Sub: Marketing Management Class:II BBBA

DEFINITIONS OF MARKETING:
There are many different definitions of marketing. Consider some of the following alternative definitions:
“The all-embracing function that links the business with customer needs and wants in order to get the
right product to the right place at the right time”
“The achievement of corporate goals through meeting and exceeding customer needs better than the
competition”
“The management process that identifies, anticipates and supplies customer requirements efficiently and
profitably”
“Marketing may be defined as a set of human activities directed at facilitating and consummating
exchanges”

MEANING OF MARKETING :
Before studying about the concept of marketing we must know about the word MARKET. ‘Market’ in
derived from a Latin noun “MARCATUS” meaning merchandise, ware traffic on trade.
Market is defined as an area or atmosphere for a potential exchange – “KOTLER”.
It covers place – convenient place for buyers and sellers to come together. An area stands for the contract
between the buyers and sellers to strike the dealing. Demands stands for people with need and wants to satisfy
and it also includes the purchasing power of the consumers.
Involvement – 2 types. 1) Physical – Goods and services movement. 2) Mental – Behaviour (what, where,
of what quantity, price).

OTHER DEFINITIONS OF MARKETING:

Def 1: Any inter personal and inter organizational relationship involving in a exchange ( a transaction) is
marketing – ‘KOTLER’
Def 2: Marketing could be defined as those business function which are mostly concerned with the three activities
– Recognition of demand , stimulation of demand, satisfaction of demand.
Def 3: Marketing involves all those activities that are devoted to finding out what the customers want and
satisfying those wants.
Def 4: According to CUNDIFF – Marketing is the business process of by which products are matched with the
market and through which transfers of ownership are affected.
Def 5: Marketing consists of all activities designed to generate and facilitate any exchange intended to satisfy
human needs and wants.

COMPARE MARKET – MARKETING OR EXPLAIN THE DIFFERENCES BETWEEN THE TERM

MARKETING AND MARKET
Market:
1