Marketing: Meaning And Features

Concept And Meaning Of Marketing

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

Old Concept Of Marketing

Definition Of Marketing By Professor Pyle
" Marketing comprises both buying and selling activities."

Prof. Pyle defines that marketing means only buying and selling or exchange of goods and services.

Definition By American Marketing Association (1960)
" Marketing is the performance of the business activities that direct the flow of goods and services from producers to consumers or users."

In 1960 American Marketing Association defined marketing as selling of products and services. 

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

Modern Concept Of Marketing

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 satisfying individual and organizational objectives."

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

Definition By Harry Z Hansen
" Marketing is the process of discovering and translating consumers' want into product and service specifications, and then in turn helping making it possible for more and more consumers to enjoy more these products and services."

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

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

Features Of Marketing

The main features of marketing can be described as follows:

1. Need Satisfaction

The main purpose of marketing is to maximize profit by satisfying the needs of customers. So, companies try to provide goods and services according to the needs and wants of customers.

2. Several 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 never ending process. All marketing activities (planning, production, promotion, distribution etc.) are performed regularly to achieve the goals and objectives of the business.

4. Systematic Process

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

5. Exchange Process

Transfer of ownership is done through exchange (buying and selling) of products and services. Therefore, marketing can be defined as exchange process.

6. Goal Oriented Process

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

7. Economic Function

Marketing is an economic function because it is related to buying and selling of goods with the motive of earning profit.

8. Dynamic Process

Marketing strategies are changed according to the buyers behaviors. It should be changed according to the internal and external business environment also. So, it is a dynamic process.