Concepts and Attributes of Marketing

Concepts and Attributes of Marketing

Marketing is a way or philosophy of life, a discipline, as well as organizational function. Alexander (1990) officially defined marketing as the performance of business activities that direct the flow of goods and services from producers to consumers or users. The Ohio State University (1964) described marketing as the process in a society by which the demand structure for economic goods and services is anticipated or enlarged and satisfied through the conception, promotion and physical distribution of such goods and services. It is important to state that the scope of marketing is broadened beyond tangible or physical goods.

It entails service delivery and satisfaction of people (consumers) with non-physical products or services (Olakunori, 2002). The overriding goal of marketing and every marketing organization is the identification and satisfaction of the needs of consumers. This implies that marketing is all about people and the satisfaction of their needs. Marketing is perceived by Kotler (1980) as human activity directed at satisfying needs and wants through the exchange process. Mentzer and Schwartz (1985) described marketing as consisting of the activities performed by individuals or organizations for commercial and non commercial objectives, aimed at satisfaction through the exchange process of buyers’ demand for products, services, people and ideas.

Olakunori and Ejionueme (1997) posit that marketing is the identification and satisfaction of people needs through the exchange process. The business activities in marketing are much of concern to some situations. Anyanwu (1993) opined that marketing consists of business activities that seek to anticipate demand, help in developing and making the products or services available to the satisfaction of the consumers (users and at a profit to the organization). The dynamism in the world of technology is bringing a kind of metamorphosis to the concept of marketing. Kotler (1994) defined marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

Moreover, Modern (1991) posits that the most important managerial task within the organization is that of understanding the needs and wants of customers in the market, and of adapting the operations of the organization to deliver the right goods and services more effectively and efficiently than its competitors. According to the author, marketing concept situates between two targets; the company and the market. The input of company is determined by the technology, research and development. Consumer or buyer behaviour and causes of changes in demand largely influence the market. As the company (service or goods providers) hit the market, the feedback, new products and service demands are expressed to the providers.