In old concept, marketing is economic process related with the exchange of goods and services in monetary value. This shows that the scope of marketing is limited to only buying and selling of goods and their advertisement. According to this old concept, the function of marketing starts only after production of goods and automatically ends when they are sold out. The old concept maintains that the main objective of marketing is to supply goods or services from producer to consumers and earn profit by selling them. For this, advertisement and different sales promotional techniques are used.
Different scholars have defined marketing in narrow sense:
Prof.Pyle has defined marketing as " Marketing comprises both buying and selling activities."
This definition has limited marketing within buying and selling activities.
Duddy and Revzan have defined marketing as " Marketing is the economic process bu which goods and services are exchanged and their values determined in terms of money prices."
This definition seems to limit marketing to buying and selling goods or services and determining their prices, i.e. exchanged activities.
According to the above mentioned definitions, marketing includes all the activities carrying products or services from producers to consumers. It includes selling goods or services, or exchanging them for monetary profit. The narrow meaning of marketing represents product-oriented concept, which gives emphasis to sell of goods produced by any business organization rather than to the needs, interests and wants of customers. This concept was true during the time when there was scarcity of goods and monopoly of sellers' market.
According to the above mentioned definitions, marketing includes all the activities carrying products or services from producers to consumers. It includes selling goods or services, or exchanging them for monetary profit. The narrow meaning of marketing represents product-oriented concept, which gives emphasis to sell of goods produced by any business organization rather than to the needs, interests and wants of customers. This concept was true during the time when there was scarcity of goods and monopoly of sellers' market.
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But in the present era of business competition, product-oriented concept of marketing is not appropriate. This concept maintains the function of marketing starts from production of goods or services and ends with sale. But in the changed business environment, the function of marketing starts before the production of any goods or services. Anticipation of customers' demand, needs and interest should be made before developing and producing any goods. Taking decision on price, market and other promotional activities are also the functions of marketing. The task of marketing does not end after the final sale. If any business organization wants to receive purchase-orders from customers again and again, it should fully satisfy the customers as the success of business depends on the customers' satisfaction. For these reasons, the old concept of marketing has become outdated. In other words, the concept of marketing has changed. Consumer-oriented concept has developed in the place of old product-oriented concept. Now, it is believed that the customers are the real force to direct business and their satisfaction is the ultimate goal of business activities.
