The evolution of Marketing Management

Marketing is truly old antique art. The marketing activity significantly or without significantly is being in practice by the all human being, first marketing deal can be perhaps accredited to Adam and Eve. Its arrival as a management discipline is of comparatively recent origin. Marketing concept within this comparatively short period, it has grown a great deal of reputation

In fact, nowadays marketing is viewed as most significant of all management functions of business. The evolution of marketing events had different challenges as per the time and need of the marketplace.

Stages and Evolution of Marketing / Historical background

The term “market” originates from the Latin noun “Marcatus” which means a ‘a place where business is conducted’ In the definition of Phillip Kotler the term market means “an arena for potential exchange”

1. Marketing at barter stage.
2. Marketing at money exchange stage. (price mechanism)
3. Marketing at Industrial Revolution. (logistic, communication, mass production, low price distribution system, surplus money etc.,)
4. Marketing at stage of competition. (marketing mix)

Marketing Concept Definitions of Marketing
Marketing is performance of business activities that shortest the flow of goods and services from the producer to consumer.

Marketing is the economic procedure by means of which goods and services are switched between maker and user and their values determined in terms of money price.

Marketing activities are concerned with the demand-stimulating and demand-fulfilling efforts of the enterprise.

Marketing starts with the identification of a specific need of the consumer & ends with the satisfaction of that need. The consumer is found both at the beginning & the end of the marketing process.

The Chartered Institute of Marketing defines Marketing as - “Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably.”

Peter Drucker - There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim is to know and understand the customers well that the product or service fits him and sells it-self. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.

As a matter of fact, Marketing is a utility basket for the client, see the chart for better understanding about what marketing is!

Nonetheless marketing is nothing but creating demand of products by using marketing tools and converting desires into want as to have impulse purchases situation for a particular product or services. The evolution and different perception of marketing has given following concept, let us study the same.