What is Marketing

What does the term marketing mean? Marketing must be understood not in the old sense of making a sale - 'selling' - but in the new sense of satisfying customer needs. Many people think of marketing only as selling and advertising. And no wonder, for every day we are bombarded with television commercials, newspaper ads, direct mail and sales calls. Someone is always trying to sell us something. It seems that we cannot escape death, taxes or selling!

Therefore, you may be surprised to learn that selling and advertising are only the tip of the marketing iceberg. Although they are important, they are only two of many marketing functions, and often not the most important ones. If die marketer does a good job of identifying customer needs, develops products that provide superior value, distributes and promotes them effectively, these goods will sell very easily.

Everyone knows something about 'hot' products. When Sony designed its first Walkman cassette and disc players, when Nintendo first offered its improved video game console, and when The Body Shop introduced animal-cruelty-free cosmetics and toiletries, these manufacturers were swamped with orders. They had designed the 'right' products; not 'me-too' products, but ones offering new benefits. Peter Drucker, a leading management thinker, has put it this way: 'The

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marketing

A social and managerial process by which individuals and groups obtain what they need and want through creating ami exchanging products and value with others.

human need

A state of felt deprivation.

demands

Human *ants that are backed by buying power.

human want

The form that a human need takes as shaped by culture and individual personality.

aim of marketing is to make selling superfluous. The aim is to know and understand the customer so well that the product or service fits ... and sells itself.'2

This does not mean that selling and advertising are unimportant. Rather, it means that they are part of a larger marketing mix - a set of marketing tools that work together to affect the marketplace. We define marketing as: a nodal and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others:" To explain this definition, we examine the following important terms: needs, -wants and demands-products; value and satisfaction; exchange, transactions and relatitmships; and markets. Figure 1.1 shows that these core marketing concepts are linked, with each eoneept building on the one before it.

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