New/Morden concept or product oriented concept of the marketing:
Modern concept of marketing is a customer oriented concept. This concept is based on the assumption that a business and industrial enterprises can achieve its objects of maximizing the profits only when it considers the needs and it tries the satisfaction needs and wants. Therefore, according to this concept marketing starts with the discovery of needs and wants of consumers and ends with the satisfaction of these needs and the wants. Important definitions of this concept are as under.
According to William J. Stanton: "Marketing is a total system of interacting business activities designed to plan price, promote and distribute want satisfying products and services to the present and to the potential customers.
According to Professor Paul Mazur: "Marketing is the delivery of standard of living to the society".
According to Professor Malcolm McNair: "Marketing is the creation and delivery of standard or living to the society".
According to Professor Cundiff and Still: Marketing is the business process by which products are matched with the market and through which the transfers of ownership are affects".