A Definition in author’s view: The definition of marketing has been a strongly debated subject in the new Millennium. If we consider the word to word meaning of marketing than the term “marketing” was derived from its original form of the unrefined Latin “marcatus”, which means to trade or buying/selling goods in market. However the term marketing has changed and advanced over a period of time but the meaning will remain the same no matter how many views and definitions are presented to world in time to time. Definition presented by AMA and CIM
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Marketing power.com)”. This exact definition was approved by AMA in October 2007. This is very convincing definition which says that delivering the value to customers is important but it should bring the profit and benefit to the organization and its stakeholders. The Chartered institute of marketing (CIM) explains marketing through Matthew Housdon as “management process of anticipating, identifying and satisfying customer requirements profitably” (Housdon, 2007). As CIM is a British association; their insight towards the marketing reflects the approach of many British marketers. According to above definition; market research, product development, product life cycle, management, pricing, promotion all come under the marketing’ umbrella. Definition by Marketing Gurus
A number of academics have been unsatisfied with the AMA’s and CIM’s marketing definitions while some have agreed to it; in any case it has stirred many debates within the Gurus of Marketing world. Dr. Philip Kotler defines marketing as ‘satisfying needs and wants through exchange process’. The impression is that today marketing is based around providing continual benefits to the customer, these benefits will be provided and a transactional exchange will take place in which customers will only exchange what they value (money) if they feel that their needs are being fully satisfied; clearly the greater the benefit provided the higher transactional value an organization can charge. However the above definition is valued among the marketing scholars but it does not make the idea of marketing simpler.
A self-explanatory and more vivid definition of marketing is given by Boons & Kurtz which is “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives” The above definition however old but explains marketing in a much uncomplicated manner; it brings the activities like planning and promotion into domain of marketing and emphasis on the customer satisfaction. This definition revolves around the idea that in order to satisfy particular customers a company must set up some controlled variables or Marketing Mix. Product, place, promotions and price make up the marketing mix and are known as the four P’s. Conclusion:
Successful marketing depends upon considering the key issues including what a company is going to deliver its products or services to the customer; and how it is going to tell its customer about its products and services, which the last definition covers the in the best way. Traditionally, these considerations were known as 4ps-product, price, place and promotion. As marketing became a more sophisticated discipline, three more ‘Ps’ were added i-e people, process mainly for service industries and physical evidence.