Marketing: How did it evolve over the years!

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Today we will look at the history of marketing and what are the various definitions on this subject.

Definition # 1: “Marketing is 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”. (As quoted from American marketing association).

Definition# 2: “Marketing is communicating (http://en.wikipedia.org/wiki/Communication) the value of a product, service or brand to customers (http://en.wikipedia.org/wiki/Customers), for the purpose of promoting or selling that product, service, or brand. Marketing techniques include choosing target markets through market analysis and market segmentation (http://en.wikipedia.org/wiki/Market_segmentation), as well as understanding consumer behavior (http://en.wikipedia.org/wiki/Consumer_behavior) and advertising a product's value to the customer”.(As quoted from Wikipedia)

Dictionary meaning of marketing: “the act of buying or selling in a market (http://dictionary.reference.com/browse/market). the total of activities involved in the transfer of goods from theproducer or seller to the consumer or buyer, including advertising, shipping, storing, and selling”.

Now we will look at the history of marketing:

History of marketing: Marketing has evolved majorly at the turn of the 20^th century but many historian and scholars argue that in ancient times too marketing was studied at length. They believed that a clear definition of marketing could be dated to ancient times and theories on the subject had been formulated then only.

The industrial revolution gave rise to the study of national and international economies. In course of time, during this period, marketing branched out as a separate subject to be studied and researched on. It showed evolution mostly during the turn of the 20^th century.

It was in the year 1900 that the discovery of basic features and concepts of marketing came into being. By the year 1910 marketing could be defined in clear terms and thus came about comprehensive definitions on the subject.1920 and 1930 saw the development of techniques and theories based on it and various principles of marketing were formulated.1940 to 1970 saw major changes in the marketing theory as it was given a more scientific approach. The management aspect came into being and study on how marketing affected social change and vice versa was initiated.

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