Definition of Marketing:
“Marketing is the social and managerial process, by which individuals or groups obtain what they need and want through creative and exchanging products and values with others by considering social well being.” – Philip Kotler & Gray Armstrong
Principles of marketing
“Ordinarily marketing considered an activity performed by business firms.”- William J Stanton,Michael Etzel & Bruce J Walker
Fundamental of Marketing
Fundamental of MarketingMarketing is creating irresistible experiences that connect with people personally and create the desire to share with others. -Saul Colt
Marketing, the process by which a product or service originates and is then priced, promoted, and distributed to consumers. In large corporations the principal marketing functions precede the manufacture of a product. They involve market research and product development, design, and testing.
Marketing concentrates primarily on the buyers, or consumers. After determining the customers’ needs and desires, marketers develop strategies that are designed to educate customers about a product’s most important features, persuade them to buy it, and then to enhance their satisfaction with the purchase. Where marketing once stopped with the sale, today businesses believe that it is more profitable to sell to existing customers than to new ones. As a result, marketing now also involves finding ways to turn one-time purchasers into lifelong customers.
Marketing includes planning, organizing, directing, and controlling the decision-making regarding product lines, pricing, promotion, and servicing. In most of these areas marketing has overall authority; in others, as in product-line development, its function is primarily advisory. In addition, the marketing department of a business firm is responsible for the physical distribution of the products, determining the channels of distribution that will be used, and supervising the profitable flow of goods from the factory or warehouse.