What is marketing?

Marketing has been defined differently by different authors. A popular definition is that
marketing are the activities that direct the flow of goods and services from producer to
consumer or user. Another notable definition is that marketing is getting the right
goods and services to the right people at the right place at the right time at the right
price with the right communication and promotion.
Marketing management is a business discipline which focuses on the practical
application of marketing techniques and the management of a firm's marketing
resources and activities.
Yet another definition is that marketing is a social process by which individuals and
groups obtain what they need and want through creating and exchanging products and
values with others. This definition of marketing rests on the following concepts:
Needs, wants and demands;
Products;
Value and satisfaction;
Exchange
A human need is a state of felt deprivation of some basic satisfaction. People require
foods, clothing, shelter, safety, belonging, esteem etc. these needs exist in the very
nature of human beings.( hungry eat food)
Maslow's hierarchy of needs is a theory in psychology proposed by Abraham Maslow in
his 1943 paper. Maslow (1943) stated that people are motivated to achieve certain
needs. When one need is fulfilled a person seeks to fullfil the next one, and so on.

When needs backed by culture it become want. ( hungry eat food -> burger)
Wants become demands when backed up by purchasing power. (MacDonalds
burger)
Products
Products are defined as anything that can be offered to some one to satisfy a need or
want.

Value is the estimate of the products capacity to satisfy customer requirements.

When benefit will be greater than cost that will be value.
customer satisfaction:
When product performance is equal to the customer expectation then it is called
customer satisfaction.
Expectation= performance => customer satisfaction
Expectation > performance => dissatisfaction
Expectation < performance => delight
Exchange:
The process of buying something and offering something in returns is called exchange.

Development of the Marketing Concept:

(Different types of Marketing Management Concepts)
Assumes that to be successful, a company must determine the needs and wants of
specific target markets and deliver the desired satisfactions better than the competition
Marketing objectives:
Profits through customer satisfaction
To better understand the marketing concept, it is worthwhile to put it in perspective by
reviewing other philosophies that once were predominant.

Production concept
Product concept
Selling concept
Marketing concept
Societal marketing concept

1. Production concept

The "production concept" prevailed from the time of the industrial revolution until the
early 1920's.
It is one of the oldest concepts in business. According to this concept consumers will
prefer products that are widely available and inexpensive. Managers of production
oriented business usually concentrate on achieving high production efficiency, low cost
and mass distribution. According to them consumers are primarily interested in product
availability and low prices. This type of business orientation are effective in developing
countries where consumers are more interested in obtaining the product than its
features.
For example: The local mobile companies in developing countries are providing cell
phones at much cheaper cost than the branded companies and due to that people in
developing countries are preferring to buy cell phones from local companies.

2. Product concept
According to product concept of business consumers will favor those products that
provide them better quality, performance or innovative feature. Manager in these
organisations mainly focus on making superior products and improving them time to
time. In comparison to production concept, in product concept it is considered that the
consumers are aware about the quality of the products and has an ability to evaluate
good quality and performance. In this concept companies used to do little or no market
research on customer inputs and competitors products.

3. Selling Concept:
According to this concept company constitutes of effective selling and promotion tools in
order to stimulate more buying. In this concept the purpose of marketing is to sell more
stuff to more people, more often for more money in order to make more profit.

4. Marketing concept:
Marketing concept emerged in 1950's and has challenged the all above concepts.
Instead of product centered and make and sell philosophy, this concept shifted to a
"customer centered" . Assumes that to be successful, a company must determine the
needs and wants of specific target markets and deliver the desired satisfactions better
than the competition.

Selling concept is:

Factory Product Selling and Promotion Profit from volume
Marketing concept is
Target Market Consumer Needs Integrated Marketing Consumers Satisfaction

Societal marketing concept:

This basically focuses on social and ethical considerations into their marketing
practices. According to this concept the organisations task is to determine the needs,
wants and interests of target market and to deliver the desired customer satisfaction
more effectively and efficiently than competitor's in a way that preserves or enhances
the consumers and the societies well being.