ESSENTIAL MARKETING FEATURES AND PHILOSOPHY

The Oxford English Dictionary defines Marketing as the action or business of brining or sending to market. According to Kotler (1994) marketing is a process which 'consists of analysis market opportunities, researching and selecting target markets, developing marketing strategies, planning marketing tactics, and implementing and controlling the marketing effort'. Marketing was born in the 1950s and can be characterised as the new psychological approach of making profit. Before Marketing, the supplier was selling goods or services …

…motivation and customer care. In retrospect, today companies that do not follow Marketing approach and fail to analyse correctly the demand or need of the customer go out of the market quickly. Companies that see Marketing as a long-term investment and adopt a customer orientation program are the ones that take the lead. Extensive research is required by companies that aim to provide the specific information needed by management to make a final marketing decision.