Define Marketing. What are the importance of Marketing?

 Definition of Marketing

Short Answer:

Marketing is “Meeting needs profitably”. 

Long Answer: 

Marketing has been defined by different authors in different ways which can be broadly classified into three 

(a) Product Oriented Definition. 

The emphasis is given on products. In 1985 AMA redefined marketing as “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.”(b) Customer-Oriented Definition 

Here the emphasis is on customers and their satisfaction. In the words of Philip Kotler “Marketing is the human activity directed at satisfying needs and wants through an exchange process.” 

(c) Value-Oriented Definition (Modern Definition)

In 2004 the American Marketing Association defined “Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” 

IMPORTANCE OF MARKETING 

Marketing is important not only for organizations but for individuals, society, and the economy as a whole. Financial success often depends on marketing ability. Finance, operations, and other business functions will not really matter if there isn’t sufficient demand for products and services so the company can make a profit. There must be a top line for there to be a bottom line. Many companies have now created a Chief Marketing Officer, or CMO, position to put marketing on an equal footing with other C-level executives, such as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). Also, marketing steps its foot in every walk of life. Some of its importance can be discussed as follows.

IMPORTANCE OF MARKETING TO COMPANIES 

Sound marketing is critical to the success of the organization in the following ways:

1. Helps in income generation.
2. Helps in planning and decision-making.
3. Helps in distribution.
4. Helps in exchanging information.
5. Helps to adapt to changing environment.
6. Expands global presence.
7. Helps to earn goodwill.

IMPORTANCE OF MARKETING TO CONSUMERS 

1. Provides quality products.
2. Provides a variety of products. Improves knowledge of consumers.
3. Helps in selection.
4. Consumer satisfaction.

IMPORTANCE OF MARKETING TO SOCIETY 

Marketing bridges the gap between a firm and society.

1. Provides employment.
2. Raises the standard of living.
3. Creates utilities.
4. Reduces costs.
5. Solves social problems.
6. Makes life easier.
7. Enriches society.

IMPORTANCE OF MARKETING TO ECONOMY

 It stimulates research and innovation 

1. Saves the economy from depression.
2. Increase in national income.
3. Economic growth.
4. Ploughing back of resources.