Topics covered in this snack-sized chapter:
Marketing is a planned set of activities undertaken to influence and apply on the potential target customer.
Marketing has been practiced and undertaken from ancient times.
“Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably”.
“The enigma of marketing is that it is one of man's oldest activities and yet it is regarded as the most recent of business disciplines”.
The Chartered Institute of Marketing defines marketing as 'The management process responsible for identifying, anticipating and satisfying customer requirements profitably'.
Marketing was earlier recognized by ancient scholars and scholars of medieval ages.
Eugen von Boehm-Bawerk, an Austrian economist was quoted as originator of the modern conception of consumer behavior.
Some state that Marketing emerged as a separate field only in the late 19th
century.
There were factors responsible for emergence of marketing which are as follows:
- Changes in economic activities.
- Emergence of industrial growth.
- Awareness of “Socialization”.
- Industrial revolutions leading to ad hoc retail and advertising innovations.
Marketing emerged with increase in small scale industrial units whose awareness was traced to be made.
Marketing was the only method to inform the society of such type of development.
Traditional schools state that Marketing focuses on sale and purchase of products, goods and services.
Robert A Bartels in ‘The History of Marketing Thought' categorized the development of marketing theory decade by decade.
- 1900s: Discovery of basic concepts and their exploration.
- 1910s: Conceptualization, classification and definition of terms.
- 1920s: Integration on the basis of principles.
- 1930s: Development of specialization and variation in the theory.
- 1940s: Reappraisal in the light of new demands and a more scientific approach.
- 1950s: Reconceptualization in the light of managerialism, social development and quantitative approaches.
- 1960s: Differentiation on bases such as managerialism, holism, environmentalism, systems, and internationalism.
- 1970s: Socialization; the adaptation of marketing to social change.
Philip Kotler is recognized as Father of the “Marketing”.
Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'.
Kotler born on May 27, 1931 is said to be American academic focused for marketing.
He is the author of Marketing Management which was first published in 1967.
Kotler is credited to stretch Marketing from industrial areas and help in applying it to health care, celebrities and even to the countries.
“Marketing is not the art of finding clever ways to dispose of what you make. Marketing is the art of creating genuine customer value. It is the art of helping your customers become better off.”
Various other philosophers have contributed to the development of marketing field.
They have made marketing field to grow, become aware and expand itself through geographical proximities.
Marketing has a huge impact on the success of an organization.
The importance of marketing is growing as customer needs are constantly changing.
Marketing:
- Introduces and promotes products.
Driving forces:
- Growing international trade
- Increasingly sophisticated and demanding buyers
Marketing helps in evaluating:
- Where a business is currently.
Market research is also used to assess the competition and forecast industry trends.
The philosophy that products should help and support the well-being of society.
The Societal Marketing Concept holds that:
- The organization should determine the needs, wants and interests of target markets.
- Deliver the desired satisfaction more effectively and efficiently than competitors.