Definition of Marketing• According to Philip Kotler:

• Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

Definition of Marketing• According to the Chartered Institute of Marketing:

Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably.

• According to American Marketing Association (AMA):Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organizational objectives.

Economic Development Stages(1)Self supporting agriculture stage(2)Preindustrial stage(3)Primary manufacturing stage(4)Nondurable consumer goods manufacturing

stage(5)Capital goods and durable goods

manufacturing stage(6)Exporting manufacturing products

The Evolution of Marketing• Production Concept: • It was the oldest concept. According to this

concept consumers will favor those products that are widely available and low in cost. Managers of production-oriented organization concentrate on achieving high production efficiency and wide distribution.

• This approach holds: • a) Where availability of product is a problem. • b) Where demand for product exceeds supply.

The Evolution of Marketing• Product Concept:

• The idea that consumers will favour products that offer the most in quality, performance and innovative features and that organizations should therefore devote all its efforts to make continuous product improvements

The Evolution of Marketing• Selling Concept: • This concept holds that consumers, if left alone, will

ordinarily not buy enough of the organization's products. The organization must therefore, undertake an aggressive selling and promotion effort.

• Organizations having this concept: (1) Have overcapacity (2) Their aim to sell what they make than make what the market wants and (3) Have economy of scale.

The Evolution of Marketing• Marketing Concept: • According to this concept the key to achieving

organizational goals consist of being more effective than competitors in integrating marketing activities toward determining and satisfying the needs and wants of target market.

• Characteristics of marketing concept: (a) Meeting needs profitably (b) Find wants and fills them (c) Love the customer not the product

Difference b/w Selling and Marketing Oriented Approach

Selling• It focuses on the need of

the seller.

• It takes an inside-out perspective. It starts with the factory, focuses on the company’s existing products and calls for heavy selling and promoting to produce profitable sales.

Marketing• It focuses on the need of the

buyer.

• It takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, and integrates all the activities that will affect customers and produces profits by satisfying customers.

The Evolution of Marketing• Societal Marketing Concept:

An organization-wide philosophy that holds that the best route to organizational success is to find an unserved or underserved need in society and meet that need better than anyone else, while still meeting long-term organizational objectives and also considering the long term impact on society.

This concept recognizes that society is an exchange partner.