Definition of Marketing

Marketing is one of the terms in academia that does not have one commonly agreed upon definition. Even after a better part of a century the debate continues...

In a nutshell it consists of the social and managerial processes by which products (goods or services) and value are exchanged in order to fulfill the needs and wants of individuals or groups.

Although many people seem to think that "marketing" and "advertising" are synonymous, they are not. Advertising is simply one of the many processes that together constitute marketing.

Marketing, as suggested by the American Marketing Association (AMA), is "an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders".

Another definition, perhaps simpler and more universal, is this: "Marketing is the ongoing process of moving people closer to making a decision to purchase, use, follow or conform to someone else's products, services or values. Simply, if it doesn't facilitate a "sale" then it's not marketing."

Philip Kotler in his earlier books defines marketing as: "Marketing is human activity directed at satisfying needs and wants through exchange processes". Adding to Kotler's, the Chartered Institute of Marketing (CIM) claims marketing to be the "management process of anticipating, identifying and satisfying customer requirements profitably".

Thus, operative marketing involves the processes of market research, new product development, product life cycle management, pricing, channel management as well as promotion. Marketing is "taking actions to define, create, grow, develop, maintain, defend and own markets". An approach to business that seeks to identify, anticipate and satisfy customers’ needs.

Marketing is building your brand, convincing people that your brand is the best and protecting the relationships you build with your customers.

Marketing is a sound; those who hear will resonate with it and will follow.

Marketing is helping your customers understand how much they need something they never knew they needed.

Marketing is anything that modifies the perceived value and/or desirability of a product or service.

Marketing is everything a company does. From how they answer the phone, how quickly and effectively they respond to email, how they handle accounts payable to how they treat their employees and customers.