Many people are often confused with the words marketing and advertising. Marketing and advertising are two closely linked factors of an organization.
The basic difference between marketing and advertising is that advertising is a key element of marketing. Marketing includes all basic functions of promotions and advertising is one of them.
In simple terms, marketing is a wide range of activities that a firm undertakes to place its products or services to fulfill the needs and wants of customers. Marketing is the exchange of goods between buyers and sellers in a mutually beneficial manner.
The societal marketing concept holds the view of delivering goods and services that can better satisfy customers than your competitors. The concept also emphasizes on the well being of society and customers in particular. This means that companies have to think about the social factor apart from the profit motives.
Marketing is a social activity, which involves interaction between givers and takers. Here, givers are companies and takers are customers. Buyers or customers receive goods or services in exchange of value. Thus, exchange of value and utility takes place in marketing.
Relationship marketing has turned out to be a common term in marketing. In addition, developing and maintaining customer relation is the core of relationship marketing.
Marketing includes four controllable factors such as product, price, place and promotion. They are collectively called marketing mix. The management of a company has keen interest on these terms, because they determine the success of a firm company in market place. These parameters are designed based on the company’s resources and constraints. They even determine the acceptance of your products or services in the market.
A firm adopts certain methods to communicate with the target audience. These methods are collectively called as Marketing communications (Promotion Decisions). A mix of marketing communication includes:
2. Sales Promotion
3. Personal Selling
4. Direct Marketing and Sponsorship
5. Publicity and Public relations
Advertising is the basic form of promotion decision. It is the most effective mass communication method. Advertising is a paid form of communication by an identified sponsor. It conveys non- personal, public messages with non-personal presentation of features to both existing as well as potential customers.
Advertising is the presentation of an idea, product, place or a person to induce the attention of customers. It is a part of the communication strategy, which communicates the firm’s offerings with the target group. Target customers get the ideas of products through advertisements published in newspapers, direct mail, billboards, radio, internet and television.
Advertising also addresses key decisions of placing ads and determining their frequencies on various forms of media. Advertising is the most expensive communication as well as promotional method. The cost of placing advertisements varies according to the selection of the media. For instance, advertising on television and internet are highly expensive.
In short, advertising is a small part of marketing, but is one of the key marketing functions. On the other hand, marketing refers to all the processes that facilitate deals between buyers and sellers.
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