Marketing

What Is Marketing – Comprehensive Definitions By Marketing Gurus

There has been a remarkable departure in the economic patterns and role of consumers. As such in the marketing process, the definition and scope of marketing which were true in the past will not certainly be adequate now. In the early days when every family was a self-sufficient economic unit, there was no necessity of exchange and marketing was unknown to people. But with the growth of population, specialization took place gradually and as a result emerged the necessity of exchange of surplus commodities.

At that stage of economic development marketing was defined as the exchange of surplus commodities. Since then, the process of marketing has been evolving gradually and marketing has been assuming wider and wider role in the business world.

Now-a-days, producers at the one end of the world are successfully satisfying the needs and desires of the consumers at the other end of the world through efficient and scientific methods of marketing.

Even just before the Industrial Revolution, marketing was production-oriented, i. e., marketing starts after production is over. But at this age consumers play a dominant role in the marketing. So, marketing has become consumer-oriented marketing starts with the consumers, not with the products. In this approach to marketing, all policies regarding the product, price, place and promotion center round the consumer.

What Is Marketing – Comprehensive Definitions By Marketing Gurus

Let us now attempt a definition of marketing. Marketing embraces all the business activities involved in getting commodities of all kinds, including services, from the hands of producers and manufacturers into the hands of final consumers. Marketing is concerned with all the business steps through which goods progress on their way to final consumption.

Definition of Marketing By Duddy and Revzan

Marketing has been defined by Duddy and Revzan as “the economic process by means of which goods and services are exchanged and their values determined in terms of money prices.” The term ‘process’ implies activity—coordinated groups of activities, in fact having a definite purpose, the purpose being to move goods from points of origin or production to points of ultimate use.

Definition of Marketing By Institute of Marketing

In Britain, the Institute of Marketing defines marketing as “the management function which organizes and directs all those business activities involved in assessing and converting consumer purchasing power into effective demand for a specific product or service and in moving the product or service to the final consumer or user so as to achieve the profit target or other objectives set by a company. Acceptance of this definition is acceptance of a market-oriented situation which looks to the market at all times and places production in true perspective.

Definition of Marketing By American Marketing Association

The American Marketing Association’s definitions Committee, in 1948, defined marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user.

Marketing has also been defined as the business of buying and selling and as including those activities involved in the flow of goods and services between the producers and the consumers. Marketing moves goods from place to place stores them and effects changes in the ownership by buying and selling them. According to Clark and Clark, “Marketing consists of those efforts which effect transfer in the ownership of goods and services and care for their physical distribution.”

Definition of Marketing By Philip Kotler

The new concept of marketing, as defined by Philip Kotler, is as follows” Marketing is the analyzing, organizing, planning and controlling of the firm’s customers-impinging resources, policies and activities with a view to satisfying the needs and want of chosen customer groups at a profit. Philip Kotler’s definition is used for three reasons:

(1) It suggests the three main elements of modern marketing concept; that is, integrated marketing   to create customer satisfaction at a profit.

(2) It specifies that marketing comprises the administration activities, analysis, organisation, planning and control.

(3) It suggests the “marketing mix” idea through its reference to the management of customer-impinging resources, policies and activities and the “market segmentation” idea through its reference to chosen customer groups.

Among the few writers who considered marketing in the modern sense mention may be made of Mr. McCarthy, Beckman and Davidson. According to McCarthy, “Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user in order to best satisfy consumers and accomplish the firm’s objectives.”

According to Beckman and Davidson, “Marketing is the performance of all activities necessary for ascertaining the needs and wants of markets, planning product availability, effecting transfer of ownership of products, providing for their physical distribution and facilitating the entire marketing process.”

So, we may define that marketing embraces all business activities involved in the flow of goods and services from physical production to consumption. In this sense, it includes not only dealings in merchandise but in a wide array of services—personal, business and professional as well, together with dealings in intangibles like insurance, stocks and bonds.

Since market holds veto power over all other activities in the system, all the strategy and tactics of the firm arc now market-oriented. Marketing, because of its pervasive influence, is viewed as a philosophy of business operations and as a prime focus for managerial decision-making. So, now-a-days there is no denying the fact that of all the business functions.

Marketing plays the most important and pivotal role in a business firm and this is why in all the developed countries; like America, and Britain, company management is more and more being placed in the hands of marketing executives.

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