What is the Meaning of Marketing?
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What is the Meaning of Marketing?

What is the meaning of marketing? There are two approaches which defines the meaning of marketing- traditional (product oriented) and modern (consumer oriented). Traditional Concept- The traditional concepts explains the meaning of marketing as the process by which goods are made available to the consumers by the manufacturers. Marketing involves the transfer of goods and services from producers to consumers for value. In this approach marketing begins after the goods are produced and ends with their sales. Thus the traditional approach of marketing focuses merely on the physical process of distributing of goods and services.

What is the meaning of marketing?

In common words, the term ‘market ‘is used to refer to a place where buyers and sellers actually meet to buy and sell goods and services. However, in real sense market means a group of buyers and sellers interested in exchanging good and services for money. Due to paucity of time it always is not possible for consumers to approach the seller. As a result, seller discovers novel means of reaching out to the consumer through various means of communication like fax, phones, SMS and mass media like radios, Television and the Internet.

Thus a market is the aggregates of the measures, activities and attitudes of buyers and sellers which influence the demand for a product or service.

What is the meaning of marketing?

There are two approaches which defines the meaning of marketing- traditional (product oriented) and modern (consumer oriented).

Traditional Concept- The traditional concepts explains the meaning of marketing as the process by which goods are made available to the consumers by the manufacturers. Marketing involves the transfer of goods and services from producers to consumers for value. In this approach marketing begins after the goods are produced and ends with their sales. Thus the traditional approach of marketing focuses merely on the physical process of distributing of goods and services.

Modern concept- According to the modern approach the meaning of marketing can be explained as sensing, stimulating, servicing and satisfying the needs and wants of present and potential customers in more efficient manner than the competitors. The main task of the organization is to determine and satisfy the needs and wants of the consumers. Customer satisfaction, coordination and profitability are the elements which explain the concept of modern marketing.

Elements of Modern marketing

Target market- The customers who are likely to use the product constitutes the target market. The product/ service should be developed keeping in view the needs and wants of the target market.

Customer Satisfaction- Modern marketing seeks to satisfying customers through the right product at right price at right place and efficient after sale service.

Integrated marketing- marketing activities are coordinated with the activities of other department to achieve customer satisfaction.

Profitability- The focus is on achieving the long term goals of profitability and growth through customer satisfaction.

 

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