What is the definition of marketing management?

what is the Meaning and definition of marketing

 In modern times, most people are familiar with the word 'marketing' but the number of such people is very few who know the real meaning of the word marketing. Apart from this, the most humorous thing is that most people involved in marketing work need to become more familiar with the real meaning of the word marketing. Marketing has been expressed in different ways by different people. A large number of people consider marketing as selling, while some prefer to call it purchasing. Similarly, some other people call it buying and selling. Generally, even a person at the level of marketing management takes marketing to mean sales. For an ordinary farmer, marketing is the selling of agricultural produce in the market. Marketing is the purchasing of goods by an ordinary consumer to fulfill his needs. Similarly, the selling of goods by a seller is called marketing. But in reality, it is confusing to consider these ideas as marketing because the real meaning of the word marketing is much broader than this. Under marketing, along with sales, all those activities before and after sales are included which starts from the production of the product in the mind of a businessman and continues till the maximum satisfaction of the consumer after the sale of the product. Therefore, marketing is a process that contributes significantly to the fulfillment of organizational objectives by creating, pricing, distributing, and promoting products and objectives that satisfy human desires and needs.

what is the Meaning and definition of marketing

What is marketing and the nature of marketing?

 The nature of marketing can be explained by the following headings-

(1) Marketing is a human activity – Marketing is basically a human activity under which human needs are fulfilled through human activities. This is a human effort made for human satisfaction.

 (2) Marketing is a socio-economic activity – Marketing is a socio-economic activity whose objective is to earn reasonable profit by satisfying the needs of the living beings of the society.

 (3) Marketing is a dynamic process – Marketing is the most dynamic process. The marketer always focuses on the rapidly changing fashion, market trends, customer interests, customer demands, preferences, and modern changes.

 (4) Marketing is an exchange process - Marketing is an exchange process in which goods, services, or other useful items are exchanged in exchange for value between the producer and the potential consumer.

( 5) Marketing is a system – Marketing is a system that includes many activities that are interrelated and influence each other, such as establishing a balanced and effective marketing organization. According to Philip Kotler, “Marketing system is the set of important institutions and flows that connect an organization to its markets.”

6) Marketing generates income - According to this nature of marketing, all the income-generating activities come under marketing. Marketing generates income and income leads to the development of business which grows by leaps and bounds. Is.

(7) Marketing is functional - According to this nature of marketing, marketing studies those activities that are related to delivering goods from production centers to consumption centers.

(8) Marketing is both art and science – If seen, marketing is both art and science. Marketing is the art of delivering goods to the right place, in the right way, to the right hands, at the right time, at the right prices, and of the right quality. At the same time, it is also a dynamic and developing science because it emphasizes keeping supply in line with demand. Despite all this, marketing

 It is not appropriate to put it in the category of physics. We can keep it in the category of medicine and engineering.

(9) Marketing is to create utilities – Marketing is an activity that creates utilities. Economics students know that utility is mainly of the following four types – (i) Form Utility, (ii) Time Utility, (iii) Place Utility, and (iv) Ownership Utility. Marketing creates these four types of utilities

(10) Marketing provides the standard of living – Marketing provides a standard of living to society. The more progress marketing has made in an area, the higher the standard of living of the people of that area. A clear glimpse of this can be seen in the standard of living of the people living in Mumbai city and the standard of living of the people living in slums in Mumbai itself. People living in developed countries are enjoying a high standard of living today because marketing is at the peak of progress there. On the contrary, people living in underdeveloped countries are enjoying a low standard of living because marketing there is very backward.

What is field marketing also known as?

In ancient times the field of marketing was quite narrow. At that time the focus of marketing was not on the consumer but on the production of goods. The needs of consumers were also quite limited. At present, the field of marketing is also expanding to meet the increasing needs of consumers. As a result, today the scope of marketing activities starts even before the production of goods begins and continues till after the goods are sold. In fact, the scope of marketing continues until the consumer is satisfied with the use of the product. In this regard, Prof. M. Nair has said "Marketing creates a standard of living for the society and provides it to the society and fulfills them by acquiring knowledge of their needs. It is the process of molding the goods according to the changing needs, habits, and fashions of the society." The work is done by marketing only." The field of marketing can be explained by the following headings-

Study of consumer behavior – Modern marketing activities begin with the study of consumer behavior. Under consumer behavior, it is studied which item consumers prefer to buy, in what quantity, at what price, and when. Therefore, in the study of consumer behavior, data is collected about consumer's interests, nature, habits, and income, and after analyzing them, goods are produced so that the goods can be marketed easily and there is no loss in the production. yes.

(2) Determination of product policies – In modern marketing activities, the process of determining product policies is adopted after studying consumer behavior. Under this, attention is paid to the color, shape, design, size, brand, trademark, label, etc. of the item.

(3) Market segmentation – Classification or segmentation of markets is another important task in the field of marketing. Under this work, existing and potential customers are identified in the entire market and they are divided into different groups or sub-groups based on their characteristics, needs, desires, and interests. Markets are classified on a geographical basis only. Customers are also classified based on their age, income, education, family size, gender, etc. The purpose of market segmentation is to satisfy the needs, interests, and desires of all types of customers.

(4) Marketing Research- 'Marketing Research' is an important activity involved in the field of marketing. It means searching and analyzing various facts related to marketing so that appropriate solutions to marketing problems can be found. Marketing research is a basic and primary function of marketing.

(5) Determination of price policies – Under this, the prices of goods or services sold in the market are determined. While determining the price, it is kept in mind how much benefit or interest the customers are getting from the goods by paying that price. If the benefits or interest to the customers are less than the prices to be paid, they will not like to purchase the product. In such a situation, the businessman will have to reduce the prices by reducing his costs or reducing the profit rates, but if the customers are more conscious of the benefits than the prices paid for the goods, then the businessman can also increase the prices in the future. Can earn more profit.

6) Decisions related to promotion: Decisions related to promotion are also included in the field of marketing. According to this process, it is decided that the item should be sold in sufficient quantity. That is why the help of sales-related promotion is taken, such as advertising the product on TV, in cinema halls, or through promotional vehicles. All these things are decided before marketing the goods.

Determining the medium of distribution – Under this, arrangements are made till the goods reach the consumer. For this, arrangements are made as to through which the goods should be distributed. Through wholesaler, retailer, or through personal contact. Analysis is done on all these aspects. At the same time, it is also decided that minimum expenditure should be incurred in the distribution of the goods and maximum profit should be achieved.

(8) After-sales service – After-sales service activities are included in marketing. According to this process, after selling the goods, free repair service, free cleaning service, or return service in case of damage within a certain time is included so that the customer is satisfied and can purchase the goods in the future.

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