What is Marketing?
Marketing is an activity done by companies to attract and make aware targeted consumers of their products and services by means of high-quality messages. It is all the activities that companies do to make sure their products or services reach customers or other business buyers.
For business organizations marketing is the inevitable tool to succeed in this ever-changing marketplace. Marketing aims towards the advertising, promoting, selling, distributing, long-term relations making with customers or other businesses, make customers loyal, build a brand, increasing sales of the company, and ultimately increasing profits and ROI.
Today, a buyer is regarded as a king, the success and failure of the marketing depend upon the degree of satisfaction of customers. 4ps of marketing – product, price, place, promotion plays a significant role in customer satisfaction. A quality product, reasonable price, accessible place, and influential promotion are key to increase customers satisfaction that makes customers ready to buy and have the quality to make them satisfied.
The marketing starts from a need point of people or organizations and ends with the customer value and satisfaction. Between the need and customer satisfaction, various essential elements take place such as want, demand, product, service, market, transaction, relationship, and so on. It becomes a success when mid elements properly work and make customers satisfied, otherwise not.
A Closer Look
The marketing scope is very wide and can be understood and defined in many ways. So, what marketing is today?
Must-read definitions of marketing in the 21st century provided by AMA “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” and by Philip Kotler is “Marketing is a social and managerial process by which individuals and groups obtain what they want through creating and exchanging products and value with others.”
The history of marketing is as old as human civilization. Since the people started forming society, their needs rapidly increased. Their increase in need gave rise to the production of necessary goods. Some goods were produced by oneself while some others they could not because of resources. This made them do exchange their good with other’s goods they needed to satisfy their need. Just like we said, the starting point is a need and the last point is satisfaction, the same has also happened in history. This exchange led to the barter system. That is why the barter system is called the earliest form of marketing.
But, later with the invention of the modern exchange systems, from the barter phase to the present, marketing is
- a science
- a philosophy
- an attitude
- a persepctive
- a management orientation, and much much more.
Simply, marketing is the performance of business activities that directs the flow of goods and services from the manufacturer to the customer.
It is a social process. Its activities are designed to meet the needs and expectations of society. It plays an important role in socio-economic development. Human society is rapidly changing in recent times. Social norms, values, and behaviors are radically changing, so are the technology and methods of doing business. As human society changes, the meaning of marketing in that society also changes.
The shape of marketing that we see today in the forms of global brands, wide products, and service choices, aggressive promotions, value creation and delivery, and customer relations management. Today it has become a powerful Science in the hands of business firms not only to satisfy customers through value creation and delivery but also to achieve a competitive edge in the marketplace.
When we look at every successful company around us, one of the salient features we find is their commitment toward marketing. It is crucial to the success of every organization. Researches show that marketing capability has been the most important success factor of the company. Today, all marketings efforts are directed towards building long-term customer relationships.