Need a paradigm shift in the philosophy of marketing

1. Lets define “Marketing” in a
meaningful manner to suit the
modern day
By
Maxwell Ranasinghe

2.  "Marketing is a way of proficiently
understanding the role played by
humans as a customer, finding out
their needs and wants and
delivering them through a managed
business process with due regard
to sustainable business practices
that creates a better world"

3. Justificati
on

4.  1. Marketing is not just a function
of management. Long ago it is
identified as a business philosophy.
 2. Main focus of marketing is
customer. Refer to earlier definitions of
marketing like Adams Smith’s which
we have now dropped even from our
Study Text.

5.  (Adams Smith( 1776) “ Consumption
is the sole purpose of all production
and interest of product ought to be
attended to, only so far as it may be
necessary for promoting that of the
consumer”)

6.  It talks about the core “the consumer”
and " the activity the marketers
should do” very well.
 We need to revisit it and expand it to
suit the modern day. That’s why we
need to include
 “Proficiently understanding the
role played by human as a
customer”.

7.  Customer means an individual as well as
a group of people.
 A Proficiently will adopt a skillful and
methodical way of identifying the needs
of the customer well.
 Then there will not be a waste of
resources and wrong decisions as the
marketing would adopt a professional
approach.
 Further it will always give value for
customers.

8.  3. Marketing is not just and activity
or societal process: It cannot be
restricted to creation, promotion,
distribution and pricing of goods and
services.
 In my opinion these words should not
be in a meaningful definition as it
restricts the horizons of marketing

9.  It is a managed process which
includes, planning, organizing and
implementing.
 It uses a many management tools to
achieve goals.
 Further it focuses much about
developing sustainable relationship
with customers.
 Therefore the inclusion of “managed
process” is very appropriate in our

10. Further the managed process was
expanded to “managed business
process” as all the organizations even
the “non profit organizations” would
prefer a margin over the cost of their
operations. It could be monetary or
otherwise.
Therefore “managed business
process” is included.

11.  Marketers have not taken much care
about the needs of the society at large.
 As a result, they are largely responsible
in the degradation of
environment, adopting unethical
practices, considering the world as a
bundle of resources available
to satisfy the needs of the
current human generation
without taking the needs of the other
living plants, animals and the needs of
the future generation

12.  This would even go in line with the
Buddhist philosophy that would shed
lot of light in to a new paradigm in
marketing.
 Already well accepted societal
marketing concept should be
expanded and included in the
mainstream marketing definition

13. It should not be added as an
after thought or suffix
Therefore the “sustainable
business practices that
creates a better world” is
included

14.  The marketer should consider
“society also as its customer” and
therefore give value to society too.
 With the current trend in the
world, marketers would be the drivers
of the world.
 Therefore they need to have a broader
vision of the whole world and have an
attitude to work towards world’s
sustainability

15. Having “sustainability” will :
 Optimise the performance of your
business create strong relationships
with your customers, other
businesses, staff and community,
 balance your budget and ensure your
financial sustainability,
 help business community to prosper
as a whole,

16.  Finally
 It will reduce the much needed
carbon footprint of your
operations to safeguard the
world that we live.
 Thank You