MARKETING : MEANING AND CONCEPT
What is the meaning and concept of marketing, marketing mix and
marketing strategies ?
In USA, 300 college administrators were
asked about the meaning of marketing. As many as 90 per cent said that
marketing was selling, advertising and/or public relations. It is no wonder
that the Americans are bombarded with TV commercials, newspaper advertising,
sales calls, etc.
The American Marketing Association defines marketing as follows:
"Marketing is the
performance of business activities that directs the flow of goods and services
from producer to consumer or user."
The entrepreneur has first to decide what
product he should select. This he can do only if he can identify the needs, which require satisfaction
among human beings. Once he has identified the need of a group of human beings
(called market segment), he can determine the product, which can help to
satisfy that need. This is a part of the modern philosophy of marketing or the marketing concept.
