In the present day business world, the meaning of marketing is not limited to sales or distribution of products; besides sales of goods, other numerous important functions can also be included in marketing. Marketing should pay attention to satisfy the needs and wants of customers. Considering with the customer-oriented concept, marketing is taken in broad sense. According to this concept the function of marketing starts before production of goods and continues even after final sale. Although being a sub-system of the entire business system, marketing equally affects all the business decisions. Production depends mainly on marketing.
We can study some important definitions given by the scholars of marketing as follows:
Cinduff and Still define marketing as- " Marketing is the business process by which products are matched with markets and through which transfers of ownership are effected."
This definition has given emphasis to match products with market. That means to identify the needs and wants of potential consumers and to supply the products, which can satisfy their needs and wants. The word 'matching' emphasizes to match production and consumption, that means- " only the goods which can be produced can be sold out and so only the goods which can be sold out should be produced." If a business firm produces goods or services by studying and identifying the needs and wants of potential customers, it becomes successful to achieve its objective.
Nowadays, marketing has been highly influenced by consumerism. No business can be operated without consumers. The main objective of marketing is to identify consumers' needs and interests and provide them maximum satisfaction as possible.
William J. Stanton, Etzel and Walker have defined marketing as- " Marketing is a total system of business activities designed to plan, price, promote and distribute want satisfying products, services, and ideas to target markets in order to achieve organizational objectives."
William J. Stanton, Etzel and Walker have defined marketing as- " Marketing is a total system of business activities designed to plan, price, promote and distribute want satisfying products, services, and ideas to target markets in order to achieve organizational objectives."
This definition is applicable to the non-profit making and profit making organizations has emphasized the systems approach of management. The entire system of business activities should be customer-oriented; and the customers should be given satisfaction in an effective way by identifying their needs. Marketing program starts from generating ideas for products and does not end until the customers are fully satisfied even after the final sale of the products. For the successful implementation of this definition, marketing should pay attention to maximize profitable sale in long run. So, for the success in business, an organization should give satisfaction to the customers in order to maintain their expectation for products or services and receive their purchase-order regularly.
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In this way, marketing has been taken in broad sense. The old concept limited to buying and selling of goods cannot work in the present business environment. The new concept of marketing has become an integrated process to identify human needs, evaluate and supply or satisfy them. Before producing any goods, the subjects such as taking decisions what to produce, when to produce, how much price to determine, how to supply to ultimate consumers etc. are all concerned with marketing. Marketing starts from generating ideas to produce goods according to the interest of customers, and it does not end until they are fully satisfied even after final sale. So, the activity of marketing is also a dynamic process that goes on continuously.
