Marketing is the activity of an organization associated with buying and selling products or services. It is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing communicates the value of a product or service to customers for the purpose of selling that products and services.
Marketing is a process that identifies, anticipates, satisfies customer needs, wants, and requirements profitably. It is that act by which organizations create value for customers and build strong customer relationships in order to capture value from a customer in return.
Marketing co-ordinates four elements, they are:
- Identification and selection of a product.
- Determination of its price.
- Selection of distribution channel to reach the customers' place.
- Development and implementation of a promotional strategy for the benefit of customers.
There are two concept of marketing- narrow and broad concept. The narrow concept of marketing focuses on telling and selling but not consumer satisfaction. This concept emphasizes production and selling of goods. Profit maximization is the main objective of the narrow concept. There is no place of customer welfare in this concept of marketing. On the other hand, the broad concept of marketing focuses on satisfying customers' needs, not telling and selling. Earning profit only after customer satisfaction is the main objective of this broad concept. If a marketer does a good job of understanding customer needs; develops a product that provides superior value at a reasonable price, distributes and promotes them effectively, these products will sell very easily.
According to Philip Kotler and Gary Armstrong, "Marketing is total system of business activities designed to plan, price, promote, and distribute want-satisfying product to target market to achieve organizational objectives."
According to the American Marketing Association, "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
In conclusion, marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, products or services to create exchanges that satisfy individuals and organizational objectives. It ensures the right product in the right place, at the right time, at a reasonable price for the benefit of customers. Marketing deals with customers and acts to satisfy their needs and wants.
