Marketing Meaning

Generally, marketing is understood as a means to sell

and purchase goods and services but it is too narrow a
view to understanding it so. The term 'marketing is much
broader in nature and scope. It is not limited only to the
needs, sale and purchase of goods and services. It
means the whole process of satisfying the needs of
consumers. It starts with the discovery of the needs and
wants of the consumers, and it continues till the wants
are satisfied and the customers are delighted.

Marketing is not only about providing services or

products but also about providing benefits to the
changing needs and demands of the customers.
Marketing is thus the total of all the activities and
processes including creating, communicating, delivering,
and exchanging offerings that have value for customers,
clients, partners, and society at large. 

Marketing Definition

According to William J. Stanton, "Marketing is a total

system of interacting business activities designed to
plan, price, promote and distribute want-satisfying
products and services to the present and potential
customers"

According to Prof. Malcolm McNair, "Marketing is the

creation and delivery of standard of living to the society".

According to Cundiff and Still, "Marketing is the

business process by which products are matched with
the market and through which the transfers of ownership
are affected".

According to American Marketing Association (new

definition), "Marketing is an organisational function and
a set of processes for creating, communicating and
delivering value to customers and for managing
customer relationships in ways that benefit the
organisation and its stakeholders.

Nature and Scope of Marketing are

given below:

Nature of Marketing

The nature of marketing is as follows:

1) Marketing is an Integrated Process: Trade is not a
single activity. It is rather a coordination of many
interrelated activities. The interaction between different
activities gives a unique character to marketing.
Marketing is a managerial process in so far as it involves
the functions of planning and control. Marketing is also a
social process as it is concerned with the satisfaction of
human needs and this is one c the most important
characteristics of marketing.

2) Marketing is Customer Oriented: Marketing exists

to identify and satisfy the wishes of present and potential
consumers. The main focus of all marketing activities is
the customer.

3) Marketing is a System: Another important feature of

marketing is its function as a system. Marketing is a
system comprising several sub-systems. Under
marketing, inputs are drawn from the society and
transformed into outputs that are supplied to the society.

4) Marketing is Creative: Marketing creates time,

possession and place utilities. Time utility is created by
keeping goods for use in future. Place utility is created
by carrying goods to places where they are required the
most. Marketing creates possession utility by
transferring services and products from producer to
customer. The exchange process between buyer and
seller is an important element in marketing.

5) Marketing is Goal Oriented: Of the many important

characteristics of marketing, one very important aspect
is it is goal-oriented. Marketing seeks to achieve
benefits, for buyers and sellers. It results in a mutually
beneficial relationship by fulfilling the wants of
customers and by generating revenues for customers.

6) Marketing is Pervasive: Marketing is needed in

business as well as in social and other organisations. In
other organisations, marketing is necessary for
spreading socially useful ideas and programmes, adult
education, family planning,  communal harmony,
environmental protection, national integration, etc. Such
marketing is called social marketing. 

7) Marketing in Science as well as Art: Marketing has

evolved from economics but it has a closer relationship
with social and behavioural sciences. Marketing is
closely associated with streams of science as well as
humanities and subject lines such as Economics, Law,
Psychology, Anthropology, Sociology, Information
Technology, etc. Marketing heavily depends upon the
demographic features of the target market, philosophy, 
political environment, mathematics, statistics, etc.
8) Exchange is the Essence of Marketing: Marketing
revolves around the commercial exchange. This also
involves the exchange of technology, exchange of
information and exchange of ideas.

9) Marketing is a Continuous Process: Marketing is

not an isolated, static process but is a complex,
continuous and interrelated process. It involves
continuous planning, implementation and control. It is a
significant functional area of management.

10) Selection of Target Markets: No marketer can

satisfy everyone in the market. A marketer has to select
target markets rather than a quixotic attempt to win
every market and be all things to all people. Therefore,
marketers start with market segmentation, choosing a
target group(s), identifying target group needs and
requirements and meeting these needs in a better way
than the competitors through a suitable marketing mix.
 Scope of Marketing
The primary thrust of marketing is on coordinating
activities that satisfy customers' needs and fulfil the
organisational goal. It has a broader scope because the
activities are all-pervasive. 

The scope of marketing can be explained with the

following points:
1) Study of Consumer Needs and Wants: Goods are
produced to satisfy consumer needs. Therefore the
study is done to determine consumer needs and wants.
These needs and wants motivates the consumer to
purchase.

2) Study of Consumer Behaviour: Marketers performs

a study of consumer behaviour. Analysis of buyer
behaviour helps marketers in targeting the market and
also in market segmentation.

3) Production Planning and Development: It starts

with the generation of a product idea and ends with
product development and commercialisation. Product
planning includes everything from packaging and
branding to product line contraction and expansion. 

4) Pricing Policies: Marketer has to determine pricing

policies for their products and services. Pricing policies
differ from product to product. It depends on the product
life cycle, level of competition, marketing goals and
objectives, etc.

5) Distribution: Study of distribution channels is

essential in marketing. For maximum profit and sales,
goods are needed to be distributed to the maximum
consumers at minimum cost. 
6) Promotion: It includes sales promotion, personal
selling, and advertising. The right promotion mix is
important in the accomplishment of marketing goals.

7) Consumer Satisfaction: The product or service

offered must satisfy the consumer. Consumer
satisfaction is the main purpose of marketing.

8) Company Analysis: In company analysis, the

marketers highlight the cost structure and the
constrained resources of the company about the
competitors. Marketing managers can work with the
accounting department to analyse the profit that the firm
is generating from various offerings and different groups
of customers. A brand audit can also be done to know
the strengths of the different brands offered in the
market.

9) Competitor Analysis: This is done to build a detailed

profile of each player operating in the related field.
Marketing managers analyse the competitors' cost
structure, sources of profits and resources,
competencies, product positioning and product
differentiation to ascertain the relative strengths and
weaknesses of the players operating in the market.