Meaning and Definitions of Marketing
“Marketing management is the art and science of choosing target market and getting, keeping and growing customers through creating, delivering and communicating superior customer value.” — Philip Kottler
‘Marketing is human activity directed at satisfying needs and wants through exchange process.’ — Philip Kottler
‘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 objectives’. — American Marketing Association
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others. It is total system of business activities designed to plan, price, promote and distribute valuable goods and services. It creates forms, place, time and ownership utilities. Marketing deals with customers and acts to satisfy customers needs.
Simple Marketing System
Difference between Traditional and Modern Concept
| Traditional Concept | Modern Concept |
|---|---|
| 1. Focus is on product only. | 1. Focus is on customers' needs and wants. |
| 2. Objective is profit maximization. | 2. Objective is customer satisfaction and customer delight. |
| 3. Short-term oriented. | 3. Long term oriented. |
| 4. Less promotional activities | 4. Sustained promotional activities. |
| 5. Narrow concept. | 5. Border concept. |
Marketing versus Sales
| Marketing | Sales |
|---|---|
| Trying to get the company to make what the consumer wants | Trying to get consumers to want what the company makes |
| It is a wide concept | It is a narrow concept |
| Resolves around the needs and interests of the consumer | Resolves around the needs and interests of the company |
| Has an outside-in perspective | Has an inside-out perspective |
| Marketing creates a PULL | Selling is a PUSH |
| Interacts and gets feedback from sales | Interacts and gives feedback to marketing |
| Aimed at increasing revenue | Aimed at increasing revenue |
| Tries to identify and define leads | Tries to persuade leads to buy |
| Begins before the production process begins | Begins after the production process is over |
| Continues after the product is sold | Doesn’t continue after the product is sold |
| Focuses on the long term | Focuses on the short term |