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Everybody lives by selling some products, services or ideas. Generally, marketing is considered as selling and promotion. However, making a sale, i.e., selling is the old sense of marketing. In its new sense, marketing is satisfying customer needs. Selling is only one aspect of marketing.
Kotler and Armstrong, “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.”
American Management Association (1985), “Marketing is the process of planning and executing the conception, pricing promotion and distribution of ideas, goods and services to create exchanges that satisfy individuals and organisational objectives”. This is a widely accepted definition of Marketing.
Thus marketing is getting the right goods and services to the right people at the right place at the right Lime at the right price with the right communication and promotion. Marketing is the performance of those business activities which are involved in the flow of ideas, goods and services from their point of production to the point of consumption.
The objectives of marketing is to ascertain consumer needs, convert them into ideas, products or services and move such ideas etc. to the final consumer or user, to satisfy certain needs and wants of specific consumer segments with emphasis on profitability, ensuring the optimum use of the resources available to the organisation.
It is but one of several marketing functions and that too not the most important one. It means taking certain other steps, such as identifying customer needs, developing good quality product, fixing reasonable prices, distributing and promoting the product effectively. Then his goods will sell very easily.
Some important definitions of marketing are given below:
F, E. Clark, “Marketing consists of those efforts which effect transfer in ownership of goods and core for their physical distribution.”
Stanton and Others, “Marketing is a total system of business activities designed to plan price promotes and distribute wants-satisfying products to target markets to achieve organisational objectives.”
The ‘consumer-oriented’ marketing has led to a new philosophy of doing business known as ‘marketing concept’. Under this concept, marketing is much more than a physical process of distributing goods and services.
It is a distinct philosophy of business under which all business activities are integrated and directed to supply the goods and services which customers want, in the way they want, at the time and place where they want and at a price which they are able and willing to pay for.
Marketing concept is reflected in the following definitions:
“Marketing is the process of discovering and translating consumer wants into products and services and then in turn making it possible for more and more people to enjoy more and more of these products and services.”
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