Difinitions_and_Explanation

Definition of word market: “the word market has been taken Latin word ‘MARKATUS’ which means a place where buying and selling of goods and services takes place” It also have a origin from Arabian word ‘MARKATUS’. Definition of marketing : It is a process through which goods/services are delivered from produces to potential customers through in new customers need and wants in order to attain customer superior value and satisfaction as well as good of organisation “Marketing is the study of exchange process especially those associated with the provision of goods and services” 2. Classic Definitions by Philip kotler: “Marketing is the human activity directed at satisfying needs and want through an exchange process” 1. Modern definition By Philip kotler: “Marketing is a social and managerial process by which Individual and groups obtain what they need and want through creating and exchange product and value with other” Definition by the American Marketing Association (AMA) as "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. Marketing is a product or service selling related overall activities He term developed from an original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering marketing is "a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches." Marketing is the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.. 2. Definition by Charted Institute of Marketing(CIM): “Marketing is the management process responsible for identify anticipating and satisfying customer’s requirements profitably” 3. Definition by Kevin lane keller: “ Marketing is an organizational functional and set of process for creating , communicating , and delivering value to customers and for managing customer relationships in ways that benefits the organization and its stakeholders” Explanation of Definitions: According to the definition it explains that marketing based on theory and paper work before doing something in market. It shows that there always exchange processes where anyone needs any goods or services from anyone. The study of exchange relates that buy goods I exchange of goods and services exchange to need, and sell goods to others to fulfill needs. In exchange process money also involves when anyone buys or sale something and get money as reward. In trade between Pakistan and India, Pakistan received chilies by giving potatoes or onion to India is exchange of goods. Whenever, someone deals with services Like Hotels, provide goods to hotels and can get money or services as stay in hotel rooms in exchange process. Kotler also explain in exchange process backed by human to fulfill their needs wants. It depend upon the requirements that established in society needs and to pulse the life. In modern definition Kotler separately explain that needs and wants are differ by individuals (a lay man )and buy group (organizations and institutions). They exchange the goods and services to cover-up their needs and create this process themselves to get reward against any production services. Charted Institute of marketing explain that, in organization, management creates, recognize and perceive the needs and wants of customers and fulfill the requirements through exchange process.