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Chapter 13: Problem 1

Define marketing. Is marketing just another name for advertising?

Short Answer

Expert verified
Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large, while advertising is just a part of it and not another name for it. It is a promotional tool used in the broader marketing process.

Step by step solution

01

Define Marketing

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It involves understanding the marketplace, the consumers’ needs and wants, designing a product or service based on research, and then using various promotional tools to sell it. This definition can be obtained from a reputable business dictionary or textbook.
02

Is marketing just another name for advertising?

No, marketing is not just another name for advertising. Even though advertising is part of the marketing process, it only represents one element. Marketing involves a range of processes including market research, product development, distribution, and pricing strategy, among others. Advertising is a subset of the promotion aspect in marketing, which is dedicated to informing potential customers about products and services and how to obtain them. On the other hand, marketing is a more holistic process that includes advertising along with many other functions.

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