Marketing has evolved since ancient times, when people traded goods for goods. This led to the introduction of trading centers where people could go and exchange their goods with others and especially with agricultural products. Marketing theory explains how the market came into being and the various means by which marketers, producers, sellers and consumers ensure total satisfaction. In this essay, several topics have been discussed regarding the fundamentals of marketing theory and how they have influenced the traditional market and the current market. Fundamentals of Marketing Theory Since the existence of humanity, trade has been the fundamental means of survival through the production of surplus. Historically, people traded agricultural products which produced manufactured goods. Through such exchanges, commercial centers such as village fairs and local markets arose. People could then exchange goods and services in these places due to the emergence of trade. Marketing is therefore primarily concerned with the exchange of goods and products or trade. After the Second World War marketing developed in the UK with formal commercial activities taking place with a codified philosophy and set strategies. Companies operating in a competitive environment ensure that they have good marketing skills to plan their operations as the changing needs of a target market enable companies to achieve their objectives (Lancaster, 2009). Many people have tried to find the correct definition of marketing. The question of whether marketing should include non-business organizations arose as many argued that business was not… half of the paper… a review of Marketing: History and Theory. Nickerson, A. J., & Silverman, S. B. (2009). Economic institution of strategy: theory of economic tradition. Emerald Group Publishing Limited. 1st ed. pp 130-150Scandinavian Journal of Management, (1997). Economic foundations for an entrepreneurial marketing concept. Elsevier science Ltd. Retrieved from: http://www.sciencedirect.com/science/article/pii/S0956522197000043Schumpeter, A., & McDaniel, A. B. (2010). The nature of the essence of economic theory: economic theory and foundations. Transaction Publishers, New Brunswick: New York. Pp 3-15.Sheth, N. J. (2010). Marketing theory: classic and contemporary readings. Southwestern pub. Co:University of Michigan.Tuma, H. E. (1971). Economic history and social sciences: traditional economic theory. University of California Press, Ltd. Los Angeles. P 221