Tuesday, 6 November 2012

Definitions of Marketing

Marketing is process of implementation of intelligent decisions by which marketers mould needs into demands (in a given/target market) and try to fulfil on time profitably so that ownerships are affected and  prospects turned to customers and customers turned to satisfied customers.
                                                                                                              ----- Mrityunjay Kumar
Definitions of Marketing by different authors:-
  • Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives.
                                                                                            --- American Marketing Association.
  • Marketing is the management function which organises and directs all those activities involved in assessing and converting customer purchasing power into effective demand for a specific product or service and in moving the product or service to the final consumer or user so as to achieve the profit target or other objectives set by a company.
                                                                                             --- Council of the Institute of Marketing
  • Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
                                                                                                --- Kotler and Armstrong
  • Marketing is the managerial process by which products are matched with markets and through which transfers of ownership are affected.
                                                                                                    ---Cundiff,Still and Govoni
  • Marketing is a total system of business activities designed to plan, Price, Promotion and distribute want satisfying products to target markets to achieve organisational objectives.
                                                                ------ Stanton, Etzel and Walker
  • There will always, one can assuming be need for same selling. But the aim of marketing is to know and understand the customer. So well that the product or service fits him and seller itself. Ideally marketing should result in a customer who is ready to buy.
                                                                                                             --- Peter F. Drucker
  • Marketing can be defined as a socio economic process within the real of society under which individuals and groups acquire, obtain or purchase the goods or services that they required based on their needs, wants and demad levels through the process of manufacturing, trading and exchanging the products and services of value with others.
                                                                                                             ---- Cundiff
  • Marketing is the term used to describe collectively those business functions most directly concerned with the demand stimulating and demand fulfilling activities of the business enterprise.
                                                                                                            ----- Cundiff and Still
  • Marketing consists of the performance of business activities that direct the flow of goods and services from producer to consumer or user.
                              --- The Committee of Marketing Teacher’s association of USA
  • Marketing is the creative management function which promotes trade and employment by assessing consumer and initiating research development to meet them. It co-ordinates the resources of production and distribution of goods and services, determines and directs the nature and fields of the total efforts required to sell profitably the maximum production to the ultimate user.
                                                                                              --- The institute of marketing, England
  • Marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer.
                                                                                                       ---- Prof. Harry Hansen

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