i. It does not cover the function of discovery of demand (through marketing research) and the function of promotion of demand by advertising and salesmanship. Marketing is the process of planning and executing the conception, pricing promotion, and distribution of ideas, goods, and services to create exchange that satisfy individuals and organizational goals. The company descriptions in the first chapter read more like advertisements rather than academic analysis. Please try again. The best Definition of Marketing given by Philip Kotler is _____ Marketing is the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. Your recently viewed items and featured recommendations, Select the department you want to search in. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. In the words of Pyle, “Market includes both place and region in which buyers and sellers are in free competition with one another”. – Cundiff and Still, “Marketing is getting and keeping the customer”. Therefore, authors are of this opinion that marketing management is both; a science as well as an art. In the global market, the emergence of the Far East, the development of a European Common Market, the political reforms in Eastern Europe and South Africa, the manifestation of weaknesses of state-controlled economy – all these world phenomena have impact on marketing and its management. (iii) Increase in organisational profits. In the most simple and non-technical language, marketing may be explained as a business function entrusted with the creation and satisfaction of customers to achieve the aims of business itself. ii. xi. xii. It is concerned with identifying consumer ‘needs’ and determining ways in which the organization is able to meet those needs in a profitable manner. “Marketing includes all activities involved in the creation of place, time and possession utilities. Marketing is an on-going (continuous) process of discovering and translating consumer wants into appropriate products and services (by means of planning and developing a product on the basis of marketing research and information), creating demand for these products (through pricing and promotion) under keen competition, and serving the demand (through transport and storage) with the help of channels of distribution, such as wholesalers and retailers. Everything else is a cost center.”. It is not simply a physical process but it represents a philosophy of business. “Marketing is the managerial process by which products are matched with markets and through which the consumers are enabled to use or enjoy the product.”, “Marketing is the set of human activities directed at facilitating and consummating exchanges. Some main definitions of marketing are given as under: Cundiff and Still, define the term ‘Marketing’ as “Marketing is the business process by which products are matched with the market and through which the transfers of ownership are affected.”, William J. Stanton, states that “Marketing is a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying products and services to the present and potential customers.”, Prof. Malcolm McNair, opines “Marketing is the creation and delivery of standard of living to the society.”, According to the latest definition given by American Marketing Association, “Marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders.”, Definitions of Marketing – By Various Authors: Gary Armstrong Wheately, Theodore Levitt, Harry L. Hansen, Mark Burgess, and Few Others. Marketing activities are divided into three main divisions-. Marketing is a societal process by which individuals & groups obtain what they need & want through creating offering & freely exchanging products & services of value with others. Ducker’s definition in recognizing the customer wants are not only identified in marketing but also anticipated and satisfied.
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