What is marketing? Discuss its importance.

 Marketing is not a new word but evokes feelings of freshness each time it is used. For there is so much happening in this field that even the oldies have something new to learn every day. In your class itself, I am sure that there are quite a few students opting for marketing than any other discipline. Surely, there must be something in this word marketing that everyone feels attracted to it. Marketing is ancient art but its emergence as a management discipline is of relatively recent origin. And within this relatively short period, it has gained a great deal of importance. In fact today marketing is regarded as most important of all management functions of business.

Now, let us see some definitions of marketing:

• Marketing originates with the recognition of a need on the part of a consumer and terminates with the satisfaction of that need by the delivery of a usable product at the right time, at the right place and at an acceptable price. 

• Marketing is a viewpoint, which looks at the entire business process as a highly integrated effort to discover, create, arouse and satisfy consumer needs. 

• Marketing is the delivery of a standard of living to society. 

• American Marketing Association: “It is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchange that satisfy individual & organizational goals”. 

• The Chartered Institute of Marketing defines Marketing as: “Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably.” 

Quality production and efficient marketing are the key success factors in building sustainable competitive edge for ever Business Corporation. “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” – Philip Kotler.  

Subscribe on YouTube - NotesWorld

For PDF copy of Solved Assignment

Any University Assignment Solution

WhatsApp - 9113311883 (Paid)