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Marketing Definition:
All activities involved in creation of time,
place and possession utilities. The process
of Planning & Executing the conception,
pricing, promotion and distribution of
ideas, goods and services to create
exchanges that satisfy individual and
organizational objectives.
American Marketing Association by :The
management process responsible for
identifying, anticipating and satisfying
customer requirements profitably.
Market vs Marketing:
•Market is an arrangement to provide an opportunity
to exchange goods.
•Marketing is sum total of all those activities that are
related to flow of goods from production to
consumption.
1. Exchange Concept:
-Concentrates on production
efficiency
1. Consumer Orientation
2. Integrated management
action
3. Consumer Satisfaction
4. Realizing organizational
goals including profits
Benefits of Marketing
Concept:
1. Long Term success
2. Faster penetration
3. Better Products
4. Boosts creativity
5. Integrated functions
6. Mostly in profits
7. Better growth of employees
8. Contributes to overall growth of the
society