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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.
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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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