Definition of marketing
The
purpose of this blog is penning down the interesting topics and discussions on
Marketing Management. This is also going to understand the application with the
help of specific product. The main intention behind this blog is to create the
compact document containing all the concepts discussed in class in short
and simple form.
Earliest
uses of the concept of Marketing have been traced to the ancient Babylonian,
Greek, Hebrew and Roman periods. Marketplace and similar terminologies have
found their way into early dialogues of Plato. The phrase ‘process of moving
goods from producer to consumer with emphasis on advertising and sales’, is
attested by 1897 It has been argued by researchers that the term marketing was
used for the first time in the 1980’s to describe agricultural product
distribution and selling activities. However, in spite of its long etymology,
the process of giving an official definition to the word marketing began in the
early nineteenth century.
1.
In 1935 the National Association of Marketing created the first official
definition of Marketing.“Marketing is
the performance of business activities that direct the
flow of goods and services from producers to consumers.”
This was adopted by the AMA in 1948 and in
1960, AMA revisited the definition and decided not to change it. This original
definition stood for 50 years until its modification in 1985.
2.
1985-the
first revision.
“Marketing is the process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods and services to
create exchanges that satisfy individual and
organisational objectives.”
This definition was adopted as it ‘juxtaposed the 4 Ps’ and focused on the word ‘exchange’. The reason this change was
brought about was that the previous definition of the concept of Marketing had
been unchanged for the last 50 years. According to the experts reviewing the
definition, it did not talk about planning, customer satisfaction and feedback.
- 2004-the second revision.
“Marketing is an organisational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer
relationships in ways that benefit the organisation and its
stakeholders.”In the new definition, a focus on
creating and delivering value through customer relationships replaces the
historical focus on the exchange paradigm.
4. 2007-the third revision.
“Marketing
is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.”
According
to new definition of marketing, its role is not only limited management system
but also to education process. Marketing is also shown as a science.
So from
this conclusion can be made that definition of marketing is changing according
to target group is changing. Definition is evolving over the years and it will
evolve and it is becoming more consumer centric
