Meaning and concepts of marketing

Meaning

According to American Marketing Asociation¹: “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.” This definition focuses on the following aspects of marketing:

·         It recognizes marketing as a process. The process involves planning and implementation of the marketing activities, such as conception, pricing, promotion and distribution of products (ideas, goods and services).

·         These marketing activities are undertaken to create exchanges that meet individual and organizational goals. The individual goals include satisfaction and utility from the product. The organizational goals include profit and long term survival of the organization.

According to Philip Kotler “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. ”² This definition focuses on the following aspects of marketing:

1.      Peter D. Bennet(Ed), Dictionary of Marketing Terms, AMA, Chicago, USA, 1995.

2.      Philip Kotler, Marketing Management, 9^th ed., Prentice Hall India, p.9

·         Marketing is a social process performed by individuals and groups.

·         Marketing is performed for meeting needs and wants of products.

·         Marketing is concerned with creating, offering and exchanging product and services.