The Meaning of Marketing

_{The term ‘market’ originates from the latin noun ‘Marcatus’ which means “a place where business is conducted”. A layman has somewhat similar connotations of the world market which brings to his mind a place where the buyers and sellers personally interact and finalize deals. William J. Stanton has defined marketing as “a total system of interacting business activities designed to plan, price, promote and distribute want satisfying product and services to present and potential customers.}

_{H.L. Hansen defines marketing as the process of discovering and translating consumer needs and wants into product and service specification, creating demand for those products and services and then in turn expanding this demand. Philip Kotler defines marketing as the set of human activities directed at facilitating and consummating exchanges. The essence of marketing is exchange of products and the transaction is to satisfy human needs and wants.}