Meaning and Definitions of Marketing
Meaning of Marketing
Generally, people view marketing only as of the buying and selling job but the term marketing covers a broad area. Marketing today is not considered as “Telling and selling” but it is understood from the concept of “satisfying customer’s needs”. This means the modern concept does not accept the marketing to collect as much profit as can be by selling goods or services through effective advertisement and influencing customers. The modern concept of marketing gives priority to the first customers’ satisfaction. It accepts customers’ satisfaction as profit as the gift.
Marketing, in fact, is creating, communicating, and delivering goods and services to the target customers. It is the systematic planning, implementation, and control of a mix of business activities intend to bring together sellers and buyers for the mutual advantages exchange or transfer of products. In other words, marketing is the management process responsible for identifying, anticipating, and satisfying customers’ requirements profitably. Simply it is the process of performance of business activity in the dynamic environment, facilitating the exchange of ownership to satisfy customers, the organizational, and social goals in a planned way. Marketing is demand management. It stimulates demand for goods and services. It finds out customers’ needs. Marketing decides what products should be offered to satisfy their needs and finally, it matches products with customer needs.
Marketing is the business activity engaged in the production, distribution, and exchange of goods and services. Since marketing is an outcome of socio-economic development. It is a highly dynamic field of study. Marketing is always concerned with buying and selling goods and services. In today’s modern era, marketing is always accompanied by satisfaction. Without satisfaction, marketing is of no value. Besides, it is a planned effort from production to distribution and then consumption. Each and every effort made to sell a product by satisfying both buyers and sellers is known as marketing. Simply, creating or adding usefulness in something to deliver satisfaction to the parties involved in a business transaction is marketing. Business today faces three major challenges and opportunities: globalization, the effects of advances in technology, and deregulation. The marketing relates to balancing and neutralizing these effects and perform the business transactions satisfying the customers.
Definitions of marketing
Marketing is an organizational function and the set of processes for creating, communicating, and delivering value to customer and for managing customer relationships in ways that benefits the organization and the stakeholder. AMA (American Marketing Association)
Marketing is the business process by which products are match with markets and through which transfer of ownership to are affected. Condiff and still
Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Philip Kotler
Marketing is the business activity of presenting products or services to potential customers in such a way as to make them eager to buy. Encarta Dictionary
Marketing is the total system of business activities designed to plan, price, promote and distribute want satisfy products to target markets to achieve organizational objectives. William J. Stanton
Marketing is the activities that seek to accomplish an organization’s objectives by anticipat customers or client needs and direct a flow of need satisfying goods and services from producer to customer or client. E. Jerome McCarthy
Marketing is the process of discovering and translating consumer’s needs and wants into product and service specifications, and then in turn helping making it possible for more and more consumers to enjoy more these products and services. Harry Z. Hanson.
In conclusion, marketing is creating something new, which satisfies target customers by exchanging goods, ideas, and services. This includes planning, pricing, promoting, selling, and distributing. Various activities are included in marketing. All these activities are related to product, price, place, and promotion. The activities of marketing satisfy the wants of customers or clients. Besides, the activities help to achieve organizational goals. Marketing conducts its activities by focusing on customers. Different activities such as a selection of goods or services, planning, production, development of goods, packaging, labeling, and advertisement are performed to satisfy the customers.
Thus, marketing is a societal process where the members of society; individuals, and groups satisfy their needs and wants. It encompasses all activities that are targeted at identifying and satisfying customer needs through an exchange relationship to achieve stated goals. Marketing is the system that is designed to deliver satisfaction to both parties involved in exchange activities. Marketing is typically seen as the task of creating, promotion, and deliver goods and services to consumers as well as businesses. Effective marketing can take many forms; it can be entrepreneurial, formulated, or entrepreneurial; and marketers are involved in marketing many types of entities; goods, services, experiences, events, persons, places, properties, organizations, information, and ideas.
Visit More Courses as :