What is Marketing?
Marketing is one of the main and most prestigious components of Business Management.
Marketing is the process of planning and execution of conception, competitive pricing, promotion of ideas, distribution of ideas, products and services to create and manage the exchange of relationships to satisfy individual and organizational goals.
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.
– American Marketing AssociationMarketing as described by American Marketing Association.
From a sales process engineering point of view, Marketing is a set of processes that are interconnected and interdependent with other functions of a business aimed at achieving customer interest and satisfaction.
– Paul H. Selden (1997). Sales Process Engineering
Marketing as a concept, is based on these three main cornerstones
1. Understanding Needs and Wants of the customer. (Customer Orientation)
The entire foundation of a business purpose starts with the process of understanding needs and wants of the customer and deciding which needs and wants it should try to satisfy.
2. Organizational Integration of Needs and Wants.
After identifying the needs and wants of customer, the organization must ascertain or establish exactly by research or calculation, how to satisfy these needs and wants. All personal of the organization must consider this as their own responsibility, not just the responsibility of Marketing division.
3.Achieving the organizational goals through the efforts to deliver customer satisfaction.
Organizational goals or objectives must be accomplished through the organization’s effort to deliver maximum customer satisfaction. This refers to the activities associated with purchasing and selling a product or a service. This also includes promotions, advertising, selling, distribution and delivering products to the customer.
Marketing as a concept.
Concept wise, Marketing is a continuing process which includes activities involving research/ development, implementation and evaluation of strategical approach within the above mentioned three main cornerstones.
Management must be always ready to adapt to ever changing needs and wants of customers because of social, economical, cultural or personal factors. Marketing firms must adopt this concept as a way of day to day life.
An optimum balance between efficiency and effectiveness must be maintained, in order to practically implement marketing concept in an organization. So, it is more than obvious that the organization’s management must be Marketing oriented, to try to achieve implementation of marketing concept. This approach will also result in maximum utilization of resources within the organization, and this will be mutually beneficial to the organization and the customer. In fact maximum utilization of resources accordingly to the concept of marketing will be beneficial to the society as well.