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Nature and Definitions of Marketing

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16 views22 pages

Nature and Definitions of Marketing

Uploaded by

simonetobeschuvanes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Nature and

Definitions of
Marketing
“True marketing starts out with the customer, their
demographics related needs and values. It does not
ask, ‘What do we want to sell?’ It asks, ‘What does the
customer want to buy?’ It does not say, ‘This is what
our product or services does? It says, ‘These are the
satisfactions the customer is looks for.”

-Peter Drucker
“The marketing concept is a philosophy, not a system of
marketing or an organizational structure. It is founded
on the belief that profitable sales and satisfactory
returns on investment can only be achieved by
identifying, anticipating and satisfying customer needs
and desires.”

-Barwell
“Marketing is a total system of interacting business
activities designed to plan, price, promote and
distribute want – satisfying products and services to
present and potential customers.”
-W. Stanton
“Marketing is a complex business process
towards satisfaction of customer’s present and
future wants through supply of goods and
services and in the end would reward those
engaged in such activities.”

-J. R. Gomez
“Marketing is an organized system of business
activities that makes possible the determination
of consumer needs, the feasibility of producing at
a profit the goods that would satisfy those needs
and finally getting the finished goods into
the hands of the consumer it was intended for
- J.A Carrion
Evolution of Marketing: Self-
sufficiency to centralization

1. Early Stages: Self-sufficient,


decentralized
2. The Centralized Market Stage
3. Enter Money and Intermediaries
Evolution of Marketing
Philosophies: Production to Societal
1. The Production Philosophy
2. The Sales Philosophy –
3. The Marketing Concept
Philosophy
4. The Societal Marketing
Concept Philosophy
5. The Relationship Philosophy
Marketing concepts that
support marketing plans
•Needs
•Demands
•Exchange
•Markets
•Marketing Mixes
•Marketing environments
Role of Marketing in
Economy
Economic Development
Economic development is generally understood to mean an
increase in national production that result in an increase in
average per capita gross national product (GNP). An increase
in average per capita GNP alone however is not sufficient to
denote the implied or expected meaning of economic
development. Besides an increase in average per capita GNP,
most interpretations of the concept imply a widespread
distribution of income as well. Economic development as
commonly defined today, according to Kenen (2000) also o
tends to mean rapid growth improvement achieved “in
decades rather than centuries”.
Marketing
Marketing as a functional discipline of business may be understood as a
dynamic process of society through which business enterprise is
integrated productively with society’s purposes and human values. It is
in marketing, as we now understand it, that we satisfy individual and
social values, needs and wants – be it through production of goods,
supplying of services, fostering innovation, or creating satisfaction.
Marketing, as we have come to understand it, has its focus on the
customer, that is, on the individual making decisions within a social
structure and within a personal and social value system. Marketing is
therefore, the process through which economy is integrated into
society to serve human needs
Marketing System
The controllable forces within the company on the
other hand consist of two sets of internal,
controllable forces: the company’s resources in
non- marketing areas and the components of the
marketing mix. Whereas the company’s resources
in non -marketing areas are made up of the firm’s
public image, location, production, personnel,
finance, research and development patents;
• the components of the firm’s marketing mix are: the
product, the price structure, the promotional
activities and some features of the distribution
system. A firm manipulates its controllable forces both
in non- marketing and marketing areas, while
responding to its environments – uncontrollable
forces. The goal of the system is to reach preselected
market targets and to satisfy the consumer’s needs in
a manner profitable to the company.
Marketing System
A marketing system consists of two major
factors viz: external environmental constraints,
and controllable forces within the company.
The external environmental constraints,
among others include the following:
competition; social and ethical forces; political
and legal forces. Others are market demand,
technology, and distribution structure.
The role of marketing in economic
development
1-Specialization in activities of comparative
advantage.
2- Enhanced resource-use efficiency and trade
3- Advances in marketing with economic growth.
“Customer Value”
Remember:
Your customers will never buy something
you because you like it. They buy things
because they like or need them.
`How to Cultivate More Customer Value
• Refine Your Value Proposition
• Don’t Compete on Price
• Focus on Your Most Valuable Customers
• Customer Value Creation Ideas
6 key reasons why marketing is so
important for any modern business:
1. It informs
2. It equalizes
3. It sustains
4. It engages
5. It sells
6. It grows

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