The marketing process matches the firm’s offer and the customer’s need in such a way that both benefit one in terms of profit and the other in terms of need satisfaction.
In this course, we are principally concerned with management and exchange and the process between a firm and its customers. A firm offers a product or a service to a potential customer who needs it.
Different people with different objectives would opt to learn marketing. However, marketing, as you will soon see, is important whether you are in the marketing function or any other function of a business.
Besides, marketing is a very exciting field. It requires creativity for success. Thus, you have embarked on the study of an exciting subject which can also increase your creativity.
This course has been designed primarily to develop your awareness of marketing orientation. It is assumed that such knowledge about marketing decisions and the process will not only improve your competence but will also help in attaining your organization’s objectives.
Read Also: 4 P’s Mix Marketing Guide
Definitions of Marketing
The term ‘Marketing’ has been defined in many ways by different authorities. It is useful to pause for a while and consult some of these definitions:
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).
Marketing is the management function that organizes and directs all business activities involved in assessing and converting consumer purchasing power into effective demand for a specific product or service, and in moving it to the final consumer or user to achieve the profit target or other objectives set by the company (British Institute of Marketing).
Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others (Kotler, 1984).
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).
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 programs to serve these markets (Kotler and Armstrong, 1996).
Marketing is the business process by which products are matched with markets and through which transfer of ownership is effected (Cundiff and Still, 1964).
These definitions are better explained through the examination of the following terms: needs, wants, demands, products, exchange, and some others.