What is Marketing?
Concept of Marketing are given in the diagram below.
Image credits © Manoj Patil.
What is Marketing? is given below.
Use of labour intensive technique was the main feature of production before Industrial Revolution. Production was on the small scale, before Industrial Revolution. Hence exchange of goods, purchasing and selling was very simple. However, after Industrial Revolution, sudden changes took place in production technique. Use of Machinery in place of Manpower was one of the major changes. Production was started in anticipation of demand on the large scale.
The customers and producers were scattered over, due to which distribution of goods became the problem. It is necessary to maintain the constant endless flow of produced goods from producers to consumers. Therefore, there exists a channel of distribution to bridge the gap between a producer at one end and customer to the other end. This distribution chain consists of retailer, Wholesaler, Salesmen, middlemen and advertising agent, etc. All of them are playing an equal and important role for which they are paid properly.
In simple words one can state that Marketing includes all these activities, efforts, which are undertaken to provide goods from the place of producer to end customers. It can be stated therefore, that marketing came into existence due to industrial Revolution. In other words, Industrial Revolution has given birth to marketing.
Meaning of Marketing
Meaning of Marketing are given in the diagram below.
Image credits © Manoj Patil.
Meaning of Marketing is given below.
Market is a place where sellers and buyers come together to enter into buying and selling transaction.
Marketing is a concept compared to market. It is an organized trading process. It includes sales and various activities for exchange of goods and services.
Definition of Marketing
According to the American Marketing Association definition of marketing follows:
“Performing the business activities that direct the flow of goods and services from producer to consumers or users.”
According to Paul Mazur marketing defines as:
“The creation and delivery of a standard of living to society.”
According to Philip Kotler marketing defines as:
“The set of human activities directed as facilitating and consummating exchanges , the essence of marketing is an exchange of products the transaction is to satisfy human needs. All business activities helping and promoting the exchange functions are included in marketing.”
Some Important Articles on Marketing are given below.
Importance of Marketing - Role, Significance of Marketing
Functions of Marketing - Nature and Scope of Marketing
4 P's of Marketing Mix - Elements of Marketing Mix - Definition
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