Notes On Meaning And Growth Of Marketing:

Meaning of Marketing:

      Marketing consists of those activities which are meant to ensure the flow of goods and services from their point of origin or the producers to the ultimate consumers.

       The following are some of the precise definitions:

Defined by Philip Kotler:

       In the opinion of Philip Kotler, "Marketing is getting goods and services the right people, at the right place, at the right time, at the right price, with the right communication and promotion."

Defined by the American Marketing Association:

       According to the American Marketing Association, "Marketing denotes all those activities concerned with the flow of goods and services from the producer or supplier to the consumer or inducer."

       Over the last few decades, the concept of marketing has gone propone changes.

       Originally when market was limited and the demand for the product was high, the concept of marketing was "Product Oriented". But with the development of trade and commerce and keen competitions, the producers put emphasis on "Selling Concept". Modern Marketing has become an integral part of society i.e. "Society Oriented"

Growth of Marketing:

       In developing nations, marketing is to some extent a neglected aspect of the economy. But before one can discuss the growth of marketing in India, it is necessary to have an understanding of the country's economic development.

       Developing nations are undergoing propone economic changes and development. Food production and growth of industrial sector have been quite substantial. Import of many items such as machines tools, textiles machine, commercial vehicles etc have been significantly reduced.

       In the export sector, the country has achieved both diversification and sophistication in selling not only traditional products but also a wide variety of value added items to several distant markets.

       As a result of government's planned developmental efforts like liberalization of licensing policy, tax concessions, simplification of procedure, exemption from custom duty etc; the marketing environment has undergone rapid changes. Wide variety of consumer products like refrigerators, television sets, washing machines, cosmetics, two wheelers, infant foods are being marketed in different parts of the country. The consumers' life style has also changed.

Suggestions for Future Growth:
  1. The marketing decisions should be based on sound knowledge of marketing situations.
  2. To examine, improve and rationalize the channel of distribution.
  3. To train the sales force in the modern methods of marketing, distribution and sales promotion.
  4. Effective marketing strategy should be developed for each products based on market informations and market analysis.
  5. Strategies must be undertaken on the part of the government, private and public sector to develop the idea of establishing a national market
Importance of Marketing:

       In the old age when the scale of production was limited, marketing did not occupy any importance in the economy. However, during the post independence period, emphasise was laid in rapid industrialization and consequently, the importance of marketing increased

Importance Towards the society:

1. Employment Opportunities:

       Marketing provides employment opportunity to the society in general.

2. Increases the Standard of Living:

       Marketing creates product awareness among the people and thereby increases the standard of living of the people.

3. Increases National Income:

       Increase in demand results in increased production which raises the demand for all inputs from labour to resources and capital. Increased production ultimately increases sales which ultimately increases the national income of the country.

II Importance Towards the Business Firms:

1. Minimized Distribution Cost:

       Sound marketing helps in the distribution of goods to the consumers at minimum cost and reasonable price.

2. Increases Profit Margin:

       Marketing helps to increase the business profit by increasing the demand of the product and thereby increases production which reduces the production costs.

III Other Benefits:

1. Creation of public Opinion and Acceptance:

       It can create public opinion and create new norms of behavior and new was of life.

2. Implementation of National Policy:

       The tools of marketing can be used to implement national policy.

3. Expands the Domestic market:

       It can help to expand the home market and thus provide a more secure base for export.