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Commerce · Ch 13 — Concept of Market and Marketer

Distinction Between Market and Marketing

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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

BasisMarketMarketing
NatureA place, area, or arrangement where exchange is possibleA process of activities carried out to bring about exchange
ScopeNarrower — refers to where/how buyers and sellers meetBroader — covers the entire journey from identifying a need to after-sales service
FocusOn the meeting point of demand and supplyOn satisfying the customer profitably
ExistenceCan exist even without active marketing effort (e.g., a traditional weekly market)Cannot exist without reference to some actual or potential market
ExampleThe retail market for smartphones in a cityA company's advertising campaign, pricing strategy, and dealer network for its smartphones
Definition 8Marketing

The complete process of identifying consumer needs and planning, pricing, promoting, and distributing goods or services to satisfy those needs profitably, including building …