The word marketing means different things to different people. A salesman understands by marketing his selling activities of oral presentation with a view to effectuate the exchange of money for the benefits offered by his product. To an advertising man, it means advertising media selection and a host of activities related to the advertising function. However, advertising is much more than these activities and along with the work of the salesmen no doubt constitute part of the selling effort.

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High sounding definitions have been advanced for marketing such as “the delivery of a standard of living to society”. A factual or descriptive definition is provided by the American Marketing Association which defines marketing as “the performance of business activities that direct the flow of goods and services from producer to consumer or user.”

However, these definitions are both incomplete. For example, the American Marketing Association’s definition is still “production-oriented” as it starts with a product and talks about its flow from the producer to the consumer.

Marketing thinking must start even before there is a product. It is concerned with identifying existing needs and then converting them into a product or service. Besides, even after the product has reached the consumer or user, the marketing effort does not necessarily come to an end. There is a question of follow-through to ensure that the customer gets maximum satisfaction out of his purchase.

In case of some products, after-sales service is essential to keep the consumer satisfied and eager to buy again later from the same company. Besides, all these activities must result in profit or a difference between the output and input, i.e., a surplus.

Again, in the Indian context, it