Marketing: In business, firm marketing generates the revenues that the financial people manage and the production people use in creating goods and services. The challenge that faces marketing is to generate those revenues by satisfying customers’ wants at a profit and in a socially responsible manner.
However, marketing is not limited to business organizations. Whenever we try to persuade somebody to do something: donate to RED CROSS, not to litter the highways, save energy, vote for candidate, we are engaging in marketing; thus marketing has a broad societal meaning and it is applicable not only for profit making but also for not profit organizations. Many scholars define marketing as follows:
1. According to American Marketing Association, marketing is defined as the performance of business activities that direct the flow of goods and services from producers to consumers or users. 2. According to William J. Stanton, Marketing is a system of business activities designed to plan, price, promote and distribute want satisfying goods and services to present and potential customers. 3. According to Evans and Berman, Marketing is the anticipation, stimulation, facilitation, regulation and satisfaction of consumer and public’s demand for products, services, organizations, people, places, and ideas through the exchange process. 4. According to Philip Kotler, 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.
Generally, the definition of marketing can be grouped in to two: classical (narrow) definition and modern (broad) definition. Classical Definition:
In classical terms marketing can be defined as the performance of business activities that direct the flow of goods and services from producers to consumers. This definition is too narrow to describe marketing. It emphasizes the distribution aspect of marketing. Modern Definition:
In broader terms marketing is defined as a system of business activities designed to plan, price, distribute and promote want satisfying products (goods and services) to present and potential customers.
In marketing, there are combinations of activities, which start before the creation of a product and don’t end until customers are satisfied. Therefore, product planning, pricing, distribution and promotion are the main activities performed in marketing.
Marketing includes anticipating demand, which requires a firm to do customer research on a regular bases so that it develops and introduces products that are desired by consumers, Management of demand which consists of stimulation, facilitation, and regulation of tasks; and satisfaction of demand which involves actual performance, safety, availability of options, after sale service and other factors.
From the above discussions, we can conclude the following about marketing: a. Marketing is the business activity concerned with the flow of goods and services from producers to consumers. b. Marketing generates and facilitates exchange
c. The concept of marketing lies on needs, wants, and demands of customers. d. Marketing is greater than selling.
e. Marketing is an integrated activity.
f. Marketing is concerned with customer satisfaction. MARKETING FUNCTIONS
The following are the basic marketing functions:
1. Environmental Analysis and Marketing Research:
Involves monitoring and adapting to external factors that affect success or failures, such as the economy and competition; and collecting data to resolve specific marketing issues. 2. Consumer Analysis:
Involves examining and evaluating customer characteristics, needs, and purchase processes and selecting the group of consumers at which to aim marketing efforts. 3. Product Planning: ( including goods, services and ideas) Involves developing and maintaining products, product...
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