1. Definition of Marketing
• According to Philip Kotler:
• Marketing is 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.

2. Definition of Marketing
• According to the Chartered Institute of Marketing:
Marketing is the management process for identifying,
anticipating and satisfying customer requirements
profitably.
• According to American Marketing Association
(AMA):
Marketing is the process of planning and executing the
conception, pricing, promotion and distribution of
ideas, goods and services to create exchange that
satisfy individual and organizational objectives.

3. Economic Development Stages
(1)Self supporting agriculture stage
(2)Preindustrial stage
(3)Primary manufacturing stage
(4)Nondurable consumer goods manufacturing
stage
(5)Capital goods and durable goods
manufacturing stage
(6)Exporting manufacturing products

4. The Evolution of Marketing
• Production Concept:
• It was the oldest concept. According to this
concept consumers will favor those products
that are widely available and low in cost.
Managers of production-oriented
organization concentrate on achieving high
production efficiency and wide distribution.
• This approach holds:
• a) Where availability of product is a
problem.
• b) Where demand for product exceeds
supply.

5. The Evolution of Marketing
• Product Concept:
• The idea that consumers will favour products
that offer the most in quality, performance and
innovative features and that organizations
should therefore devote all its efforts to make
continuous product improvements

6. The Evolution of Marketing
• Selling Concept:
• This concept holds that consumers, if left alone, will
ordinarily not buy enough of the organization's
products. The organization must therefore,
undertake an aggressive selling and promotion
effort.
• Organizations having this concept:
(1) Have overcapacity
(2) Their aim to sell what they make than make
what the market wants and
(3) Have economy of scale.

7. The Evolution of Marketing
• Marketing Concept:
• According to this concept the key to achieving
organizational goals consist of being more effective
than competitors in integrating marketing activities
toward determining and satisfying the needs and
wants of target market.
• Characteristics of marketing concept:
(a) Meeting needs profitably
(b) Find wants and fills them
(c) Love the customer not the product

8. Difference b/w Selling and
Marketing Oriented Approach
Selling
• It focuses on the need of
the seller.
• It takes an inside-out
perspective. It starts
with the factory, focuses
on the company’s
existing products and
calls for heavy selling
and promoting to
produce profitable sales.
Marketing
• It focuses on the need of the
buyer.
• It takes an outside-in
perspective. It starts with a
well-defined market,
focuses on customer needs,
and integrates all the
activities that will affect
customers and produces
profits by satisfying
customers.

9. The Evolution of Marketing
• Societal Marketing Concept:
An organization-wide philosophy that holds that
the best route to organizational success is to find
an unserved or underserved need in society and
meet that need better than anyone else, while
still meeting long-term organizational objectives
and also considering the long term impact on
society.
This concept recognizes that society is an
exchange partner.

10. The Evolution of Marketing
• Societal Marketing Concept:
An organization-wide philosophy that holds that
the best route to organizational success is to find
an unserved or underserved need in society and
meet that need better than anyone else, while
still meeting long-term organizational objectives
and also considering the long term impact on
society.
This concept recognizes that society is an
exchange partner.