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December 22, 2013

Introduction to Marketing - Meaning and Definitions


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As a number of people have been asking us to provide study material for Marketing, here we are posting lessons on marketing. These lessons will be helpful for your upcoming IBPS Marketing Officers and SBI Clerks and POs. Happy Reading.

Lets start our lessons with the basic definition. What is Marketing by the way ?

Many people think of marketing only as selling and advertizing. But in old sense marketing is telling and selling. But the new sense tells telling and selling and satisfying the customer needs is the marketing. Assume that you saw an advertisement of a mobile. You bought it. But there is some problem in it. It's speaker is not working. So you go to the seller and complain about the problem. What if the shop owner follows the old sense of marketing ? According to his logic (telling and selling) he advertised well and sold his product. His task is over. So he may say that he is not responsible for the problem and he wont repair or replace it. Result ? Customer dissatisfaction. So here the customer (You) won't sit idle. He will tell all his friends, NOT TO BUY the specific mobile. What if the shop owner / seller follows the new sense ? He will take your mobile, repairs it / replaces it. Result ? Satisfied customer. Obviously he may fetch a few more customers in return :).

So, we can define marketing as a social and managerial process by which dividends and group obtain what they needs and wants through creating and exchanging value with others. The process by which companies create value of customers and build strong customer relationship inroder to capture  value from customers in return.

Now let's have a look at some famous definitions of marketing (important)

"Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that will satisfy individual and organizational objectives"
- American Marketing Association

"Marketing is a total system of business activities which are designed to distribute goods which can satisfy wants and reach the target as well as the objective of organization"
- William J. Stanton

"Marketing is the delivery of standard of living to the society"
- Prof. Paul Mazur

"Marketing is the creation and delivery of standard of living to the society"
- Prof. Malcolm McNair

"Marketing is the business process by which products are matched with the market and through which the transfers of ownerships are affected "
- Cundiff and Still

That's all for now friends. In our next post we shall discuss the importance of Marketing. All the Best.

Bhavya Vasudevan

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  1. Mam please provide materials also..pre thanks :)

  2. Good initiative guys. Waiting for remaining lessons :)
    .. Nandu

  3. thank u for updating the marketing material...plz update on multiple choice questions in management n general awarness sets as u were updating few days ago...

  4. * multiple choice questions in marketing management...

  5. What is the meaning of dividend? Could you explain it please.

    1. It is distribution of a portion of a company's earnings. If your company earn profits, you will regularly pay some amount out of your profit to your share holders. That amount is called dividend.


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