What is marketing? Kotler’s definition

What is Marketing?

According to Philip Kotler, “The term Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.

In other words,”Marketing is defined as the economic process through which goods and services are exchanged with the means of money value”. Here, it includes all the activities regarding transfer of goods and services from manufacturer to consumers or its perspective buyers. The transactions are taken place with the help of money. This way of defining marketing represents ‘Product Orientation’.

It is well said that, “marketing is incomplete without the market”. The term market represents the needs or wants of the potential customers who might be willing and able to engage in exchange of goods and services to satisfy that need or want. Thus, there might be shoe market, Malls, teenager market, Restaurants, labour market, complexes etc. As started earlier, marketing is an activity that is performed by business and non-business people with equal force.

Example- PUMA, Nike etc.

Thus, besides business, there is also exists the other form of marketing like social marketing, marketing for education, marketing by government organisations etc.