It does not stress the function of exchange, viz., the transfer of ownership, which is the heart of marketing.Ĥ. It fails to point out close inter-relationship between the product (supply) and the market (demand).ģ. In the words of Cundiff and Still – “Marketing is the term used to describe collectively those business functions most directly concerned with the demand stimulating and demand-fulfilling activities of the business enterprise”Ģ. Marketing has been defined by the American Marketing Association as – “Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer or user”.
The two fold goal of marketing is to attract new customers by promising superior value and to keep current customers by delivering satisfaction. Marketing is the delivery of customer satisfaction at a profit. Creating customer value and satisfaction are the heart of modern marketing thinking and practice. Marketing, more than any other business function, deals with customers. Drucker and a Few Others Definitions of Marketing – Definition by Philip Kotler Philip Kotler’s definition of Marketing is – “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other”.ĭefinitions of Marketing by Eminent Authors like Philip Kotler, Peter F.
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