|What is marketing? Producers say the activity of production of goods or services is marketing. Sellers say the activity of selling of goods or services is marketing. Similarly, buyers say the activity of purchasing goods or services is marketing. Advertisers say the activity of promoting sale of goods or services by making effective advertisement is marketing. Most of the|
According to William J. Stanton, Michael J. Etzel and Bruce J. Walker, “ Marketing is total system of business activities designed to plan price, promote and distribute want-satisfying products to target market to achieve organizational objectives.”
According to Prof. Philip Kotler and Gray 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 value with others.”
According to American Marketing Association, “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfies individuals and organizational objectives.”
According to Prof. Pyle, “Marketing comprises both buying and selling.”
Features of Marketing
- Satisfying customers’ needs: Marketing begins from human wants, needs and demands. Marketing satisfies customers’ wants, needs etc. by producing goods and supplying them to the customers’ according to their needs, wants and demands.
- Helps to achieve organizational goal: Organizations are established and conducted with certain objectives. Marketing helps to achieve such objectives.
- Marketing consists of various activities: Marketing consists of various activities. They are related to product, place, price and promotion.
- Facilitates exchanges: Giving and taking between buyer and seller is called exchange. Marketing facilitates such exchange. As a result, exchange becomes effective.
Core Concepts of Marketing
|Core Marketing Concept|
1. Needs, Wants and Demands
3. Value, Satisfaction and Quality
4. Exchange, Transaction and Relationship
- At least there should be two sides (parties),
- Each side should have some value/ utility, which each other side should like,
- Each side should agree to exchange,
- Each side should be free to accept or reject the proposal of one another side,
- Each side should be able to communicate and handover.