Marketing is the process of management for the identification, anticipation and satisfaction of the requirements of the customers in such a way that it provides profits to the organisation.
In other words, marketing is an activity involving the process of creating the offers for the customers and exchanging and communicating them as well.
According to Baker, “the enigma of marketing is that it is one of man’s oldest activities and yet it is regarded as the most recent of the business disciplines.”
Thus, we can explain marketing as the activities of the company related to the selling and buying of the products and services. It also involves the process of delivering the service or the commodities to the customer or consumer.
All the efforts made by an organisation for the attraction of more customers and also maintaining long-term relations with them. The main aim of the marketing process is to provide satisfaction to the customers by fulfilling all their needs and wants and earning profits at the same time.
IMPORTANCE OF MARKETING
Marketing is of great importance to the businesses. The process of research the market, promote the product to the target customer comes under the marketing only. Profit is the key component that motivates the companies to manufacture and promote the product or service.
The existence of businesses can be in trouble without marketing.
Here are some of the benefits of marketing:
Helpful for the exchange or transfer of goods
Marketing helps in transferring the goods and exchanging them. There are intermediaries involved in the process, and the goods and services are provided to the customers through them. These intermediaries are the wholesalers and the retailers.
It helps the marketers to know the tastes, preference and the needs of the customers.
Improve the living standard
Marketing contributes to increasing the standard of living of the people. It helps to provide the products and services in an affordable range to the customers and that too on a regular basis. Thus, it helps to raise their living standards by offering them all the desired facilities.
Helps to create employment
It is a process that involves a lot of people in it. An individual or a department cannot handle it solely. The marketing functions involve selling, buying, finance, transportation, warehousing etc. Thus, the functioning of all these departments requires employees.
Therefore, marketing creates the opportunity for the people to get employed according to their capabilities.
Source of income
Marketing is the way through which the concerned people generate their revenue and earn profits. In other words, we can say that any activity that makes us obtain income comes under the marketing actions whether it is direct selling or not.
Basis of decision-making
There are certain problems that a businessman face related to the production of goods such as how much to produce, what to produce and for whom to produce. In old times, marketing was limited, and the manufacturer and the seller had direct contact. But now, it has expanded to a great extent, and there are many channels involved in the process.
Therefore, the manufacturers depend largely on the whole system to make the decisions regarding manufacturing and selling.
Marketing is something that contributes to the income of the country. The production of the goods and their sale if organised makes the economy stable and if there is less focus on the marketing function, the economy would be weak.