Exchanging is a fundamental concept of marketing by which companies create strong relationship with customers. Now-a-days, it is important to build strong customer relationship and customer satisfaction.
Marketing is leading a major role on adjusting between customer needs & wants, welfare activities for society, earning profit for company & ensuring economic growth for country.
Some well-known authors define marketing as...
American Marketing Association, stated as "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives."
Philip Kotler & Gary Armstrong, said "Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value form customers in return."
Bovee, Houston & Thill quotes as "Marketing is the process of developing and exchanging ideas, goods, and services that satisfy customer and organizational needs, using the principles of pricing, promotion and distribution."
William J. Stanton, Michael J. Etzel & Bruce J. Walker said that "Marketing is a total system of business activities designed to plan, price, promote, and distribute want-satisfying products to target markets to achieve organizational objectives."
From the above discussion and marketing definition from famous marketing authors, we can get the following concerns..
- Marketing creates value for customers.
- Marketing ensures customer satisfaction in profitable way.
- Marketing creates strong relationship with customer and takes care of such relationship.
- All activities of marketing flow with customers.
- Goods or services are exchanged by marketing process.
Illustration of image: We see main environmental elements of marketing process from above image. Company provides services to its final consumers by competing with competitors.
Marketing is a process by which companies try to provide maximum priority to customer satisfaction, customer value, customer relationship & social welfare in order to earn organizational objectives.
