Marketing is
defined by the American Marketing Association as "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."[4] The term developed from the original meaning which
referred literally to going to market with goods for sale. From a sales
process engineering perspective,
marketing is "a set of processes that are interconnected and
interdependent with other functions" of a business aimed at achieving
customer interest and satisfaction.[5]Philip Kotler defines marketing
as Satisfying needs and wants through an exchange process.[citation
needed]The Chartered Institute of Marketing defines marketing as "the management
process responsible for identifying, anticipating and satisfying customer
requirements profitably." A similar concept is the value-based
marketing which
states the role of marketing to contribute to increasing shareholder value.[7] In this context, marketing can be defined
as "the management process that seeks to maximise returns to
shareholders by developing relationships with valued customers and creating a
competitive advantage."
Marketing
practice tended to be seen as a creative industry in the past, which
included advertising, distribution and selling. However, because the academic study of marketing makes extensive use
of social
sciences, psychology, sociology, mathematics, economics, anthropology and neuroscience, the profession is now widely
recognized as a science,[8] allowing numerous universities to offer
Master-of-Science (MSc) programs.[9]
The process
of marketing is that of bringing a product to market, which includes these
steps: broad market research; market targeting and market
segmentation;
determining distribution, pricing and promotion strategies; developing a
communications strategy; budgeting; and visioning long-term market development
goals.[10] Many parts of the marketing process
(e.g. product
design, art director, brand management, advertising, copywriting etc.) involve use of the
creative arts.
Marketing is the study and management of exchange relationships.[1][2] Marketing is the business process of creating relationships with
and satisfying customers. With its focus on the customer,
marketing is one of the premier components of business
management. the
act or process of selling or purchasing in a market did most of
her marketing in local stores. the process or technique of promoting,
selling, and distributing a product or service New automobiles are the subject
of intense marketing .