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DescriptionThe simplest definition of marketing: Marketing is managing profitable customer relationships.
CCM 105 PRINCIPLES OF MARKETING
Overview Of Marketing
The simplest definition of marketing: Marketing is managing profitable customer relationships.
Philip Kotler, the father of marketing says, Marketing can also be defined as a societal process by which individuals and groups obtain what they need and want through creating, offering, and, freely exchanging products and services of value with others. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering value.
Peter Drucker, a leading management theorist, puts it this way:
‘There will always, one can assume be need for some selling. But the main of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product/service available.
The American Marketing Association offers the following definition: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Marketing comprises all activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
Evolution of marketing
The study of the history of marketing as an academic field emerged only recently. The publication in 1976 of the book The History of Marketing Thought, by Robert Bartels marks a turning-point in marketing thought. Since then, academics specializing in marketing decided to imitate economics, distinguishing theory and practice.
Two different fields of study emerged:
the history of marketing thought, giving theoretical accounts
marketing history, focusing on the history of marketing practice
History of marketing thought
The history of marketing thought deals with the evolution of theories in the field of marketing, from the ancient world to contemporary days. Marketing historians agree that the discipline branched out of applied economics at the turn of the twentieth century, though some argue that scholars in the ancient and medieval ages had already studied marketing ideas.
Robert Bartels in The History of Marketing Thought categorized the development of marketing theory decade by decade from the beginning of the 20th century thus:
1900s: discovery of basic concepts and their exploration
1910s: conceptualization, classification and definition of terms
1920s: integration on the basis of principles
1930s: development of specialization and variation in theory
1940s: reappraisal in the light of new ...
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