What does marketing mean to you? What does the term ‘marketing’ really mean? Many people mistakenly think that it is advertising and selling. Taking into account commercials on television, in magazines and newspapers and all the signs and offers in and around the shops, this is not surprising. But marketing contrasts with the old idea of producing something and looking for people who would buy it. This is only selling, not marketing. However, advertising and selling are only two of several marketing functions, and not necessarily the most important ones.
The word ‘marketing’ is sometimes given different meanings. An American housewife will go marketing when an Englishwoman would go shopping. Most people will define marketing as producing and selling at a profit what people will buy. But it is not only the process of distributing goods from the producer to the consumer. The important characteristic of modern marketing is finding out what people want or are likely to buy, and then examining whether this can be produced and supplied profitably.
Specialists put marketing on a higher level than production and selling. They refer it to management. Effective management needs to be marketing-orientated what often marks the success or failure of a business. Therefore marketing is a system of running all the business activities of a company.
According to the British Institute of Marketing, ‘marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably’.
There are a lot of definitions of marketing nowadays. Let’s consider one more definition. The American Marketing Association states that ‘marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and organizational objectives’. Many people incorrectly believe that marketing is the same thing as advertising or personal selling. This definition shows marketing to be a far broader activity. Moreover, this definition stresses the importance of beneficial exchanges that satisfy the objectives of both those who buy and those who sell ideas, goods, and services.
To serve both buyers and sellers, marketing seeks to discover the needs and wants of prospective customers and to satisfy them. These prospective customers include both individuals buying for themselves and their households and organizations that buy for their own use (such as manufacturers) or for resale (such as wholesalers and retailers). The key to achieving these two objectives is the idea of exchange - the trade of things of value between a buyer and a seller so that each is richer after the trade.
For marketing to occur, at least four factors are required:
1) two or more parties (individuals or organizations) with unsatisfied needs, 2) their desire and ability to be satisfied, 3) a way for the parties to communicate, 4) something to exchange.
3. Define the main idea of each paragraph.
4. Look through the text and say whether these statements are true, false or not mentioned (or true (T) / false (F)). Correct the false ones:
ŕ) true b) false ń) not mentioned in the text
1.Advertising is a part of marketing.
2.Selling is the most important function of marketing.
3.The term ‘marketing’ has only one meaning.
4.Selling, advertising and marketing are the same.
5.To find out what people want to buy is the purpose of marketing.
6.Specialists refer marketing to production.
7.Marketing runs all the companies’ activities.
8.High profits determine the successful future of any business.
9.Beneficial exchanges must be between those who sell and those who buy.
10.Wholesalers and retailers buy for themselves and their households.
11.The key to achieving objectives is the idea of getting profit.
12.For marketing to occur, consumers with unsatisfied needs are enough.
5. Answer the questions:
1.What is an important characteristic of modern marketing?
2.What is marketing referred to? Why?
3.What is the British definition of marketing?
4.What is the American definition of marketing?
5.Who are prospective customers?
6.What are the main factors for marketing to occur?