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MBA- HR MANAGEMENTMARKETING MANAGEMENT
,Introduction
Marketing is said to be as old as civilisation itself. In fact, marketing came
into existence with the barter system. With the passage of time, barter
system evolved into the art of selling. The origin of marketing dates back
to the ancient civilisation when man used symbols, signs, and material
artefacts to transact and communicate with others. The industrial
revolution of 18th and 19th century further fostered the evolution of
marketing. The rapid social change driven by technological and scientific
innovation fuelled the systematic approach for marketing. The late 50s
observed the emergence of real marketing concept, which was entirely
different from the sales concept. Higher level of competitiveness forced
the marketers to depart from the traditional sales approach.
, Eventually, customer satisfaction became an inseparable function of
marketing. Gradually, considering the long-term interest of society over
the specific needs and interests of a given target market became
important to marketing. This new approach was termed as social
marketing. But, from 1960 onwards, most markets witnessed saturation,
which pioneered the sophistication of marketing management.
In recent years, the advent and wide availability of the Internet
completely changed the marketing concept. Increasingly demanding
customers, rapid technological change, heterogeneous and fragmented
markets, and intense
competition led to the emergence of new branches of marketing, which
could potentially meet the challenges of the 21 st century marketer.
The concept of marketing is based on identifying and meeting human
and social needs. The shortest definition of marketing is "meeting needs
profitably." For example, Procter & Gamble observed that people want
tasty but less fatty food and they come up with the idea of Olestra.
Likewise, CarMax sensed people's uncertainty while buying used
automobile and invented an entirely new system for selling cars.
The term 'marketing' is often used interchangeably with advertising or
publicity and most importantly, sales. Marketing encompasses many
activities like advertising, promotion, product design, etc
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