Definition and Meaning of Marketing
According to American Marketing Association (1948) - "Marketing is the performance of business activities directed toward, and incident to, the flow of goods and services from producer to consumer or user."
AMA (1960) - "Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user."
The above definitions are based on the economic approach of marketing. Marketing embraces all the business activities involved in getting goods and services , from the hands of producers into the hands of final consumers. The business steps through which goods progress on their way to final consumers is the concern of marketing.
Consumer's Approach of Marketing
According to Star et al. (1977) - "Marketing is that process through which a business enterprise, institution, or organisation 1. selects target customers or constituents, 2. assesses the needs or wants of such target customers, and 3. manages its resources to satisfy those customer needs or wants."
- Identifying and selecting the type of customer, understanding their needs and desires;
- Designing product or services that suits the customers' desires;
- Persuading customers to buy at the firm's offerings; and
- Storing, moving, and displaying goods after they leave the production site.
According to Mazur (1947) - "Marketing is the delivery of a standard of living to society."
This definition is based on the societal approach of marketing. According to Cunningham and Cunningham (1981) societal marketing performs three essential functions:-
- Knowing and understanding the consumer's changing needs and wants;
- Efficiently and effectively managing the supply and demand of products and services; and
- Efficient provision of distribution and payment processing systems.