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
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 mathematicsâ€¦ect.
The following is a sample of wide range of definitions given for the
"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."
"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
"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...