Before making any Difference Between Market And Marketing, let see how Marketing Guru P. Kotler has defined Marketing. According to him “Marketing is the analyzing, organizing, planning and controlling of the firm’s customers-impinging resources, policies and activities with a view to satisfying the needs and want of chosen customer groups at a profit.” Philip Kotler’s definition is used for three reasons:
(1) It suggests the three main elements of modern marketing concept; that is, integrated marketing to create customer satisfaction at a profit.
(2) It specifies that marketing comprises the administration activities, analysis, organization, planning and control.
(3) It suggests the “marketing mix” idea through its reference to the management of customer-impinging resources, policies and activities and the “market segmentation” idea through its reference to chosen customer groups.
Difference Between Market And Marketing :
A market is a group of buyers and sellers within a geographical area (a) for a product or reasonable substitutes; (b) at a particular stage in the trade channel, and (c) at a particular time.
According to Beckman and others, “A market may be defined as a sphere within which price-making forces operate, and in which exchanges of titles tend to be accompanied by the actual movement of the goods effected.” The actual or physical presence of the goods is not essential, since the principal characteristic of a market consists in change of title.
The term “market” has many different usages. To a stock-broker, the market is the place where stocks are traded. To a produce merchant, the market is a location in the city where produce is received, sorted and sold. To a sales manager, the market is a geographical unit, such as a city or region for which decisions are made with respect to distributors, advertising effort, salesmen, and possibly, prices.
Finally, to a marketer, the market is all persons or business units who buy or may be induced to buy a product or service.
On the other hand, “marketing” is defined as the business of buying and selling and as including those activities involved in the flow of goods and services between the producers and the consumers.
The difference between the two is fundamental. Market refers to a group of buyers and sellers whereas marketing refers to buying and selling. That is, market is concerned with people but marketing is concerned with the “activities” of those people. Market is a sphere within which price-making forces operate but marketing effects change in the ownership of goods and services.