Marketing is the process of determining the needs and wants of consumers and being able to deliver products that satisfy those needs and wants.
Marketing is an act by which companies and industries create value for customers and build strong relationships in order to capture the value of the customer in return.
In other words, marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others.
It is a total system of business activities design to planning, price, promote, and distribute valuable goods and services.
It creates forms, place, time, and ownership utilities. Marketing deals with customers and acts to satisfy the customer’s needs. Marketing comprises both buying and selling.
#2. Evolution of marketing
The present form of marketing is the outcome of the gradual development, but not any result of a sudden revolution. The evolution of marketing can be described in five stages:
1. The primary stage of marketing: It is the economic and self-reliance stage. In this era, products are generally handmade and harvested. Human needs were very limited and they fulfill their need themselves. In this stage, the economy is based on agriculture and most part of the exchange is still in the barter system.
2. Pre-industrial stage: This is the period of post-primary, where the industrial revolution had not to tool place but people are involved in different kinds of occupations like farming, fishery, wood crapping, fabric weaving, Clay pot making, and soon.
In this era economy gradually began to be industry oriented but lack of development and political commitment, a large part of the Nepal economy has remained at the pre-industrial stage.
3. Industrial stage: Industrial stage is the period where the industrial revolution took place. This era is an industry-oriented economy stage.