What is Marketing?

Marketing Definitions

“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”. - Philip Kotler’s

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. - American Marketing Association

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. - Michael J. Baker, Marketing: Theory and Practice, 1st Edn, Macmillan, 1976

Management . . . the technique, practice, or science of managing or controlling; the skilful or resourceful use of materials, time, etc. - Collins Concise English Dictionary

What is Product Life Cycle concept?

Product Life Cycle (PLC) concept

The PLC concept draws an analogy between biological life cycles and the pattern of sales growth exhibited by successful products. It has four important stages are: introduction; growth; maturity; and decline

Marketing myopia – a watershed

It is a short-sighted and inward looking approach to marketing which focuses on fulfilment of immediate needs of the company rather than focusing on marketing from consumers’ point of view.

What are the Factors of Marketing Myopia?

Factors that causes Marketing Myopia.

When a firm is only engrossed on selling its products and gives less importance to customer relationship building
Producing goods in massive quantities without bothering about the scale of demand
Forecasting growth without research
A belief in growth as a natural consequence of an expanding population.
A belief that there is no competitive substitute for the company's major product.
A pursuit of the economies of scale through mass production in the belief that lower unit cost will automatically lead to higher consumption and bigger overall profits.
Preoccupation with the potential of R&D)to the neglect of market needs (i.e. a technology push rather than market pull approach).
Most of the firms pursuit R&D as a primary goal and most absolute innovations are a result of Research and Development rather than product engineering need to meet the customer needs.