bbm chapter 1.pptx - Chapter 1: INTRODUCTION CONCEPT OF...

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Chapter 1:INTRODUCTIONCONCEPT OF MARKETINGA simple meaning of 'Marketing is selling of goods and services. To thegeneral public, marketing is selling through advertising. However, selling andadvertising are only the tips of marketing iceberg. The term 'Marketing ' hasa wider coverage. It is a comprehensive term which includes a group ofbusiness activities in order to create and promote consumer demand and todirect the flow of products from the original producer to the final consumerin the process of distribution
MARKETING DEFINEDDevelopment of marketing is tied up with thedevelopment of human societySome form of marketing was practiced by the humansociety since people produced surplus of food and othernecessary itemsBarter SystemUse of Money2
Marketing is a social processThe practice of marketing is closely associated with thesocio-economic development of a societyMarketing comes in a wide variety of flavors based onaudience, media platform and business in today’sevolving and dynamic marketplace3
AMERICAN MARKETING ASSOCIATION (AMA)DEFINITIONSMarketing was formally defined for the first time in 1960by the American Marketing Association (AMA).In 1960, the major issue in marketing was distribution.Accordingly, AMA viewed marketing as:"The performance of business activities that direct theflow of goods and services from the producer toconsumer or user.”4
AMA revised the definition of marketing in 1985.Marketing in 1985 was defined as a management processthat involved planning and implementation of themarketing mix (4Ps).AMA’s 1985 definition was as follows:"Marketing is the process of planning and executing theconception, pricing, promotion and distribution of ideas,goods and services to create exchanges that satisfyindividual and organizational objectives."5
AMA’s definition of marketing in 2013 is as follows:“Marketing is the activity, set of institutions, andprocesses for creating, communicating, delivering, andexchanging offerings that have value for customers,clients, partners, and society at large. (Approved July2013)”6
PHILIP KOTLER’S DEFINITIONSIn 1990, Kotler’s definition of marketing was as follows:“Marketing is a social and managerial process by which individuals and groupsobtain what they need and want through creating and exchanging products andvalue with others.”Kotler’s definition of marketing in 2010 was as follows:Marketing is a societal process by which individuals and groups obtain whatthey need and want through creating, offering, and freely exchanging productsand services of value with others".In 2014, Kotler’s definition of marketing was as follows:"Marketingas the science and art of exploring, creating, and delivering value tosatisfy the needs of a target market at a profit.”7
OTHER DEFINITIONSMarketingis the process by which a firm profitably translatescustomer needs into revenue.–Mark BurgessMarketingis creating irresistible experiences that connect withpeople personally and create the desire to share with others.

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Term
Spring
Professor
HumbertoGonzalez

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