Marketing is a comprehensive term and includes all the resources and set of activities necessary to manage and facilitate the flow of goods and services of the producer to the consumer in the distribution process.
Marketing refers to the process of creating or directing an organization to successfully sell a product or service that people not only want but are willing to buy.
The traditional meaning of marketing is clearly confirmed by the definition given by Ralf S. Alexander and others, “Marketing is the performance of commercial activities which direct the flow of goods and services from the producer to the consumer or user”.
The concept of modern marketing has been defined by Eflbrech as follows: a process of determining consumer demand for a product or service, motivating sales, and distributing it to final consumption profitably.
By analyzing the above definition, we can define the term marketing as a business process that creates and maintains the customer.
The word “ARENA” derives from the Latin word “HARENA”, which means soft or fine.The marketing arena is a process of composing a large open space surrounded on almost all sides by a variety of products and brands.
a. Search:- The purpose of the search is to discover the customer and their needs. The marketing opportunity is revealed by an environment analysis.
b. Matching:- Marketing is a matchmaking process. The customer’s request must be combined with organizational resources and environmental limits, such as competition, government regulation, general economic conditions, etc.
c. Programming:- The marketing program, called the marketing mix, covering product, price, promotion and distribution strategies will be formulated and implemented to achieve both client goals satisfaction and profitability.
The Meaning of Marketing
There are different views and definitions of marketing. The most widely accepted definition is that of the American Marketing Association, the professional organization of marketing professionals and educators, which defines marketing as “the process of planning and executing the ideation, pricing, promotion and distribution of ideas, goods and services to create exchanges that meet individual and/or organizational goals. ” At the heart of this definition of marketing is the focus on consumer satisfaction.