What is Marketing?

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.

                                                                                   

3. 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