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What is marketing
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This document most describes the meaning of marketing history of marketing meaning or definition and marketing terms
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Marketing historyMarketing is as old as selling. The word “marketing” likely originates from Europe in the early 1500s, when
traveling merchants sold food and other goods at town markets. But the practice of marketing is even
older. Archeological evidence shows that ancient civilizations in Egypt, Greece, and Rome distributed
advertisements and branded items for sale. Marketing practices have evolved as society and technology
have progressed. Here are some of the key developments from the past few centuries:
1800s The Industrial Revolution introduced major innovations in technology, transportation,
and mass production.
By the mid-1800s, companies had the ability to mass-produce items and transport them over large
distances. As a result, selling began to shift from a local activity to a more national (or in some
cases, international) one. In turn, customer demand for goods grew as a wider variety of products
were readily available for purchase. Merchants typically advertised their goods by displaying
posters in public spaces. Businesses began leasing billboards in the 1860s to communicate to
larger groups of people, and by 1872, a billboard lobbying group called the International Bill
Posters Association of North America was 1900s: The advertising revolution ushered in new ways
for businesses to broadcast their message and reach potential customers.
Some of these new channels included radio (early 1920s), television (early 1940s), and the
telephone (mid-1940s). With more ways to communicate with audiences than ever before,
companies adopted new strategies in order to gain customers and stay competitive. Marketing
professionals started communicating the unique benefits of their offerings and examining
demographic data (such as education level and salary). In 1956, Wendell R. Smith, a professor at
the University of Massachusetts at Amherst, summarized these new practices in a famous article
titled “Product Differentiation and Market Segmentation as Alternative Marketing Strategies.”
In the 1960s, many companies began investing in marketing departments — teams dedicated to
reaching customers and gaining market share.
Definition of Marketing
Vigorous debate on the meaning of marketing took centre stage in the 1960s as scholars and practioners
sought the independence of marketing as a discipline. Emanating from these debates, arose several
definition of marketing as presented chronologically below.
, The American Marketing Association defines marketing as “the performance of business activities
that direct the flow of goods and services from producers to consumer or user”. The Chartered Institute
of Marketing of the United Kingdom defines marketing as, “The management process which identifies,
anticipates, and supplies customer needs efficiently and profitably.”
Kibera (1996) defines marketing as “the performance of business and non-business activities which
attempt to satisfy a target individual or group needs and wants for mutual benefit or benefits.” Kotler
(2006) defines marketing as “A social and managerial process whereby individuals and groups obtain what
they need and want through creating and exchanging products and value with others.”
Owino et al. (2014) defines marketing as a management processes that identifies and supplies customer
needs and wants in such a way that customers get satisfaction as the organization gets value.
Key Marketing Terms
1. Needs: The basic concept underlying marketing is that of human needs. Needs comprise of those
things that human beings feel they cannot do without for instance food, clothing, shelter,
safety, education and others
2. Wants: Are forms of human needs that improve on their well-being but which they can do
without. Wants are the form of human needs taken as they are shaped by culture and
individual personality for example urbanites want Television sets.
3. Demand: Demand is the quantity of a commodity that consumers are willing and able to buy at a
given price over a given time period other factors held constant. When a want is backed by
buying power it becomes demand.
4. Product: Is anything that can be offered to satisfy needs or wants. It can be tangible or intangible.
5. Market: A constituency of potential customers sharing particular needs or wants and who might
be willing and able to engage in exchange to satisfy that need or want. A market also refers
to where buyers and sellers meet to transact.
6. Marketing offer: Is a combination of products or service presented to the market to satisfy a need
or a want.
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