Marketing Definition

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The response addresses the queries posted in 857 words with references.

//To have the profound knowledge about the importance of marketing in organizational context, it is important to know the exact meaning of marketing and its key aspects. One should know what is the core definition of marketing//

Introduction

Marketing deals with identifying and meeting human and social needs. (The definition of marketing, 2008) One of shortest definitions of marketing is 'meeting needs profitably'. The marketing concept came into view in the 1950's. Instead of a product-centered making and selling of products, firms shifted to a customer centered, sense and respond philosophy. "Instead of hunting, Marketing is gardening. The job is not to find right customers for your product, but the right product for your customers". (Kotler, 2002)

In marketing, the customers are king. The market oriented or customer oriented organizations first determine what their customers desire and then produce the product. Marketing theory has been justified that customers use the product when they have a need, or a want.

The meaning of marketing has been changing from time to time. Earlier, organizations used to follow Production concept which held that consumer would prefer products that were widely available and inexpensive. Emphasis was on production. Then Product concept came into light which held that consumers favored products that offered the quality, performance, or innovative feature. Now it's a marketing concept which favors to produce the goods or services, which a ...