{"id":1098,"date":"2022-04-10T12:46:00","date_gmt":"2022-04-10T10:46:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/introduction-to-marketing\/"},"modified":"2024-03-14T20:36:27","modified_gmt":"2024-03-14T18:36:27","slug":"introduction-to-marketing","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/en\/introduction-to-marketing\/","title":{"rendered":"INTRODUCTION TO MARKETING"},"content":{"rendered":"

INTRODUCTION<\/h2>\n

<\/o:p><\/p>\n

The economic system of any given society is made up of three basic elements<\/a>. These are production, marketing and consumption. If the given society is a rudimentary or primitive and stagnant one, production and consumption often play prominent roles. Marketing, on the other hand, remains inactive in such a primitive society since production is majorly at the subsistence level. In this early stage of the society’s economic <\/span>development<\/a> when production is still the problem, the marketing problem focuses chiefly on the physical distribution of goods. Consumers as such, do not constitute <\/span>much of a problem.<\/p>\n

\"INTRODUCTION<\/a><\/div>\n

<\/p>\n

However, as the society advances to successively higher stages of economic development<\/a>, production capacity catches up with and, even gets to be larger than market demand. The basic business (and marketing) problem is then one of activating consumers as individuals and as members of groups into buyers. Increasing attention is thus paid to the power of the consumer. <\/span><\/p>\n

\n

Hence, as an economy of scarcity evolves into one of plenty, business shifts its emphasis from production problems to marketing problems. In the process, marketing receives recognition as the mechanism responsible both for initiating and maintaining the flow of income into the business. It should be noted that this flow of business income is also the result of the outward flow of goods and services from producers to consumers, which marketing again, <\/span>initiates and maintains.<\/o:p><\/p>\n

Furthermore, in an economy of plenty, most people have to satisfy their material wants through outside sources. Whenever these wants are being satisfied, the people discover that they must take part in various activities related to obtaining needed goods and services from outside sources of supply:<\/o:p><\/span><\/p>\n

In the first place, they shop for the goods and services they need. Secondly, they <\/span>read, and listen to advertisements on billboards, handbills, newspapers, magazines, radio and television sets. Some even look around stores and markets, thereby performing what is generally known as window-shopping. This is done in order to find out what is available, and in which qualities at what process. Thirdly they continual y decide among shops, products, brands and models.<\/o:p><\/span><\/p>\n

Apart from actively or passively participating in the processes of satisfying their wants, consumers are also the targets of many activities performed by different groups of business people.<\/o:p><\/span><\/p>\n

One of such groups are advertisers, who devote their time and efforts to getting information across <\/span>to them. Another group conducts studies on them on the likely marketability of some existing or new products. Yet another set of business people gets the goods and services to them, and finally <\/span>“selling” them. The result of this consumer performed and a business-performed activity is a flow of goods and services from producers to consumers.<\/o:p><\/span><\/p>\n

 <\/span><\/span><\/span><\/b>DEFINITION AND MEANING OF MARKETING<\/b><\/h2>\n

<\/a><\/o:p><\/p>\n

The term ‘marketing’ has been defined in many ways by different authorities.<\/o:p><\/p>\n

It is useful for us to pause for a while and consult some of these definitions:<\/o:p><\/p>\n

<\/a>(i)         <\/span><\/span><\/span>The management function that organises and directs all business activities involved in assessing and converting consumer purchasing power into effective demand for a specific <\/span>product or service, and in moving it to the final consumer or user so as to achieve the profit target or other objectives set up by the company (British Institute of Marketing).<\/o:p><\/p>\n

<\/a>(ii)      <\/span><\/span><\/span>Marketing consists of the performance of business activities that direct the flow of<\/o:p><\/p>\n

goods and services from producer to consumer or user. (American Marketing Association).<\/o:p><\/span><\/p>\n

<\/a>(iii)      <\/span><\/span><\/span>Marketing is the business process by which products are matched with markets and<\/o:p><\/p>\n

through which transfer of ownership are effected (Cundiff and Stil ,1964)<\/o:p><\/p>\n

