The definition of marketing from a business perspective is basically the tool or strategy you use to let everyone know about your product or service.
What is the essence of Marketing?
A market as everyone understands is lots of different stores selling different things. In terms of the business sense is your audience and potential customers around the market. Weekend markets for example on a weekend morning have many different stores. Each store has different store owners putting their offers out there making deals and giving out free samples. Marketing in the business sense is almost the same thing. In a business sense, you have lots of different companies. These companies sell the same products or service. They still have to differentiate themselves so they can get in front of potential customers. Its how you get to the market and how you get your products or services to the people who want them.
Why is it important?
In the real world a company without any marketing is really hard for people to know that they exist. You need to bring awareness to the market of what you are offering. People need to know what you do so they can ultimately buy from you.
Once you develop a product or service and did your branding and packaging. The next step is to promote to get in front of your potential customers. You are not going to get customers straight away once you start promoting. You also have to be around for a bit and sell to a few people. Then those people have to talk to other people and then you build your customer base.
For businesses, marketing is a very big investment. When companies are in financial trouble usually Marketing budget is cut off. Nowadays its quite different that businesses recognize the value of marketing and what it brings. Sales is now directly linked to marketing and having a good team to take care of those needs.
This is marketing in essence and what it is in the real world. There are different industries, and every industry can benefit in some way or shape from a good marketing plan.
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