Marketing is everywhere. Formally or informally, people and organization engage in a vast number of activities that could be called marketing. Good marketing has become an increasingly vital ingredient for business success. And marketing profoundly affects our day-to-day lives. It is embedded in everything we do from the clothes we wear, to web we click on, to we see.
Good marketing is no accident, but a result of careful planning and execution. Marketing practices are continually being refined and reformed in virtually all industries the chance of success. But marketing excellence is a rare and difficult to achieve. Marketing is both an “art” and a “science” there is constant attention between the formulated side of marketing and the creative side .It is easier to learn the formulated side, which will occupy most of our attention.
Definition of Marketing
In the words of C.C.Knight, “Marketing embraces all efforts made in the discovery of consumer’s actual and potential requirement for commodities and services and the steps taken for securing their actual distribution.”
According to H.L.Hansen, “Marketing is the process of discovering and translating consumer wants into product and services specification and then in turn helping to make it possible for more and more consumers to enjoy more of these products and services.”
In the words of W.J.Stanton, “Marketing is the total system of interacting business activities designed to plan, price, promote, and distribute want-satisfying products and services to present and potential consumers.”
Importance Of Marketing
Financial success often depends on marketing ability. Finance, operation, accounting, and other business function will not really matter if there is not sufficient demand for products and services so the company can make a profit. There must be a top line for there to be a bottom line. Many companies have now created a chief marketing officer, or CMO, position to put marketing on a