Meaning of Marketing (modern marketing concept) |MarketPedia

Marketing (modern marketing concept):

Recently, i.e., especially after 1950, the concept of marketing has undergone a great change. Today, marketing is not considered as a mere physical process or set of activities connected with the exchange of goods. It is considered as the philosophy of business. It is concerned with the creation of customers, i.e., identifying the needs of the consumer and then organizing the business accordingly to meet the needs of the consumers. In short, modern marketing is ''consumer-oriented.''

Thus, the concept of marketing has changed considerably in recent years. The change in the concept of marketing is mainly due to three reasons. They are:

• First, there is an element of innovation involved in modern business 

• Secondly, there has been a change in the objective or purpose of business in recent years. The change in the purpose of business has contributed to the changes in the purpose or objective of marketing.

•  Thirdly, there has been a change in the attitude of the consumers. in recent years. Today, consumers are not prepared to buy anything and everything that is thrust on them by the sellers. They are willing to buy only those things which satisfy their wants 

  Let us, now, consider the modern concept of marketing in detail.

The flow or movement of goods and services from the producers to the ultimate consumers is after all undertaken for satisfying the needs of the consumers. As such, only those goods and services which are needed by the ultimate consumers are to be moved from the center of production to the centers of consumption.

The meaning of modern marketing concept clearly understand by using these below definition given by the marketing expert as well as an economist:

"marketing embrances all efforts in the discovery of consumers'actual and potential requirements for commodities and services and the steps taken for securing their actual distribution"

                                                                                                   - C.C Knight

"Marketing is the process of discovering and translating consumer wants into product and service specifications and then in turn helping to make it possiblre for more and more consumers to enjoy more and more of these products and services."

                                                                                                  -H.L.Hansen 

"Marketing is that phase of business activity through which human wants are satisfied by the exchange of goods and services."

                                                                                                  -J.F.Pyle 

Meaning of Marketing (Traditional marketing concept) | MarketPedia

Marketing:

Generally the action or business of promoting and selling products or services, including marketing research and
advertising. 

The meaning of the term marketing can be studied under the two heads, viz.,

1. A traditional or old marketing concept.
2. Modern marketing concept.

Traditional concept:

In the process of distributing goods from the producer to the ultimate consumers or users, there are several obstacles or difficulties. First, goods have to be transported or moved from the centers of the production to the centers of consumption or use. In other words, place utility has to be created. Place utility can be created by transporting goods from the places of production to the places where they are needed for consumption or use. 


Secondly, goods have to be made available to the ultimate consumers or users at the time when they are needed. That means, time utility has to be created. Time utility can be created by storing the goods in warehouses until they are needed and supplying them from the warehouses when they are demanded by the consumers or users.


Thus, in the process of flow of goods from the centers of production to the centers of consumption or use, a number of activities have to be undertaken, and place, time and possession utilities have to be created. The various activities that help in the creation of place, time and possession utilities and direct the flow of goods from the centers of production to the centers of consumptions or use constitute the subject matter of marketing.

The meaning of the traditional marketing concept is clear from the following definitions of marketing given by the authorities on marketing.

"marketing consist of those efforts which affect the transfer in ownership of goods and care for their physical distribution."

                                                                                                                   -Tousley, Clark and Clark

"Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user"

                                                                              -Ralph S Alexander

From the above discussion, it is clear that, according to the traditional marketing concept, marketing is a mere physical process or set of activities connected with the exchange of goods or selling. In short, according to the traditional marketing concept, marketing is "sales-oriented".

What do you mean by market | Marketpidia

  Market:

The term 'market' is derived from the Latin word "Mercatus", which means to trade.
 It also means merchandise, ware traffic, and place of business. As the term 'market' has a different meaning, the term is used in different senses in different contexts. The term is used to means any of the following :

• A place where the market is held.

• n assembly of people, viz., buyer and sellers.

• An idea of operation.

• An organization which facilitates an exchange of commodities or buying and selling of goods.

• An act of buying and selling.

• A course of commercial activities.