Marketing Notes

Mohamed Sadath, Faculty member, SRS first grade college, Tumkur Page 1


Definition: Marketing
Marketing is a societal process by which individuals and groups obtain what they need and want
through creating, offering, and exchanging products and services of value freely with others.
Other definitions for marketing include:
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
exchanges that satisfy individual and organizational goals."
World Marketing Association (WMA): Marketing is the core business philosophy which directs
the processes of identifying and fulfilling the needs of individuals and organizations through
exchanges which create superior value for all parties.
Chartered Institute of Marketing (CIMU) [United Kingdom]: Marketing is the management
process for identifying, anticipating and satisfying customer requirements profitably.
Marketing is defined as the economic process through which goods and services are exchanged
with the means of money value. Here, it includes all the activities regarding transfer of goods and
services from manufacturer to consumers or its perspective buyers.
Nature of Marketing
The nature of marketing are described as below:
1. Marketing is an integrated process- Marketing is not a single activity. It is rather a
coordination of several inter-related activities. The interaction between different activities gives a
unique character to marketing. Marketing is a managerial process in so far as it involves the
functions of planning and control. Marketing is also a social process as it is concerned with the
satisfaction of human needs and this is one of the most important Characteristics of Marketing.
2. Marketing is customer oriented- Marketing exists to identify and satisfy the wants of present
and potential consumers. Customer is the focus of all marketing activities.
3. Marketing is a system- Another important characteristic of marketing is its function as a
system. Marketing is a system comprising several sub systems. Under marketing inputs are
drawn from the society and converted into outputs which are supplied to the society.
4. Marketing is a part of total environment- Marketing operates within the framework of total
environment which comprises economic, social, legal, political, international and other forces.
Changes in the environment influence marketing activities. Marketing is, therefore, a dynamic
process as it keeps on adjusting to the changing environment.
Marketing Notes

Mohamed Sadath, Faculty member, SRS first grade college, Tumkur Page 2


5. Marketing is creative- Marketing creates time, place and possession utilities. Time utility is
created by preserving goods for use in future. Place utility is created by carrying goods to places
where they are needed the most. Marketing creates possession utility by transferring products
and services from producer to customer. Exchange process between buyer and seller is the
essential element in marketing.
6. Marketing is goal -oriented- Of the many important characteristics of marketing; one very
important aspect is it is goal-oriented. Marketing seeks to achieve benefits, for both buyer and
seller. It results in mutually beneficial relationship by satisfying wants of customers and by
generating revenues for customers.
7. Marketing is pervasive- marketing is required in business as well in social and other
organizations. In other organizations, marketing is necessary for spreading socially useful ideas
and programs family planning, adult education, communal harmony, national integration,
environmental protection, etc. Such marketing is called social marketing.
8. Delivery Value Delivery is the key objective of marketing to satisfy the customer needs and
wants. The Customer value can be determined by dividing the benefit with cost. Delivery Value
is one of the nature of marketing.
So these are the important Characteristics of Marketing without which marketing cant be
successful. The traditional marketing concept has lost it value and the Characteristics of
Marketing revolves around the modern approach to marketing.