What is Marketing

Market: A market is a social arrangement that allow buyers and sellers to discover information and carry out a voluntary exchange of goods or services. In economics, the term market is used to refer to the aggregate demand for commodity and the conditions and forces which determine prices.

In management, on the other hand, market is described as the institution that performs the marketing functions and acts as the intermediary between buyers and consumers. In everyday usage the word ‘market’ may refer to the location where goods are traded, sometimes a market place.

Marketing: Marketing may be defined as the collection of activities undertaken by the firm to relate profitability to its market. Marketing in the modem context goes beyond its immediate role as a process through which exchange of goods and services takes place and is viewed as an integral part of the total socio­economic system which provides the framework within which activities take place.

Marketing is the process of discovering and translating consumer wants into products and services and then in turn making it possible for more and more people to enjoy more and more of these products and services.

F, E. Clark, “Marketing consists of those efforts which effect transfer in ownership of goods and core for their physical distribution.”

Kotler and Armstrong, “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.”   

Thus marketing is getting the right goods and services to the right people at the right place at the right Lime at the right price with the right communication and promotion. Marketing is the performance of those business activities which are involved in the flow of ideas, goods and services from their point of production to the point of consumption.

The objectives of marketing is to ascertain consumer needs, convert them into ideas, products or services and move such ideas etc. to the final consumer or user, to satisfy certain needs and wants of specific consumer segments with emphasis on profitability, ensuring the optimum use of the resources available to the organisation.