by Infoshelter

Created on: June 15, 2009   Last Updated: June 18, 2009

According to Philip Kotler, who is considered to be the "father" of the science of marketing, marketing is a series of actions and activities executed by a company in order to record consumer's wishes. It also creates products and services which will meet consumer's wishes, and sells those products or services more effectively and efficiently than its competitors, giving consumers the greatest possible value.

The marketing process is characterized by the features of market data analysis derived from previous experience or market research. Additionally, the planning and implementation of the appropriate marketing plan, and auditing the results which follow as feedback of information, reflect the affect of the product or service to consumers/buyers.

Another prominent personality of the science of management, Peter Drucker, defines marketing as the process by which the company starts exploring the utility of the product or service offered to existing or potential customers. Marketing also studies the buying habits and preferences leading to the discovery of the values of the client-consumer, as expressed through the purchase of various products or services.

However, according to the latest marketing concept, the wider social welfare should be taken into account beyond the narrow vision of meeting the needs of individual consumers. This is the so-called "societal marketing" concept, which is in line with the concepts of "sustainable" development and "green" entrepreneurship. Societal marketing ensures economic development is consistent with the maintenance of harmony between man and natural environment.

The consumer plays a central role in the definition of marketing because he is considered to determine the direction of the marketing process. The marketing process aims toward meeting the consumer's own needs and requirements that are facilitated by implementation of the principles of marketing.

Besides, an important concept is that of "exchange", which takes place in the form of goods or services supplied by the company to the consumer, which is compensated by the monetary reward received by the company for the provision of goods or services. Furthermore, there is not only exchange in terms of money and products or services, but also exchange of information, which is interactive.

Moreover, marketing is divided into marketing of products and marketing of services and consumer and industrial marketing, depending on whether the products of the company are targeted to individual consumers or business purchasers.

Finally, we can say that the consolidation or mix, as it is defined, of different functions and concepts, which take place within the business operation, known as the 4Ps, which constitute the marketing mix, namely:

The Product

The Price

The Place (Distribution)

The Promotion

The 4 P's are at the core of the marketing function, and a crucial factor in the implementation of marketing.

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