Marketing is the process where companies decide which products or services does customer in need or may be having an interest towards that. By marketing only companies use their strategies in Sales and Business Development . Marketing deals with identifying and meeting human and social needs, in short form 'Meeting the Social Needs". It is an Integrated process through which companies create value to the customer and Build a strong relationship with them in order to get good business from them in future.
In a very formal Definition we can say it as " Marketing is a set of processes or organizational function for communicating and delivering value to the customer, in order to managing customer relationship and benefit company and its stakeholders". In other words " It is an art and science of choosing Target markets getting,growing and keeping customers by creating superior customer value."
Marketing is used to identify the customer, to keep the customer and to satisfy the customer. We can make sure that marketing is an Important function for Business Management. To achieve the Organizations goal or Vision Marketing is an Important Weapon, which need to leave at an exact time.
Marketing can be of two types, it may be social or managerial. if it is social then the definition can be " It is a societal process by which individuals and group obtains what they need and want through creating and offering product or service for return value". In short term "Deliver a higher standard of living'. If it is a Managerial one then the definition can be "The art of Selling products or Services". Some times "It is the right work by the company to launch the right product at right time to the customer."
For Marketing of a product or service there are different techniques available which are being applied by companies according to the situation. The Concepts are really worth full to the market , and these are being done and going to be applied in future. The concepts can be for Customer Orientation (4P), marketing Research, marketing Environment (Macro and Micro),Market Segmentation (STP), Market information System( MIS) , Market Planning and Marketing Mix so on. so there are lot of concepts which were included since long time , and according the practical situation there are some new concepts are available too.
About Author / Additional Info:
An MBA from GITAM University, India .