Marketing is an important socio-economic activity with long history of many centuries. It is an evolutionary activity. Local marketing is now developed into global marketing. It is an essential activity for the satisfaction of human wants and for raising social welfare. Production is the base of marketing. It supplements production activities by distributing goods and services. Marketing is all pervasive in the present day world. It is a time-tested art and has been practiced in one form or the other from time immemorial. Marketing is viewed as being advertising, sales promotion or merely selling. In a broad sense, marketing can be understood as a concept, a process and as a managerial function. The concept of marketing is basically a concept of customer orientation. Here, consumer / customer is given special importance and attention. He is treated as the cause
and purpose of all marketing activities. This is as good as giving social importance to marketing aspect. Marketing means understanding and responding to the needs, interests, way of life and expectations of consumers. Marketing links producers and consumers together for mutual benefits. It facilitates transfer of ownership of goods and services from producers to consumers.
Production will be meaningless if goods produced are not supplied to consumers through appropriate marketing mechanism. Marketing activities are conducted with the medium of money. All exchanges are made through money. Such activities .are conducted regularly throughout the world.
Modern marketing is global in character. Everyone participates in marketing activities for the satisfaction of needs/wants. Marketing is the world’s oldest profession. Exchanges were common in the olden barter economy. They are taking place in the modern complex marketing system. In short, marketing is the study of exchange processes. Customer is the most important person in the whole marketing process. He is the cause and purpose of all marketing activities. Marketing is basically for his satisfaction and welfare. According to Prof. Drucker, the first function of marketing is to create a customer or market. All marketing activities are basically for meeting the needs of customers and also for raising social welfare. Marketing itself is a “need-satisfying process”. It facilitates physical distribution and creates four types of utilities viz., Form, Place, Time and Possession.
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