Define Marketing : The current millennium has unfolded new business rules, the most significant of them being that past history or experience in a given product market is no indicator of future success. Market leadership cannot be taken for granted because customer loyalty does not exist. In an era of seamless markets, the customer today has a much wider choice. He/she does not have to adhere only to the locally available brands/services. Given the plethora of television channels, some specifically devoted to television shopping, Internet marketing, and teleshopping, this millennium’s customer wants and enjoys being wooed by the marketers. Over a period of time, wooing and cajoling the customer will only intensify. Today, marketers have pulled out almost every weapon from their armory to retain and expand their brand’s share in the consumer’s mind.
In today‘s competitive environment a lot of emphasis is laid on the marketing, we find every organization carrying out a lot of marketing activities. Hence, it is important for you to understand what market is, what marketing is, and how is it different from selling. So we shall discuss all the important concepts of marketing and lay down the foundation for explaining the marketing process. We will also discuss the development of marketing over a period of time.
Define Marketing History
Marketing is ancient art. The first marketing transaction can be perhaps attributed to Adam and Eve. Its emergence as a management discipline is of relatively recent origin. And within this relatively short period, it has gained a great deal of importance. In fact today marketing is regarded as most important of all management functions of business.
All of us are involved in marketing in one-way or the other. Can you describe how the marketing evolved since its inception? It has taken a long time before marketing reached the stage what it is today! Now, let us see some definitions of Marketing which is gave information how to define marketing–
Much of marketing is concerned with the problem of profitably disposing of what is produced.
Marketing is the economic process by which goods and services are exchanged between the producer and the consumer and their values determined in terms of money prices.
Marketing originates with the recognition of a need on the part of a consumer and terminates with the satisfaction of that need by the delivery of a usable product at the right time, at the right place and at an acceptable price.
Marketing is so basic that it cannot be considered a separate function. It is really the whole business seen from the point of view of the final result, i.e., from the point of view of the customer.
Marketing is a viewpoint, which looks at the entire business process as a highly integrated effort to discover, create, arouse and satisfy consumer needs.
Marketing is the delivery of a standard of living to society.
American Marketing Association – It is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchange that satisfy individual & organizational goals‖
Many people think that marketing and selling mean the same thing. Others think that marketing is the same as selling and advertising, still others have a notion that marketing has got something to do with making products available in the stores, arranging displays and maintaining inventories of products for future sales. Actually marketing includes all these activities and many more.
Marketing is a key function of management. It brings success to business organization. A business organization performs two key functions producing goods and services and making them available to potential customers for use.
An organization business success largely depends on how efficiently the products and services are delivered to customers and how differently do the customers perceive the difference in delivery in comparison to the competitors. This is true of all firms – from large business enterprises to small firms, from multinationals operating in different countries to small firms operating in small markets, from giant enterprises like Sony, Lever, General Motors to the next-door kirana shop. Quality production and efficient marketing are the key success factors in building sustainable competitive edge for ever business corporation.
―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
The Chartered Institute of Define Marketing as:
―Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably.‖ Peter Drucker: There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim is to know and understand the customers well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.