Marketing Management: Brief edition 1. Marketing Marketing Concept 1.1 Definitions of Marketing There are many definitions of marketing. The better definitions are focused upor customer orientation and satisfaction of customer need Kotler: Marke ting is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others The Chartered Institute of Marketing: Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably The CIM definition(in common with Barwell's definition of the marketing concept) looks not only at identify ing customer needs, but also satisfying them(short-term)and anticipating them in the future(long-term retention) Adcock et al: The right product, in the right place, at the right time, at the right price This is a snappy and realistic definition that uses McCarthy's Four Ps Palmer: Marketing is essentially about marshaling the resources of an organication so that they meet the changing needs of the customer on whom the organization depends. This is a more recent and very realistic definition that looks at matching capabilities with needs Bartles: Marketing is the process whereby society, to supply its consumption needs evolves distributive systems composed of participants, who, interacting under constraints-technical (economic) and ethical (social)-create the transactions or flows, which resolve market separations and result in exchange and consumption This definition considers the economic and social aspects of marketingMarketing Management: Brief edition 1 1. Marketing & Marketing Concept 1.1 Definitions of Marketing There are many definitions of marketing. The better definitions are focused upon customer orientation and satisfaction of customer needs. Kotler: Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The Chartered Institute of Marketing: Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. The CIM definition (in common with Barwell’s definition of the marketing concept) looks not only at identifying customer needs, but also satisfying them (short-term) and anticipating them in the future (long-term retention). Adcock et al: The right product, in the right place, at the right time, at the right price. This is a snappy and realistic definition that uses McCarthy’s Four Ps. Palmer: Marketing is essentially about marshaling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends. This is a more recent and very realistic definition that looks at matching capabilities with needs. Bartles: Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints – technical (economic) and ethical (social) – create the transactions or flows, which resolve market separations and result in exchange and consumption. This definition considers the economic and social aspects of marketing