Marketing is a Management practice which is used to identify the customers’ needs and wants. It is a process by which the customers’ needs and wants are taken and a suitable product, tailor-made to the specifications of the customers is produced.
Philip Kotler, who is one of the foremost authorities in the field of Marketing, defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Marketing is one of the central functions of a firm, the others being Research and Development (R&D), Manufacturing, Finance, IT and Human Resources. All the functions mentioned here concentrate on internal matters where as Marketing is the only process that is concerned with external matters, the customer. It is a crucial process without which a firm cannot function. Even without a manufacturing, a firm can supply a product to the customer. But, without marketing, the customer would not come to the firm in the first place, except for in rare occasions.
Marketing being a subset of Economics derives many of its theories from Economics. Marketing includes concepts and topics like 5 C’s of marketing – company, collaborators, customers, competitors, and climate; Market Segmentation; Target Market Selection; Market Analysis – involving market sizing, drivers, restraints, trends, distribution channel, etc; 4P’s of Marketing; Brand Equity; Pricing Strategy; Product life cycle ; Business Marketing; Customer lifetime value (CLV); Customer relationship management (CRM); Marketing orientation; Integrated marketing communication.
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