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Definition of Marketing 1

Running Head: Definition of Marketing

Definition of Marketing

Customer Inserts His/her Name

University Name

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Definition of Marketing 2

Definition of Marketing:

Marketing has long evolved from the origin of mankind when exchange of goods and

services took place to satisfy the basic needs. From sharing of shelter to group food hunt,

marketing had shown its presence there in the form to convince the other person to help in

exchange of something valuable like food. Many authors and great thinkers have defined

marketing with different words, but the purpose of marketing is same in all that is exchange of

value to satisfy needs and wants. Marketing is an important function of any organization that

affects its revenue generation and influences society. The role of marketer is to convert the needs

and wants into such demands that boost its own companys sales and maintaining a favorable

social image.

According to American Marketing Association, marketing is the activity, set of

institutions, and processes for creating, communicating, delivering, and exchanging offerings

that have value for customers, clients, partners, and society at large. (marketingpower, n.d). The

above statement comprehensively explains the whole business process emphasizing upon the

point that marketing is a function that is involved not only in each and every part of an

organization but also has relation with the whole society .It initiates with developing the reason

for existence and continued on towards strategic management. Marketing is not only activities

involved in providing with a profitable product for demand satisfaction but is also present in

every step from existence till recognition in society. So it will not be wrong to agree with Regis

McKenna that marketing is everything.

According to Philip Kotler, marketing is defined as a social process used by individuals

and groups to obtain products to satisfy their needs and wants through creation and exchange of

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Definition of Marketing 3

value and products (Kotler,2007) It must be emphasized here that to create value a person must

have an understanding of humans mind and behavior. In addition, social process emphasizes

upon the importance of sociology. So, it will not be wrong to state that marketing not only

influences the business but is also related with society at large. Similarly Peter Drucker also

emphasizes upon better understanding of customers and producing self sale products.

The Chartered Institute of Marketing considers marketing as a management process

responsible for identifying, anticipating and satisfying customer requirements profitably. The

meanings depicted from this definition are very similar to above statements but here the entire

focus is upon the customer requirements and not at society and other stakeholders.

(skylinetradeshowtips,n.d)

According to my point of view, American Marketing Association comprehensively

explains the concept as it covers all elements necessary for enhanced understanding. These

elements to understand target market, exchange of value, long-term relationship through

satisfaction and society as stakeholder. It is important to state here that marketing is a continuous

process and it not only involves individuals but set of institutions also. Similarly, the other

definitions do not broadly state the parties involved. Creation and delivery of value is a two way

process that mutually benefits the interacting bodies involved along with associated partners.

It may be concluded that marketing is the mutual exchange of value through superior

understanding of customers. It results in maintaining long-term and profitable relationship with

stakeholders and influencing society as a whole.

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Definition of Marketing 4

References

Kotler, P. (2007). Principles of Marketing.12th

edition. United States:

Skylinetradeshow.com. (n.d). What is marketing? Retrieved 11, 28, 2012, from

www.skylinetradeshowtips.com/what-is-marketing-how-10-experts-d...

Marketingpower.com. (n.d).Definition of Marketing. Retrieved 11, 28, 2012, from

www.marketingpower.com/aboutama/.../definitionofmarketing.aspx

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