You might have heard about the words market and marketing. These two are very common terminologies in business and economics that are often used interchangeably. But there is a clear difference between both market and marketing. So here in this blog, you will get to learn the complete difference between market and marketing. This article has the following concepts.
Market Vs Marketing (Comparison Chart)
|A market is a place where buyers and sellers meet each other to conclude transactions or exchange goods and services for a specific price.||Marketing is a process or a function that determines human nature, its demands, and the need to satisfy them.|
|The market is a process that uses demand and supply forces to determine the price of commodities.||Marketing is the process of analyzing, creating, informing, and delivering value to clients or customers.|
|It is a narrow concept.||It is comparatively a wider concept that entails a wide range of activities.|
|The participants of the market are buyers, sellers, and intermediaries.||The participants in marketing include marketers, consumers, and competitors.|
|The goal of the market is to facilitate exchange and determine the price.||Its goal is to create and maintain demand and grow revenue.|
|The market may vary by product, place, demand, and so on.||It remains the same, no matter where it is applied.|
|In the case of the market, the measure of success is sales volume and market share.||Customer acquisition and satisfaction, and profitability are the measures of success in marketing.,|
|It provides trade between two parties.||It links customers and sellers.|
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What Is Market?
A market refers to a place where a buyer and seller come in contact with each other either directly or indirectly so as to trade goods and services for their value. Its main function is to determine the price of the commodity with the help of supply and demand factors. The purchase and sale of commodities between two parties(buyers and sellers) are known as transactions.
There are many buyers and sellers in the market, that play a significant role in fixing the prices of goods and services. In today’s age, markets are not confined to a physical place only, but the invention of eCommerce, digital marketing, social media marketing, etc. has changed the definition of the market drastically, giving an array of items to the buyers to choose from under one roof. The markets can be divided into wholesale markets, retail markets, financial markets, auction markets, etc.
What Is Marketing?
The term market is actually derived from the term market and implies the process that involves some activities which create value for customers, clients, and societies as a whole. Marketing involves all the activities, designing, pricing, transportation, and distribution process. It also involves the promotion of the business or its products and services so as to increase the sales and supply of that business.
The main objective of marketing is to build a strong relationship with the customers. Marketing is the best strategy to create a link between customers and companies. Marketing can be divided into four parts, products, price, place, and promotion. These parts actually help the marketers to determine the customer’s needs and fulfill their requirements and create value for them.
Key Differences Between Market And Marketing
Since we are comparing market vs marketing with one another, here we have included the key difference between market and marketing listed below.
- A market refers to either a physical or virtual space where the buyers and sellers meet to exchange goods and services with each other. On the other hand, Marketing is a function that identifies human and social needs and satisfies them.
- A market is a place where demand and supply fix the price of goods. In contrast, Marketing is a function and strategy of researching, analyzing, creating, and delivering the best to the buyers.
- The concept of the market is confined. On the other hand, marketing is comparatively a wider concept.
- The market varies by product, place, demand, and so on. On the other hand, Marketing philosophy can be applied irrespective of product, place, demand, and any other factor.
- The market provides the facility for trade between two or more parties. Whereas, Marketing provides a link between customers and companies, to provide the best and the right product at a right time
The following table briefly compares both market vs marketing.
After reading the above difference between market and marketing, we can conclude that a market refers to either a physical or virtual place where two parties come into contact to conclude the transactions. Both these are very common domains in the world of business and economics. These two concepts have gained extreme importance within the last few decades with the advancement of technology and marketing evolution.