Meaning and Definition of Marketing
Generally, the meaning of marketing is taken from the buying and selling of goods, but marketing experts do not limit its meaning to the purchase and sale of goods, but also considers the activities before and after the purchase and sale as a part of it. In the present time, the meaning of the word marketing has become more wide, in which special recognition has been given to the satisfaction of customers along with sales.
(1) According to Pyle, “Marketing includes both buying and selling activities.”
(2) In the words of Wheeler, “Marketing is concerned with all those resources and activities in which goods and services move from producer to consumer”.
(3) According to Philip Kotler, “Marketing is a set of human activities, which are directed towards the satisfaction of consumer’s desires with the help of exchange processes.”
(4) According to Paul Mazur, “Marketing means providing a standard of living.”
Importance of Marketing in Indian Economy OR Importance in Developing Economy
Marketing has a special importance in a developing economy. For rapid economic development of such an economy, it is necessary to adopt modern methods of marketing. Provides marketing support for more and more production and successful sale of industrial and consumer goods under such an economy. Marketing is very useful for the rapid economic development of a developing nation like India.
India is a country of villages and it is also an agricultural country. Most of the people here are still illiterate. Then the question arises that there is any importance of marketing for this country also, is there any need for marketing in Indian markets as well? If we think seriously then we will know that there is a lot of need of marketing in India too, because in today’s era of intense competition marketing plays an important role in every business management. Although marketing was not given any special importance in India before independence; But after independence, many industries were opened in India in private and public sector. Extensive programs were adopted for agriculture. Diversity started coming in the production of capital and consumer goods, there were huge changes in the imports and exports of our country. As a result, there was a drastic change in the purchasing power and needs of the customers, which had an impact on the demand for goods and services. Therefore, the importance of marketing in India can be explained as follows:
(1) Utilizing the resources of the country – marketing work starts before production. For the success of marketing, it is known before production that what type of goods the customers want for what purposes. As a result, businessmen produce only those goods which are required by the customers. Due to this the goods are not wasted and the resources of the country are utilized properly.
(2) Protection from business cycles, an effective marketing system establishes a balance between the demand for and supply of goods; As a result, the bullish-bearish cycle runs in a balanced way.
(3) Development of agriculture and allied industries The development of agriculture and allied industries is also encouraged by effective marketing system. By manufacturing many items from agricultural products, useful things can be made available. On the other hand, ancillary industries are developed to provide the necessary equipment for agriculture and other industries. This makes coordinated development possible.
(4) Increase in the standard of living – Marketing provides the standard of living to the society.” Marketing can create demand for existing and new products. As a result, the standard of living of the people increases only by the availability of more good products in the place, at the right time, at the right price. People lead a relatively more comfortable, comfortable life; Get rid of diseases and ignorance. They have started living a better standard of living.
(5) Freedom from stereotypes and evils, effective marketing system has developed and expanded knowledge among the people. There is a change in the standard of living of the people, due to this, freedom from social stereotypes and evils starts easily. This leads to social change. The innovative marketing philosophy is based on customer satisfaction. The businessman starts thinking of the customers as the focal point of all his activities and in his satisfaction he starts thinking of making profit.
(6) Increase in employment – There has been an increase in employment due to marketing work. Today in every country a large number of people are engaged in wholesale trade, retail trade, advertising, sales art, sales promotion, market research etc. Due to all this, the means of employment are being available in the society.
(7) Fulfillment of Needs In an effective marketing system, customers’ needs, interests, desires, etc. have an important place. “Effective marketing system locates the needs of the customers and tries to satisfy them in a profitable manner.
(8) Knowledge of market information Effective marketing system is based on sound communication system. Hence, the customers keep getting the market related information. Information about the available goods, newly produced goods and alternative goods in the market in time, keeps on getting information from advertisements, sellers and sales promotion means.
(9) Procurement of goods in time at reasonable prices, effective marketing system helps in increasing mutual interests. As a result, the goods are being made available to the customers on time at reasonable prices. The competitive conditions are forcing businessmen to provide goods at competitive prices.
(10) Increase in knowledge- Various activities of marketing have increased the knowledge of customers. Today, through advertisements and sellers, the common customer is also able to get different types of information regarding the goods. He is also able to understand the use of technical goods very well with their help.
Importance As a Business Function
In the modern economy, the customer has become the focus of the business world. All business activities revolve around the customer. Revolutionary changes are coming in the economic concept due to more and more recognition of consumer concept result. As a result, the importance of marketing is also increasing day by day. If we look at the situation a few years ago, we will know that finance was given first place, production second and sales third in the functions of business, but now there has been a significant change in the situation and marketing has been given the first place in the functions of business. First place is being given. This is the foundation of a developing economy. Marketing has a special importance in a developing country like India. The importance of marketing can be explained by the following headings
(1) Providing employment- Marketing has contributed substantially to the growth of employment opportunities. In fact, employment opportunities have increased four times in a short period of time as compared to production. About one-third of the people engaged in employment in India are engaged in the marketing sector. Therefore, in a country like India, where unemployment is widespread on a large scale, it is especially necessary to develop marketing activities.
(2) Raising the standard of living- Marketing adjusts economic activities according to social values keeping in mind the needs of the people. This raises the standard of living of the common man. In this way, it raises the standard of living of the people by providing variety of best quality items in the country.
(3) Helpful in reducing distribution costs – It cannot be denied that distribution cost is essential, so it is not possible to eliminate it completely, but distribution cost can be reduced by efficient process. The reduction in the cost of distribution results in a reduction in the price of the goods, thereby benefiting the consumers.
(4) Providing protection from recession – Due to recession, unemployment starts spreading in the society, business enterprises start shutting down and the economy of the country comes to a standstill. Marketing saves the society from this problem. To save the society from recession, marketing searches for new markets and uses for the produced goods so that the producers do not have more stock of goods.
(5) Facilitation in business operation Prof. Peter F. Drucker has given marketing the name of a business. According to him it is essential to have a separate marketing authority in the organisation. The reason for this is that without a proper system of marketing in the business, it cannot be run properly.
(6) In decision-making and planning, decisions related to production are made according to the market situation. The goods which are bought and sold more are produced according to the demand of those goods. In its absence, there is a lack of balance between demand and supply. This is the reason that marketing helps in planning and decision making and maintains equality and stability in the price level.
(7) Co-ordination between production and consumption – Through marketing, the path from production to consumption can be easily settled, due to which coordination between production and consumption is established.
(8) Convenience in segmentation of the market In the present era, the products are produced according to the demand of the consumer, in which their interest, fashion and habit are taken care of. That is why the market for different commodities gets classified.
(9) Correct distribution of resources- Marketing system also helps in proper distribution of resources. This helps in the production and purchase of goods.
(10) Helpful in the exchange of information – Various types of marketing information are also obtained through marketing. That is why market news has a special important place today.
