MARKETING Course
What is Marketing?
Exploring Marketing: From Barter to a Global Phenomenon
Marketing – a term entrenched in the business world and woven into our everyday lives. Its roots trace back to the dawn of civilization, evolving from simple barter systems to the intricate structures we now witness. As business volumes surged, traders emerged, marking the initial steps towards organized commerce. The 18th and 19th centuries ushered in the industrial revolution, catapulting businesses into exponential growth. Advancements in transportation and communication further expanded trade beyond national borders.
Marketing in Ancient India: Insights from ‘Arthashastra’
In the Indian context, Kautilya’s eminent treatise ‘Arthashastra’ delved into the dynamics between sellers and buyers, shedding light on the earnings of traders. This ancient manuscript hints at the early foundations of marketing as we understand it today.
The Birth of Modern Marketing
The term ‘marketing’ officially surfaced in the early 20th century, initially concerning distribution. The study of distribution, encompassing pricing determined by demand and supply, paved the way for dedicated marketing studies. It’s no surprise that economics is often regarded as the mother of marketing. Initially confined to sales and advertising, marketing gradually evolved into a comprehensive management discipline. The evolution was propelled by various principles and theories, cementing its significance in the business realm.
Decoding Marketing: Beyond Profitability
At its core, marketing revolves around identifying and fulfilling human and societal needs, all while ensuring profitability. Ultimately, every business endeavor seeks to yield profits. Philip Kotler succinctly encapsulates this philosophy with CCDVTP – creating, communicating, and delivering value to the target market, all aimed at securing a profit.
AMA’s Definitive Take on Marketing
For a comprehensive definition, we turn to the American Marketing Association (AMA), a revered authority in the field. According to AMA, marketing encompasses “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.”
In essence, marketing is an ever-evolving tapestry, intertwining historical practices with modern methodologies. From humble barter systems to today’s global markets, it remains a fundamental force shaping our economic landscapes.
