Marketing is a term whose definition has evolved over the decades. A lot of
changes has been made to it in regards to the stakeholders over time. However,
the prime focus has always been the customers. Initially it catered only to the
execution of business activities but later the focus shifted to delivering
value and encouraging ideas and distributing them. Here is a brief history of
the definition of marketing.
Definition as on 1935: Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers. [As adopted by the National Association of Marketing Teachers]
Definition as on 1985: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
Definition as on 2004: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Definition as on 2007: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
The latest definition also recognizes the role of non-marketers for the first time. One of the most important changes is that marketing is presented from a broader perspective. Instead of just a function, it has been termed as an educational process.
It can be inferred that the term 'marketing' has been evolving with the mentality of the target groups or rather stakeholders in the minds of the marketers. All in all it presents a healthy picture for the customers as they become more aware of their needs and they seem to be the prime focus in the minds of the marketers.
Definition as on 1935: Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers. [As adopted by the National Association of Marketing Teachers]
Definition as on 1985: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
Definition as on 2004: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Definition as on 2007: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
The latest definition also recognizes the role of non-marketers for the first time. One of the most important changes is that marketing is presented from a broader perspective. Instead of just a function, it has been termed as an educational process.
It can be inferred that the term 'marketing' has been evolving with the mentality of the target groups or rather stakeholders in the minds of the marketers. All in all it presents a healthy picture for the customers as they become more aware of their needs and they seem to be the prime focus in the minds of the marketers.
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