WHAT IS MARKETING

WHAT IS MARKETING

The term marketing has different definitions from different authors but all these definitions is aimed at finding out the needs of the customers and a way of satisfying them either collectively or individual.  Some of this definition will be adopted in the course of this study.

        According to Kotler and Armstrong (2008, p.29) defines marketing as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.

        Marketing is also the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organizational objectives (IMA, 1985).

        The process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return.

        It is also the management process responsible for identifying, anticipating, and satisfying customer requirements profitably (CIM, 2001).

Etzel, Walker, Stanton (2007, P.6) viewed marketing as a total system of business activities designed to plan, price, promote and distribute want – satisfying products to target markers in order to achieve organizational objectives.

  Marketing research uses statistical tools, in formulating new policy for future markets and help to answer question on what quantity, at what price, to which customers the products are meant for.  It involves gathering, recording and analysis of all facts and data concerned with the transfer of goods from the producers to the consumers.  It also reduce the area of uncertainty surrounding business decisions by improving the supply of market information to the decision makers.