Definition of Marketing

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Introduction:
A Definition in author’s view: The definition of marketing has been a strongly debated subject in the new Millennium. If we consider the word to word meaning of marketing than the term “marketing” was derived from its original form of the unrefined Latin “marcatus”, which means to trade or buying/selling goods in market. However the term marketing has changed and advanced over a period of time but the meaning will remain the same no matter how many views and definitions are presented to world in time to time. Definition presented by AMA and CIM

“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Marketing power.com)”. This exact definition was approved by AMA in October 2007. This is very convincing definition which says that delivering the value to customers is important but it should bring the profit and benefit to the organization and its stakeholders. The Chartered institute of marketing (CIM) explains marketing through Matthew Housdon as "management process of anticipating, identifying and satisfying customer requirements profitably" (Housdon, 2007). As CIM is a British association; their insight towards the marketing reflects the approach of many British marketers. According to above definition; market research, product development, product life cycle, management, pricing, promotion all come under the marketing’ umbrella. Definition by Marketing Gurus

A number of academics have been unsatisfied with the AMA’s and CIM’s marketing definitions while some have agreed to it; in any case it has stirred many debates within the Gurus of Marketing world. Dr. Philip Kotler defines marketing as 'satisfying needs and wants through exchange process'. The impression is that today marketing is based around providing continual benefits to the customer, these benefits will be provided and a transactional...
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