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Foundations of Marketing Theory Essay

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Marketing has evolved since the olden days when people used to trade with goods for goods. This led to the introduction of the trading centers where people could go and exchange their goods with others and mostly the agricultural products. The theory of marketing explains how the market came into existence and the various means in which the marketers, the producers, the sellers and the consumers ensure total satisfaction. In this essay different subjects concerning the fundamentals of marketing theory have been discussed and how they affected the traditional market and the present market.











Fundamentals of marketing theory
Since the existence of mankind, trade has been the most basic means of survival through the production of surplus. Historically, people used to trade with the agricultural products which produced manufactured goods. Through such exchange trading centers such as village fairs and local markets came into existence. People could then exchange goods and services in these places because of the emergence of trade. Marketing therefore mainly deals with exchange of goods and products or trade. After the Second World War marketing developed in the United Kingdom with the formal business activities taking place having codified philosophy and set strategies. Businesses operating in a competitive environment ensure they have good marketing skills to plan their operations since the changing needs of a targeted market enable the business firms to achieve their objectives (Lancaster, 2009).
Many people have been trying to come up with the correct definition of marketing. The question on whether marketing should include the non business organizations came into being since many argued that business was not...


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...erview of Marketing: History and Theory.
Nickerson, A. J. and Silverman, S.B. (2009). Economic Institution of Strategy: Economic
Tradition Theory. Emerald Group Publishing Limited. 1st ed. pp 130-150
Scandinavian Journal of Management, (1997). Economic Foundations for an entrepreneurial
Marketing Concept. Elsevier science Ltd. Retrieved from:
http://www.sciencedirect.com/science/article/pii/S0956522197000043
Schumpeter, A. and McDaniel, A.B. (2010). The Nature of Essence of Economic Theory:
Economic Theory and Fundamentals. Transaction Publishers, New Brunswick: New York. Pp 3-15.
Sheth, N. J. (2010). Marketing Theory: classic and contemporary readings. South-West Pub. Co:
The University of Michigan.
Tuma, H.E. (1971). Economic History and the Social Sciences: Traditional Economic Theory.
University of California Press, Ltd. Los Angeles. p 221


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