Introduction and Definition of Marketing

Marketing has been viewed differently by different people based on individual perception. It is a crucial human activity that embraces the activities we engage to satisfy economic needs and wants. Let us pause to examine some definitions by some scholars, as outlined below.

Marketing Definitions

1) Marketing is the business process by which products are matched with markets and through which transfer of ownership is effected (Cundiff and Stanton, 1964).

2) Marketing is a total system of business activities designed to plan, price, promote and distribute want-satisfying goods and services to present and potential customers (Stanton, 1964).

3) Marketing consists of the performance of business activities that direct the flow of goods and services from producer to consumer or user (American Marketing Association).

4) Marketing is a social process by which individuals and groups obtain what they need and want, through creating and exchanging products and value with others (Kotler, 1984).

5) Marketing is the business function that identifies customers’ needs and wants, determines which target markets the organization can serve best, and designs appropriate products, services, and programmes to serve these markets (Kotler and Armstrong, 1996).

6) Marketing is the set of activities that facilitates exchange transactions involving economic goods and services for the ultimate purpose of satisfying human needs (Nwokoye, 1981).

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In summary, marketing embraces activities related to the product itself, the pricing, the distribution, communication or promotion, post-sale activities, marketing research and sales forecasting.

However, it should be noted that for marketing or exchange to take place, the following conditions must subsist:

(a) There has to be two or more parties who have unsatisfied wants,

(b) Some products or services and money to exchange, and

(c) Some means of communication between the parties involved.

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From the above definitions, it thus implies that a broad range of participants engage in marketing activities which include:

• A manufacturer or processor
• A farmer who produces for local or export markets
• Middlemen- wholesaler, agents, brokers and the ultimate buyers
• A transportation company which moves goods and traders
• An advertising agency which handles product advertising and,
• A marketing research firm which identifies useful marketing information and researches buyer needs.