American Marketing Association describes marketing as "Marketing is performance of business activities that directs flow of goods and services from producer to consumer or user".
Philip Kotler describes marketing as "A human activity directed at satisfying needs and wants through exchange of process”
Thus, marketing encompasses bigger meaning compared to below interpretations
- Marketing is selling
- Marketing is advertising
- Marketing is promotion
Let us take a mobile phone as the product. Marketing encompasses all the activities that takes the product to end consumer.
1. What precedes product decision:
Marketing starts with a product, It encompasses all the activities that are needed to make the product or services reach the consumer who is in need.
1. What precedes product decision:
- Consumer Needs identification
- Determine the product to help satisfy the need
- Segment the target market
- Establish its economic viability through expert judgement
- Selling
- Advertising
- Promotion
- Distribution
- Warehousing
- Transportation
- Satisfied Consumers
- Revenues
- Surplus
- Profits
Marketing starts with a product, It encompasses all the activities that are needed to make the product or services reach the consumer who is in need.
I was watching a famous film director interview. Somebody asked him the question "All your movies are produced at low cost. Do you prepare a plan to reduce the costs?".
The film director says "No.. I just keep end consumer of my film in mind and decide what is needed for each scene/shot. I do not not compromise on cost. I just keep my end user needs in mind and direct my product". This means, the film director is permeating marketing into all functions of his film production and making sure that his product and services are meeting consumer needs.