What is Marketing ?
Comprehensive Definition of Marketing:
According to William Staton and Futrell:
“It is the total system of business activity designed to plan, price, promote, and distribute want satisfying product, services and ideas to the target market in order to achieve the organizational objective”.
The above definition has several Important Implications:
- It is managerial system definition.
- All activities of business must be customer oriented.
- Marketing program starts with product idea and continues till complete satisfaction of customer.
- For success marketing maximize profitable sale over long run with the concept of repeat business.
What is Marketing According to American Association:
“The performance of business activity that direct the flow from producer to consumer.”
Many people think it is only as selling and advertising. Every day we bombarded with TV commercials. Internet advertising, direct email offers, telemarketing, however selling and advertising are only the tip of the marketing iceberg.
Telling and Selling is not marketing but in new sense to satisfying customer needs. Marketer should understand consumer need and develops product that provide superior value and set price of a product its distribution system and promotion program effectively, then these product will sell easily.
Another Concrete definition of Marketing:
It is a process. A process that uses a particular method of doing an activity, usually involving a series of steps or operations. Classical marketing approach involves four broad steps: market analysis, market planning, implementation, and control. Market analysis is one of them looking for opportunities in the market.
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In other words we can say
It is way of managing profitable customer relationship.
According to the Management Guru peter Drucker:
“The aim of marketing is to make selling unnecessary”
Selling and marketing is the only part of a large marketing mix a set of marketing tools that work together to satisfy customer needs and build customer relationships.