What is “Marketing”?
A market is place where buyers and sellers meet. It is often defined as a place where
things are bought and sold
Marketers come to a market with an aim of setting up the stall, displaying goods and
then try to attract buyers. Modern marketing is more complex than a street market but its is
still about competing with others, attracting buyers, providing them with top quality goods or
services and making a profit. Marketing is customer focused with exchange being the centre
of marketing activity. It is said to be a good marketing when both the buyer and seller feel
that they have got a good value for their exchange.
There are many ways to define marketing, but the two commonly quoted definition of
marketing come from Chartered Institute of marketing and American Marketing Association
A) Chartered Institute of Marketing defines marketing as “The management process
which identifies, anticipates and satisfies Customer requirements efficiently and
CIM definition not only identifies customer needs it also focuses on the satisfaction of the
customer needs and urges to anticipate the needs of the consumer well in advance.
B) American Marketing Association defines marketing as “The activity, set of
institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society
AMA’s definition focuses on creating brand loyalty among the consumers and delivery of
The shortest and simplest definition of marketing is given by Professor Philip Kotler he
defines marketing as “Marketing is about satisfying needs and wants through an exchange
Marketing mix is at the core of any marketing plan. Marketing mix is defined as “The
set of marketing tools the firm uses to pursue its marketing objectives in the target”
The most commonly used model of marketing mix is the 4P’s model suggested by
Jerome McCarthy which refers to four broad components of marketing decision namely
Product, Place, Price and Promotion
Product- Product is the central element of the marketing mix. Product can be defined
as a bundle of attributes or characteristics (R. Masterson; D. Pickton 2014). In short Product
is what the buyers are looking for in order to satisfy their needs. Product can be either
tangible e.g.- car, books etc or intangible e.g.- services of a plumber or electrician. A product
should match or exceed customer’s expectations
Place- Place decision helps an organisation on where and how the product will be
sold. It is a process of moving goods and services from the producer to its intended user
(Martin,2014). Correct placement is very important for an organisation which gives emphasis
on reaching the right audience at the right time.
Price- Price is the value of exchange agreed upon between the buyer and seller in
exchange for the product. In short it is the cost which the buyer pays to the...