Lets define “Marketing” in ameaningful manner to suit themodern dayByMaxwell Ranasinghe
"Marketing is a way of proficientlyunderstanding the role played byhumans as a customer, finding outtheir needs and wants anddelivering them through a managedbusiness process with due regardto sustainable business practicesthat creates a better world"
1. Marketing is not just a functionof management. Long ago it isidentified as a business philosophy. 2. Main focus of marketing iscustomer. Refer to earlier definitions ofmarketing like Adams Smith’s whichwe have now dropped even from ourStudy Text.
(Adams Smith( 1776) “ Consumptionis the sole purpose of all productionand interest of product ought to beattended to, only so far as it may benecessary for promoting that of theconsumer”)
It talks about the core “the consumer”and " the activity the marketersshould do” very well. We need to revisit it and expand it tosuit the modern day. That’s why weneed to include “Proficiently understanding therole played by human as acustomer”.
Customer means an individual as well asa group of people. A Proficiently will adopt a skillful andmethodical way of identifying the needsof the customer well. Then there will not be a waste ofresources and wrong decisions as themarketing would adopt a professionalapproach. Further it will always give value forcustomers.
3. Marketing is not just and activityor societal process: It cannot berestricted to creation, promotion,distribution and pricing of goods andservices. In my opinion these words should notbe in a meaningful definition as itrestricts the horizons of marketing
It is a managed process whichincludes, planning, organizing andimplementing. It uses a many management tools toachieve goals. Further it focuses much aboutdeveloping sustainable relationshipwith customers. Therefore the inclusion of “managedprocess” is very appropriate in our
Further the managed process wasexpanded to “managed businessprocess” as all the organizations eventhe “non profit organizations” wouldprefer a margin over the cost of theiroperations. It could be monetary orotherwise.Therefore “managed businessprocess” is included.
Marketers have not taken much careabout the needs of the society at large. As a result, they are largely responsiblein the degradation ofenvironment, adopting unethicalpractices, considering the world as abundle of resources availableto satisfy the needs of thecurrent human generationwithout taking the needs of the otherliving plants, animals and the needs ofthe future generation
This would even go in line with theBuddhist philosophy that would shedlot of light in to a new paradigm inmarketing. Already well accepted societalmarketing concept should beexpanded and included in themainstream marketing definition
It should not be added as anafter thought or suffixTherefore the “sustainablebusiness practices thatcreates a better world” isincluded
The marketer should consider“society also as its customer” andtherefore give value to society too. With the current trend in theworld, marketers would be the driversof the world. Therefore they need to have a broadervision of the whole world and have anattitude to work towards world’ssustainability
Having “sustainability” will : Optimise the performance of yourbusiness create strong relationshipswith your customers, otherbusinesses, staff and community, balance your budget and ensure yourfinancial sustainability, help business community to prosperas a whole,
Finally It will reduce the much neededcarbon footprint of youroperations to safeguard theworld that we live. Thank You