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