The changing business scenario of globalization and liberalization has changed the marketing concept significantly, resulting in the global village and `glocal' marketing. Though the practice of marketing is as old as civilization, marketing theory is very young and the definitions put forth by various marketing theories are
The performance of business activities that direct the flow of goods and services from producer to consumer or user. (AMA, 1960) Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others. (Philip Kotler)
All
the above definitions reflect the radical changes in the marketing objectives
of American Marketing Association (AMA). Overall, it defines "Marketing is
the process of planning and executing the conception, pricing, performance and
distribution of ideas, goods and services to create exchanges that satisfy individual
and organizational goals alongside, servicing a clearly stated social cause of
considered and expressed choice to the levels of prescribed success." Thus,
to be successful in the marketplace characterized by tough competition for attracting
and retaining the customers, it is essential for marketers to redefine their role
as profit generators for an organization by simultaneously addressing social issues
by effective use of knowledge and assets. To be well ahead of competitors, the
organization has to devise marketing tools i.e., marketing mix approach in such
a manner that it satisfies customer needs and wants through efficient planning
of 4Ps—Product, Place, Price, and Promotion. To be more customer-centric
with changing demands of modern business, the 4Ps are viewed in terms of 4Cs—the
value to Customer, Cost to customer, Convenience/distribution channels, Communication
of collaborative discourse.
|
