1. What is Marketing - Marketing Management Video Lecture by Prof. Vijay Prakash Anand
1. What is Marketing?
Marketing as a term is widely used in the management of a business and in our day-to-day life. The history of marketing dates back to the beginning of civilisation. It started with the barter system and when the volume of business grew up; traders came into existence. With the industrial revolution happening in the late 18th and early 19th century, the business expanded manifold. Again with the subsequent progress in transportation and communication system, the business grew across the borders of a country.
In the Indian context, the Kautilya’s famous book ‘Arthashastra’ talked about the relationship between the sellers and buyers. It also dealt with the earnings of the traders.
Marketing as a topic first appeared in the first half of the 20th century, with reference to distribution. The process of distribution and the determination of price through the demand and supply paved the way for studies in marketing. That’s why economics is known as the mother of marketing. In the early stage, marketing was also known for selling and advertising only. But subsequently with the development of marketing as a management study, it got the right place it deserved through the various principles and theories.
Marketing is all about identifying and meeting human and social needs and that too in a profitable way. Ultimately, the objective of any business activity is to make profits.
In a simpler way, Philip Kotler has defined Marketing in terms of CCDVTP, which means creating, communicating and delivering value to the target market at a profit.
The most definitive definition for Marketing comes from American Marketing Assocuiation (AMA). AMA defines Marketing as: ‘Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’
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