What is Marketing | Definition of Marketing by Philip Kotler | EduPro Train

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What is Marketing|Definition of Marketing by Philip Kotler

Many People when being asked "What is Marketing", then some say that the marketing is selling and some say that the marketing is advertising and selling.
But both these answers are not correct.

Marketing is understanding the needs and wants of customers, design the offerings as per those needs and wants and exchange them with customers against money to ensure customers satisfaction and profit.

Here the term offerings mean the product or service alongwith other benefits that the organization offer to its customers.

In this case, we have to understand what is need, want and demand.

Need -The things that we require for our survival. Needs can be basically divided into Physical Needs, Social Needs, and Individual Needs.
Physical needs include the basic human requirements such as air for breathing, food, water, clothing, and shelter.
Social needs are the requirement for belongings and affection from friends and family.
Individual needs can be varied depending on each person’s perception, knowledge, and environment.

Wants - Wants are directed by our surrounding towards reaching certain needs. Therefore human’s wants can be varied depending on each individual’s perception, environment, culture, and society.
For example, an American needs food but he may want a hamburger, fried potato and beer; an Indian needs food but he may want a bowl of rice & curry

Demand – Needs or Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants.

The customer should find value in the product that he purchases so that his needs are met and this helps him to become loyal with the organisation.

Now to understand this, we have to understand Value.

Value is individual’s desire to retain or obtain a product depending upon the products performance and product details. So value of a product Includes the cost and subjective part of product associated with the cost.
Here the term “subjective part”, means the colour, size, benefits, features etc. of a product.

Hence the prime duty of a marketer is to build and promote a Brand and associate their product with the brand so that it stands out in the market.

Now what does Brand Mean?

A brand is an identifying symbol, mark, logo, name, word and/or sentence that companies use to distinguish their product from others.
A brand is seen as one of a company’s most valuable assets. It represents the face of the company. The recognizable logo, slogan, or mark that the public associates with the company.In fact, the company is often referred to by its brand, and they become one and the same.

For example,
Airtel is a brand of Bharti Airtel Limited
Thums Up is a brand of Coca Cola Company
Apple is a brand of Apple Inc.
Windows, Skype, Outlook are brands of Microsoft company

Dr. Philip Kotler defined Marketing as –
“a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products’ value with others.”
In this definition emphasis has been given on the terms creating, offering and exchanging.
Creating – Organizations first find out the met and unmet needs of the customers, design a new product or develop the existing products as per the customer’s unmet need keeping the met need as it is.
To define met needs : Needs that are getting satisfied through various offerings of products and services

Unmet needs –
Needs of consumers that are not yet fulfilled or tapped
Yet to be addressed by the producers or organisations.

Marketers identify unsatisfied demand for various needs
Provide information to entrepreneurs
Marketers take the new product ideas
Test market them
Give feedback to the organizations to improve the products

Offering – Organisations after product creation, attach different values to the product and create an offer which are lucrative to customers to satisfy all their needs.
Exchanging – The Organizations then exchange this offering with customers against money so that organisations get profit to achieve their goals.

As Peter Drucker stated that the purpose of business is to create and keep customers.
Hence, the goal of marketing is long-term satisfaction not short-term deception.

Thus Marketing covers a wide range of functions—marketing activities begin before the production process and continue even after the sales have taken place.

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