A market is any space within which trade takes place between buyers and sellers for a well-defined product. This space can be a produce market, a shop, internationally between countries or over the internet.
Marketing is all those activities that facilitate trade. These include activities that identify consumers’ needs such as market research and those activities that satisfy consumers needs e.g., packaging and distribution. Marketing activities, therefore, support the marketing of goods and services.
- Meaning: Market is defined as an arrangement whereby buyers and sellers meet each other to conclude the transaction.
- What is it?: A set up i.e. a place.
- Process: Market is a process, that fixes the price of commodities through demand and supply forces.
- Concept: Market is a narrow concept.
- Consistency: Market varies by-products, place, factors and so on.
- Facilitates: Trade between parties.
- Meaning: Marketing is a function that identifies human and social needs and satisfies them.
- What is it?: A set of processes, i.e. a means of creating utility.
- Process: Marketing is a process that analyses, creates, informs and delivers value to the customer.
- Concept: Marketing is a wide concept that includes diverse activities.
- Consistency: Marketing philosophy remains same, no matter where it is applied.
- Facilitates: Link between customer and company.