Meaning and Characteristics / Accounting Management

Meaning and Characteristics / Accounting Management

Concept and meaning of marketing

Let’s try to understand the meaning of marketing with the help of some definitions from different scholars and writers.

Old marketing concept

Definition of Marketing by Professor Pyle

“Marketing includes both buying and selling activities.”

Prof. dr. Pyle defines that marketing means only buying and selling or exchanging goods and services.

Definition by American Marketing Association (1960)

“Marketing is the conduct of the business activities that direct the flow of goods and services from producers to consumers or users.”

In 1960, the American Marketing Association defined marketing as the sale of products and services.

Therefore, the old marketing concept has defined marketing in a very narrow sense. It restricts marketing only within the exchange of goods and services.

Modern marketing concept

Definition of Marketing by American Marketing Association (985)

“Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that meet individual and organizational goals.”

This is a new definition of marketing, revised by the American Marketing Association in 1985. It defines marketing in a broad sense, emphasizing planning, pricing, promotion, and customer satisfaction.

Definition by Harry Z Hansen

“Marketing is the process of discovering and translating consumer desires into product and service specifications, and in turn helping to enable more and more consumers to enjoy more of these products and services.”

According to Harry Z Hansen, marketing means identifying customers’ desires and satisfying them by offering goods and services according to their needs.

Therefore, in the modern context, marketing is not just buying and selling products, it is the process of identifying potential customers, discovering their needs and providing products and services to satisfy them.

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Features of marketing

The main features of marketing can be described as follows:

1. Satisfaction Needed

The main goal of marketing is to maximize profits by meeting the needs of customers. Thus, companies try to provide goods and services according to the needs and desires of customers.

2. Various Activities

Marketing is not just producing and selling goods, it includes various activities such as producing, packaging, pricing, promotion, transportation etc.

3. Continuous Activity

Marketing is a never-ending process. All marketing activities (planning, production, promotion, distribution, etc.) are performed regularly to achieve the company’s goals and objectives.

4. Systematic Process

Marketing is a systematic process that consists of identifying potential customers, discovering their wants, converting their wants into products and services, and satisfying them by transferring ownership (selling the products).

5. Exchange Process

Transfer of ownership takes place through the exchange (purchase and sale) of products and services. Therefore, marketing can be defined as an exchange process.

6. Targeted process

Marketing is a goal-oriented process. The goal can be profit maximization or wealth maximization.

7. Economic Function:

Marketing is an economic function as it relates to the buying and selling of goods for the purpose of making a profit.

8. Dynamic Process

Marketing strategies are adapted to the behavior of the buyers. It must also be adapted to the internal and external business environment. So it is a dynamic process.

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Rachel Meadows

Rachel Meadows

Trending topics news writer who enjoys cooking, walking her dog and travel.

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