to the activities of a business related to buying and selling a product or service. “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” “Marketing is the organization of the sale of a product, for example, deciding on its price, the areas it should be supplied to, and how it should be advertised.”īelow is the American Marketing Association’s definition: It also includes developing and implementing a promotional strategy incorporating both outbound and inbound marketing.Ĭollins Dictionary has the following definition of the term: It includes identification of a product, determining demand, deciding on its price, and selecting distribution channels. Basically, it is a management process through which products and services move from concept to the customer. In fact, even at company level people may perceive the term differently. Marketing is a business term that experts have defined in dozens of different ways.
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