Commerce · Ch 13 — Concept of Market and Marketer
Distinction Between Market and Marketing
Distinction Between Market and Marketing
Students commonly confuse "market" and "marketing" because the two words look related and are used together constantly in commerce. They in fact refer to two quite different things — one is a place or arrangement, the other is a process or set of activities.
A market, as covered above, is the arrangement or space (physical or otherwise) in which buyers and sellers meet to exchange a good or service at a price. It is essentially a noun describing a condition — buyers exist, sellers exist, and exchange is possible.
Marketing, by contrast, is the entire process a marketer carries out to identify what consumers want, and then to plan, price, promote, and distribute a suitable offering to satisfy that want profitably. It is a set of deliberate business activities — research, product planning, pricing decisions, advertising and promotion, choosing distribution channels, selling, after-sales service, and building customer relationships.
Key points of difference
| Basis | Market | Marketing |
|---|---|---|
| Nature | A place, area, or arrangement where exchange is possible | A process of activities carried out to bring about exchange |
| Scope | Narrower — refers to where/how buyers and sellers meet | Broader — covers the entire journey from identifying a need to after-sales service |
| Focus | On the meeting point of demand and supply | On satisfying the customer profitably |
| Existence | Can exist even without active marketing effort (e.g., a traditional weekly market) | Cannot exist without reference to some actual or potential market |
| Example | The retail market for smartphones in a city | A company's advertising campaign, pricing strategy, and dealer network for its smartphones |
The complete process of identifying consumer needs and planning, pricing, promoting, and distributing goods or services to satisfy those needs profitably, including building …