Introduction to Marketing Concept

The terms “market” and “marketing” are used frequently in the business as business includes basically production and marketing activities. Production is the base of marketing and marketing has wider social significance. Marketing is one essential and useful economic activity. It is an exchange process. It is essential for the satisfaction of human wants and also for raising social welfare. Marketing is useful to manufacturers, traders, consumers and the society as a whole. Production of goods and services gets significance due to marketing activities. Needs of consumers are satisfied due to marketing activities. Marketing is, now, treated as a massive/ global economic activity. Marketing includes marketing of goods and marketing of services. Both are equally important, useful and essential. Production and marketing are supplementary activities. In the absence of marketing facilities, production will be meaningless. Similarly, infrastructure facilities such as banking, transport, warehousing and insurance are useful for the promotion of marketing activities at the national and global levels.

Marketing is a challenging and exciting subject. It refers to the mechanism due to which the ownership of goods is transferred from the seller to buyers i.e. consumers. Money acts as a useful tool/medium for the settlement of marketing transactions. Marketing as an economic activity has wider socio-economic and cultural significance. Goods produced are supplied to consumers for their satisfaction and welfare through distributive system. Marketing is a dynamic and evolutionary concept. Local marketing is now converted into global marketing. In addition, global marketing scenario is fast changing and marketing enterprises have to raise their competitiveness for survival and growth in the domestic as well as in international marketing.

Marketing management is one aspect of total business management. Efficient marketing is an essential pre-requisite for success and prosperity of business enterprises. Modern marketing concept is consumer-oriented and service-oriented. In addition, the societal concept of marketing is now universally accepted. It is certainly not merely for profit maximization but for economic growth and social welfare. The concept of “Lifestyle Marketing” is now getting popularity. Lifestyle marketing is defined as “any promotional activity shaped around the interests, attitudes, opinions and way of life of consumers.” It is for certain that in the 21st century, marketers will realize that lifestyle is the deciding factor that keeps their business one step ahead of their competitors and in time too.