What is marketing?

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Question 1:        What is marketing?

Marketing is based on the concept that the customer is the most important person to the company. In order to prosper or even survive, every company must work hard to retain its existing market and continually strive to secure new and profitable customers. The marketing concept puts the emphasis on customer and the identification and satisfaction of customer requirements.

Although the concept of “marketing” is relatively straightforward, the term “marketing” often means different things to different people. This confusion is not restricted to the ordinary person in the street. There are still many business people who have not fully grasped the importance of the marketing concept.

As far back as 1775, Adams Smith, the father of modern economics, wrote the following passage in his famous work: The Wealth of Nations:

        “Consumption is the sole end and purpose of all production and the interests of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer”.

The word “consumer” in his statement has given the essence of what modern marketing is all about. It is the identification and satisfaction of a consumer’s requirements which forms the basis of modern marketing.

Because marketing is such a wide-ranging topic, different people often look on the subject from different viewpoints or give the subject a particular emphasis. To some extent, such different viewpoints result from the academic background or the area of employment of the person giving the definition. Many people go into marketing after studying different subjects like economics or mathematics…ect.

The following is a sample of wide range of definitions given for the marketing concept:

“Marketing is a social process by which individuals and group obtain what they need and want through creating and exchanging products and value with others.”

“Marketing consists of individual and organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through creation, distribution, promotion and pricing of goods, services and ideas.”

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“Marketing is selling goods that don’t come back to people who do”

“Marketing is the identification, establishment, maintenance and enhancement of relationships with customers and other stakeholders, at a profit, so that the objectives of the parties are met.”

“Marketing is the process of planing and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.”

“Marketing involves the integrated analysis, planning and control of the marketing mix variables (product, price, promotion and distribution) to create exchanges and satisfy and satisfy both individual and organizational ...

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