Class 12 Business Studies – Difference Between Selling and Marketing and Its Importance
Businesses undertake selling and marketing activities to run successfully, generate revenues and profits, and build a brand image. The terms marketing and selling sound similar but vary a lot. They differ in activities, outlook, process, and management, among other things.
In layman’s terms, selling converts products into money, while marketing is the process of serving customer requirements.
Now, let us understand how these two terms vary and what role they plan in an industry.
What is Selling?
Selling is a crucial activity as it is the money-generating activity of a firm. Since it has the ability to develop client connections, persuade them to purchase the commodity, and generate repeat business, it is a mandatory activity for all firms. A sale is composed of a company’s marketing and promotion. A few examples of selling are cold calling, personal selling, business-to-business sales, door-to-door sales.
Importance of Selling
Personal Meeting: The act of selling a product helps sellers establish a personal relationship with their customers and consumers.
Make direct conversation: Listening personally to a seller has an influence on a transaction since it allows for more efficient communication of a value offer.
Get direct feedback: Great salespeople and businesses may make use of the selling activity to seek feedback about their organization, goods and services.
Gain customer loyalty: Selling aids an organization to continue client relationships. The salespeople are able to establish contact with consumers and continue dialogues about their requirements.
Types of selling
Need Oriented: In this type of selling, a salesperson must be aware of a customer’s actions and needs. In this method, a salesperson correctly notices the consumer by asking several questions and analyzing their demands.
Product-Oriented: This technique of selling is centred on product characteristics and benefits. The salesperson thoroughly discusses the product until the buyer is completely satisfied. Demonstrations are part of the selling process.
Competition Oriented: The sales representative believes in remaining one step ahead of the competition in this way. They believe in persuading people to buy their goods and also believe in customer satisfaction.
Aggressive: A salesperson primary goal in this situation is to sell the product in one shot.
What is Marketing?
Marketing definition: Marketing is the most important part of any company. Marketing is an activity that is essential for creating brand awareness, retaining customers, and strengthening sales. Digital marketing is a tool that has been adopted by most businesses today for promoting their goods and services where goods are offered on online platforms.
Marketing is based on identifying the needs of the consumer first and then identifying the methods to meet those needs. In general, the work entails recognizing consumer requirements, providing those needs, and concluding with customer feedback.
The marketing process comprises pricing, promotion, and distribution of a product or service.
Importance of Marketing
- Provide effective information: It is the most prominent way of interacting with potential buyers and letting them know what a business or product/service offers.
- Business backbone: Marketing acts as a fuel for a business as a company cannot survive for long without effective marketing strategies.
- Increase Sales: Marketing strategies boost sales by stirring conversation among the audience about a product or a service.
- Cost & Time saving: Marketing enables a firm to reach a large number of customers in a short span of time. It aids in building brand awareness and enhancing sales.
Types of marketing
Certain types of marketing are:
Relationship Marketing: This type of marketing focuses on developing new relationships with the customers, strengthening current ones, and increasing consumer loyalty.
Word of Mouth: It is the most effective form of marketing strategy. Existing customers serve as marketing entities to other possible customers after being satisfied with the products and services. The customers who have chosen service or purchased a product will only advocate it on behalf of the firm to their friends, colleagues, and neighbours. However, this can work the other way around also in case customers are unhappy with the buying experience of a product or service.
Digital Marketing: Digital marketing strategies involve marketing activities that take place over the internet. All the marketing information is available on the internet and is pushed across different platforms using various methods.
Paid Advertising: It includes traditional marketing approaches, such as radio, television ads, as well as print media advertising. This proves to be a more expensive method of marketing as compared to digital marketing strategies.
Cause Marketing: This strategy connects a company’s products and services to a social cause or concern. As a result, it is referred to as cause-related marketing.
A few examples of marketing are:
- Search Engine Marketing
- Meeting customers at Trade shows
- Product placement in entertainment platforms
- Cold Calling
Difference between Selling and Marketing
Below are some key differences between selling and marketing: selling vs marketing
|Selling is the activity of generating money in exchange for providing a customer with a product or service.||Marketing is an activity that is essential for creating brand awareness, retaining customers, and strengthening sales.|
|It has to do with limiting customers’ perceptions of commodities and services.||It is associated with the leading items and services in terms of customer perception.|
|This concept starts with existing products.||This concept starts with actual and potential customers.|
|The scope of selling is narrower.||The scope of marketing is wider.|
|It is volume-oriented.||It is profit-oriented.|
|In the case of selling, the cost price gets ascertained by the cost of production.||In the case of marketing, the pricing gets ascertained by the market.|
|Focus on short-term revenue by maximising sales.||Focus on long-term profit maximisation by providing customer satisfaction.|
|Selling concentrates on products.||Marketing concentrates on the customer.|
The Difference Between Marketing and Branding
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