Marketing has been defined in different connotations by various researchers. On one hand, Peter Drucker, the deemed management scholar, defines marketing as a strategy, the aim of which is to make selling superfluous. On the other hand, other scholars establish a line of subtle difference amongst the concepts of marketing and selling and are of the notion that marketing (as a field) is as huge as the ice-berg and selling is merely the tip of the iceberg i.e. a small component of the vast field of marketing. Therefore, it can be concluded that these scholars define marketing as a concept which cuts beyond the old and traditional concepts of increased sales and correspondingly increased profits and focuses on delivering greater value to the society at large.
In a nutshell, marketing can be defined as the consolidated process which aims on recognizing and satisfying human needs in a value added and profitable manner. Philip Kotler (2000), the father of marketing management, emphasizes on the fact that marketing management can be categorized as a scientific as well as an artistic process which aims on the application of pivotal concepts and theories of marketing to identify and select the markets to be targeted by the company. It also focuses on procuring, retaining and growing customer base of the company through the coordination and integration of activities pertaining to the creation along with delivery & simultaneous communication of premium customer value.
The American Marketing Association has provided a definition of marketing from the managerial point. As per it, marketing is a strategic process of the company which encompasses the planning as well as execution of the practices of conceptualizing, promoting, pricing as well as distributing the goods, services and the ideas so as to create exchanges which aid in the satisfaction of the goals of the organization and the individuals simultaneously.
As the same time, marketing (from the social view point) can be regarded as a societal process that leads to the satisfaction of the need and wants of individuals and the groups to which they belong through the process of creating, offering, and the exchanging of invaluable services and products liberally with each other.
The various definitions of marketing from various viewpoints meet at one major point – the delighting and satisfaction of the customers. The scope of marketing today has extended beyond mere satisfaction of customers. It is today concerned with delighting the customers through innovative offerings which help in satisfying the potential needs and wants of the consumers that have not been expressed properly by the customer. The field of marketing encompasses a wide range of concepts that cover strategies of market segmentation and positioning as well as market research so as to strategize and deploy effective marketing mix together with innovative developments of integrative relationship marketing. The underlying aim is to delight customers on a consistently sustainable basis by creating brand loyalty in their minds and attitudes towards the company’s products and services offering.