(i ) Marketing is a total system of business activities designed to plan, price, promote, and <\/span>distribute want-satisfying goods and services to present and potential customers (Stanton, 1964).<\/o:p><\/span><\/p>\n

(i i) Marketing is human activity directed at satisfying needs and wants through exchange process, while also aspiring to achieve the market’s objectives (Olufokunbi, 1993).<\/o:p><\/span><\/p>\n

<\/a>(iv)       <\/span><\/span><\/span>Marketing is social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other. (Kotler, 1984).<\/o:p><\/p>\n

<\/a>(v)         <\/span><\/span><\/span>Marketing is the function that assesses consumer needs and then satisfies them by<\/o:p><\/span><\/p>\n

creating an effective demand for, and providing, the goods and services at a profit (Johnson, 1982).<\/o:p><\/span><\/p>\n

<\/a>(vi)      <\/span><\/span><\/span>Marketing is the business function that identifies customers\u2019 needs and wants, determines which target markets the organisation can serve best, and designs appropriate products, services, and programmes to serve, these markets (Kotler and Armstrong, 1996).<\/o:p><\/span><\/p>\n

It is very clear from these definitions that the term ‘marketing’ is open to varying definitions as each authority thinks fit, hence no particular one has universal acceptance. However, the common theme is that marketing is more <\/span>than selling; it is the whole process that occurs between the production of any <\/span>surplus goods or services and their consumption or use, and it is consumer-oriented. In actual fact, the most important need of the student is not an exact <\/span>definition, but to acquire a sound understanding of what marketing means.<\/p>\n

<\/o:p><\/p>\n

Perhaps as a way of getting a better understanding of the term, we may re\u00adexamine the definition given by Stanton (1964):<\/o:p><\/p>\n

‘Marketing is a total system of business activities designed to plan, price, promote and distribute want-satisfying goods and services to present and <\/i>potential customers”.<\/span><\/i><\/o:p><\/span><\/p>\n

This definition given by Stanton has some significant implications. Firstly, it <\/span>connotes that the entire system of business action should be market – or <\/span>customer-oriented. That is, customers’ wants must be recognised and satisfied <\/span>effectively. Secondly, it suggests that marketing is a dynamic business process – a total, integrated process rather than a fragmented assortment of institutions and functions. Thus marketing is not any one activity, nor is exactly the sum of several; <\/span>rather it is the result of the interaction of many activities.<\/o:p><\/p>\n

Thirdly, the marketing programme starts with a product idea and does not end until <\/span>the customer’s wants are completely satisfied, which may be some time after the sale is made. Fourthly, the definition implies that to be successful, marketing must maximise profitable sales over the long run. Thus, customers must be satisfied in order for a company to get the repeat purchase, which ordinarily is so vital to success.<\/o:p><\/span><\/p>\n

What do we gain from the above analysis? Evidently, it should be clear to us that marketing is much more than just an isolated business function. As Kotler and Armstrong put it, “it is a philosophy that guides the whole organisation. . its goal is to create customer satisfaction profitably by building value-laden relationships with customers”. <\/span><\/p>\n

We can also reason that the marketing department cannot <\/span>accomplish this goal by itself. Consequently, it necessarily needs to work closely with other departments in the company, as well as forge some working relationships with other organisations throughout its entire value-delivery system to provide <\/span>superior values to customers.<\/o:p><\/p>\n

From the systems view, therefore, marketing involves the whole company, since <\/span>everyone in the organisation should be seen to be involved in selling and satisfying customers. Everyone should also be seen to be making the highest profit <\/span>for the enterprise and using the resources of the company as efficiently as possible. <\/span><\/p>\n

It is thus important to stress that no section of the company should arrogate this marketing responsibility to itself. This is because the concept of marketing is a corporate affair, and the philosophy behind it must be understood by management <\/span>at all levels. To this end, therefore, marketing may be said to involve finance, production, research, development<\/a>, merchandising, advertising, promotion, distribution and selling procedures.<\/o:p><\/p>\n

<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

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