Q.
a) Define "Marketing". (5 marks)
b) Explain the five (5) steps in the marketing process. (15 marks)
(20 marks, 2012 Q2)
A.
There are many marketing definitions. The better definitions are focused upon market orientation and the satisfaction of customer needs.
"Marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others."
"Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably."
"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." (Approved October 2007)
The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion.
According to Us ‘Marketing’
”Marketing is defined as the economic process through which goods and services are exchanged with the means of money value”. Here, the term “What is Marketing“ includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. The transactions are taken place with the help of money in this way of defining marketing represents ‘Product Orientation’. (What is Marketing by Philip Kotler)
Ref:
American Marketing Association on Marketing at https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx
Kotler, Philip. http://www.whatismarketingconcept.com/what-is-marketing-kotlers-definition/#
b) 5 steps in marketing process.