Definition of Marketing

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In some ways marketing is as old as civilization itself. The growth of markets received a big boost during the Industrial Revolution in the 18th and 19th centuries. In a new era, marketing is now entering with a dynamic and exciting new dimension for both consumers and companies alike, a radical change with the new technology available. Marketing will change and develop, becomes increasingly more important with business. Indeed, today the success of an organization may depend on how well it markets itself and its products, making sure its customers are satisfied.

There are many definitions of marketing. We will focus on four which will provide insight into how marketing is used in practice. There is one of the simplest accepted definitions of Marketing which is: “Marketing is the management of exchange relationships” (The celebrated American author of marketing textbooks, Philip Kotler). While clearly focused and concise, this definition emphasises the role of marketing in relating to the world outside the organisation. All relationships between the organisation and the outside world need to be managed. There are many other useful and equally acceptable definitions. The one preferred by the British Chartered Institute of Marketing (CIM) is: “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably”. In 1999, Philip Kotler has another definition: “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”. The definition of Kotler is general than definition of CIM. According to Kotler, needs and wants are to be satisfied, it’s an important addition in this definition. Marketing appears everywhere in social, it is a simple buying activity. The CIM definition looks not only at identifying customer needs, but also satisfying them and anticipating them in the future. However, both...
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