Marketing – Concept & Definition
- The AMA managerial definition:
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
- Kotler’s social definition:
“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.”
Marketing includes research, targeting, communications (advertising and direct mail) and often public relations. Marketing is to sales as plowing is to planting for a farmer – it prepares an audience to receive a direct sales pitch.
Marketing is not only much broader than selling; it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.
- William J. Stanton (System – oriented definition)
Marketing is a total system of business activities designed to plan, price, promote, and distribute want satisfying product to target markets to achieve organization objective.
- Cundiff and Still ( Customer – oriented definition)
Marketing is the business process by which products are matched with the markets and through which transfers of ownership are affected.
Holistic marketing based on the concept, everything matters in marketing. The four components that characterize holistic marketing are relationship marketing, internal marketing, integrated marketing and socially responsive marketing. Holistic Marketing helps converge the segments in an approach to improve the entire market through social responsibility and convergence.
What Can Be Marketed?
Core Marketing Concepts
- Needs describe basic human requirements such as food, air, water, clothing, shelter, recreation, education, and entertainment.
- Needs become wants when they are directed to specific objects that might satisfy the need. (Fast food)
- Demands are wants for specific products backed by an ability to pay.
This short note will help students and those who are preparing for ugc and c.b.s.e net-jrf in commerce and management subjects. Please share your view point.